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 back out of a house offer depends on if it was conditional or unconditional. A conditional offer includes clauses, like securing finance or a satisfactory building report, that must be met. If these conditions fail, you can typically withdraw.
An unconditional offer, common at auctions, is legally binding. Withdrawing is nearly impossible without facing significant financial penalties detailed in the sale and purchase agreement. Always get legal advice before submitting any 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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