Cancelling a Conditional Contract
Most house buyers enter into conditional agreements. For example, the current REINZ/ADLS Agreement includes (if selected) a Builder's Report condition, which allows the purchaser to cancel, if on an objective assessment, they do not approve a Builder's Report.
However, a condition does not of itself grant a purchaser a right to cancel. The Agreement specifically requires each party to do all things reasonably necessary to satisfy a condition that is for their benefit. Using the example of the Builder's Report condition, the purchaser must disclose the specific reasons for cancellation and there can at times be disagreement as to just what would be an objective assessment of the Builder's Report for the purposes of cancellation.
It is important to note that you are not entitled to cancel a conditional contract simply because you change your mind.
“To Michael Robinson – I wanted to thank you and your colleagues for many years of excellent service to the Bank. You have an outstanding business that has proved to be one of the most reliable and ethical businesses that Collections have dealt with in the almost 9 years I was with the Bank.”
“I can't speak highly enough of Jenny. She got everything done in a timely manner and when my ex-husband threw a spanner in the works at the eleventh hour she got the required documentation to his lawyers and settlement back on track.”
“I have struggled with different legal firms over the years, but over the past few years I have engaged with Turner Hopkins with various requirements from personal relating to wills, family trust, property settlements and contracts through to commercial engagements including employment advice, commercial lease agreements and general legal advice. I have engaged with a number of the people in the firm and always found them professional, punctual in their responses and very sound in the advice provided.”
“I have used Turner Hopkins for my legal services for over eight years. I have always found their level of service excellent and their work to a very high standard. I have used various lawyers at their firm for various businesses I have been involved with and have always had very positive experiences. I would highly recommend them.”
“John is very easy to talk to, he never makes you feel dumb, and never makes you feel like you are wasting his time for asking questions. He explains everything very clearly, every time. John's support staff are also very efficient and so easy to deal with. No detail is missed when dealing with them. My husband and I are fans of them all :)”