The fear of missing out on a deal and concerns about ‘timing’ the market may result in a Seller rushing to sign a Contract without considering the consequences.
The right of a Buyer to change their mind and terminate a Contract under the Cooling Off period, does not extend to a Seller. Other conditions, for example, making a Contract subject to a satisfactory building & pest inspection, finance or due diligence enquiries are usually only for the Buyer’s benefit.
Once both parties have signed a Contract, it is considered a ‘done deal’ binding on the parties.
In Queensland, the ‘standard’ terms of a Contract generally only permit a Seller to terminate a Contract if a Buyer fails to comply with a critical condition under the Contact.
To ensure that you do not find yourself trapped in an unfavourable deal, it is sensible to obtain legal advice prior to signing a Contract. Special conditions can be included in the Contract, for example, allowing you rights of termination if you receive a better offer.
If you are thinking of selling your property, seek professional legal advice in advance. This simple step may save you from a dose of seller’s remorse.