Posted by:
Comments:
Post Date:
If a property seller pulls out after an exchange of contracts and the cooling off period (if applicable) has expired, it could be considered a breach of contract. The buyer may be entitled to take legal action against the seller to seek remedies for the breach.
The specific consequences depend on the terms outlined in the contract and the relevant laws. In general, the buyer may be able to pursue one or more of the following remedies:
- Specific Performance: The buyer may seek a court order requiring the seller to complete the sale as agreed in the contract.
- Damages: The buyer may seek monetary compensation for any financial losses incurred as a result of the seller’s breach, such as legal fees, inspection costs, or other expenses.
- Rescission: The buyer may be able to cancel the contract and recover any deposits or payments made to the seller.
It is important for both buyers and sellers to utilise the service of a conveyancer to fully understand their rights and obligations under a contract of sale.
If you have conveyancing concerns, please contact us on 03 8456 6797 for more information.
