I have just put 10% on a home last Friday but I can’t go through with it is there any way I can get out of it?
Which state did you purchase the property? QLD contracts are exchanged subject to finance being approved, so if you are unable to obtain finance you can rescind the contract without any penalty. If you purchased in NSW; do you have a cooling off period? If so, you can rescind the contract whilst in cooling off; however, you will have to forfeit 0.25% of the purchase price. If you rescind the contract after cooling off then, unfortunately, you will lose your full 10% deposit.
Can you please elaborate as to why you cannot proceed? Please feel free to call me on 0414 727 308 for a confidential chat. If you are struggling to obtain finance then maybe I may be able to assist.
Karen, assuming your purchase is in NSW. If you exchanged last Friday 12th, your cooling off period effectively expires today, Thursday 18th at 5pm (being 5pm of the 5th business day). You should check the date you exchanged contracts, as some contracts are exchanged by the Real Estate Agent with a 0.25% deposit, prior the balance of the 10%.
Consider all your available options carefully, if you effect your cooling off period rights, you will forfeit 0.25%, however if your cooling off period has expired, not only would you forfeit the 10%, the vendor also has the right to sue you for costs. This compensates the vendor having taken the property off the market for you during cooling off, and potentially making decisions after your cooling off period expired (e.g. relying on your purchase to afford their next property)
If you wish to elaborate on why you are unable to go ahead, we may be able to provide further assistance.