Opting out of the contract

Sujithwick · Jun 19, 2024 11:15 am

One month ago I entered into a contract with a builder to build my single storey house. I have paid 5% deposit also. I'm still waiting for the finance approval to come. Now I'm looking option of building double storey house instead of single storey. Unfortunately my original builder is quoting me on avg 80k more than other builders. I'm thinking of going with someone else to build the double storey house. Can I opt out of the contract without having any complication with my original builder??

building-expert · Jun 19, 2024 9:35 pm

The short answer is if you opt out you will lose your deposit and may be liable to pay builders profit that he would have made, however it depends on what you signed.
Remember that our former premier said he would cancel the infrastructure contract and not pay any damages, he ended up paying one billion dollars damages.
Tread carefully.