What if I want to change/ end my contract to purchase?

June 11, 2010

Buyers and sellers must be aware that when they enter a contract to purchase or sell a property, there are obligations on all parties, which upon accepting and finalizing the contract becomes binding on all parties. It is accepted that all parties will act in good faith, and do what they have represented they will do as per the contract.

If one party changes their mind or wishes to vary the terms of the contract, it cannot occur on the whim of just one party, but must be agreed by all parties named in the contract. Buyers and sellers need to be cautious as to the consequences of their actions should they not act in good faith or as per their obligations in the contract as it may be adverse to their best interests.

It is worth getting independent legal advice prior to any changes to a contract to make sure you are not prejudicing your rights under the contract.