Buying guide
Can I back out after making an offer on a home?
The nature of the offer you made will impact your options.
.png)
AI summary
Whether you can withdraw a house offer depends on its type. An unconditional offer is legally binding, and backing out will likely incur significant financial penalties as specified in the Sale and Purchase Agreement. Offers made at auction are typically unconditional.
A conditional offer provides an exit if specific criteria aren't met, such as:
- A satisfactory building report
- Securing finance
- The sale of your current home
Always consult your lawyer before making an offer to ensure you understand your 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?
Author
Other articles you might like
