by hoochiscrazy  26/06/2018  4 Comments  203 Page Views
Commercial law, litigation, contracts, IP, property law
Hey guys,

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?

Thank you