A buyer purchases a property 'subject to finance' with a 14-day finance clause. On day 16, they attempt to withdraw due to loan rejection. What are their legal rights?
Correct Answer
C) They cannot withdraw based on the finance clause as it has expired
Finance clauses are time-specific conditions that must be satisfied or waived within the stated period. Once the 14-day period expires, the buyer cannot rely on the finance clause to withdraw and the contract becomes unconditional regarding finance.
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A buyer discovers significant structural issues during the cooling-off period after signing a contract. They want to withdraw. What is the most appropriate course of action under NSW law?
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A developer is selling apartments off-the-plan in Queensland and the building completion is delayed by 18 months due to construction issues. Under the Body Corporate and Community Management Act 1997 (Qld), what right does a purchaser typically have?