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
Thinking of backing out of a house offer? Your ability to do so depends on your offer type.
An unconditional offer is legally binding and almost impossible to withdraw from without facing significant financial penalties. Offers at auction are typically unconditional.
A conditional offer allows you to pull out if certain criteria aren't met, such as:
- Securing finance
- A satisfactory building report
- Selling your current home
Always get legal advice before signing a sale and purchase agreement.
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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