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
Your ability to withdraw from a property offer depends on its type. An unconditional offer is legally binding, and backing out is almost impossible without facing significant financial penalties detailed in the sale and purchase agreement.
A conditional offer allows you to withdraw if specific requirements are not met, such as:
- A satisfactory building inspection
- Securing finance
- Selling your current home
Always consult your lawyer before making an offer to ensure the necessary conditions are included.
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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