Buying guide
Can I back out after making an offer on a home?
The nature of the offer you made will impact your options.
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AI summary
Whether you can withdraw a house offer depends on its type. An unconditional offer is legally binding, and backing out will likely lead to significant financial penalties as detailed in the sale and purchase agreement. Most auction sales are unconditional.
A conditional offer allows you to withdraw if specific requirements are not met. Common conditions include:
- Satisfactory building report
- Securing finance
- Selling your current home
Once conditions are met, the offer becomes unconditional. Always seek legal advice before making an offer.
What does it mean to “make an offer” on a home in NZ?
Whether you made a conditional or unconditional offer will have a big impact on your options.
Conditional vs. unconditional home offers: the key differences
Unconditional offers
Conditional offers
You need to involve your lawyer in any conversations involving the sale and purchase agreement.
Can you really not back out of an unconditional home offer?
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