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.
An unconditional offer is legally binding, and withdrawing usually incurs significant financial penalties. Most auction bids are unconditional.
A conditional offer allows you to withdraw if specific criteria aren't met. Common conditions include:
- A satisfactory building inspection
- Securing finance
- Selling your current home
Always consult your lawyer before making an offer to understand your legal obligations.
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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