PHOTO: ROBERT STEVEN/STUFF Once you’ve gone unconditional on a property, it can be quite hard to get out of the deal.
We have gone unconditional on our first home and settle in five weeks’ time. My partner – the main breadwinner – has caught wind that she may lose her job in the next couple of weeks, due to a restructure. What would happen to our deposit if that were to happen? Would there be any ramifications for us if we were unable to complete the deal? Is there anything we can do to protect ourselves?
Congratulations on finding your first home. At what should be an exciting new stage in your lives, I’m sorry to hear that you are facing the stress of job insecurity – it must be very tough on you.
There are many “what-ifs” to consider when buying a home and I urge you to talk through your concerns with your lawyer or conveyancer as soon as possible.
You’re no doubt aware that a sale and purchase agreement is a legally binding contract between you and the seller, which becomes unconditional once the allocated time for meeting your conditions has been reached.
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