Just a question regards to Conveyancing.
I have a family member that is in a bit of a pickle.
They signed a contract of sale to purchase an off the plan property. The cooling-off period has passed.
They originally signed the contract of sale with the intention of then nominating a friend to be the purchaser. The friend is a foreigner.
They only noticed recently under the special conditions that they are not allowed to nominate a foreigner.
If they wanted to back out of the contract of sale now; what would be the repercussions?