If you are buying or selling a property and issues arise after the contract has been signed, then you may need legal advice. If so, then Austral Legal can likely help.
We can review your contract and explain your rights and responsibilities under it, including whether a certain issue may give grounds to terminate. Issues such as a negative building report or a termite inspection revealing the presence of termites can commonly result in a buyer seeking to terminate a contract, or at least reduce the previously agreed purchase price. However, what the contract (including any special conditions and annexures) says or does not say about the issue will generally determine what the possible remedies available to you are. For example, a negative building report may or may not not afford a right to terminate the contract.
As such, presuming that you can terminate (and then doing so) when the contract does not give you a right of termination may leave you exposed to losing any deposit you have paid, as well as potentially being charged penalty interest and/or being sued. As such, getting practical advice early is a sensible first step and in the first instance we recommend that you meet with us via our SmartMove initial 30-minute discounted consultation to discuss and determine the next steps in your matter.