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Getting out of a contract for buying an off the plan house
Asked by: NicoleFleming
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I have signed a contract to buy an off the plan house and have paid a 10% deposit. The purchase price of the land and house package was $370 000, the remainder of the money to be paid was to be borrowed from the bank who have now done a valuation on the property and said it is only worth $330 000 and the first brick has not even gone down.
Can I get out of the contract to buy this house?
Can I get out of the contract to buy this house?
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Depends on the language said in the contract. Most contracts are binded. You need to check if the contract had any cancellation language...such as how many days that you were given to cancel the contract.
Answer Date: 10:55pm 10/01/08
