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friend of mine committed to buy a landed property, went ahead to pay 1% ATO, 4% on option exercise and stamp duty. He found a better property and wants to back off the purchase of that committed property.
1) can he do it?
2) what is the procedure?
3) What are the consequences?
Thanks in advance for the advice.
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4 Answers

Good morning,

Basically, once the buyer have exercised the Option, you would not be able to withdraw from the S&P. You can try to talk to the seller and see if they are willing to accommodate. Otherwise, the buyer will have to commit to the purchase.

FYI
Mike Lim
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