QLD Agent misleading - Any chance to pull out of auction contract. Any advice would be appreciated.

[Mike0430]

Would appreciate some help from any experienced lawyer regarding pulling out of auction contract due to misleading from agent.

I have bought a property through auction recently, during the auction agent has told me that currently owner bought this property for $500k 2 years, when his purchased this property it was half finished. He has then spend a lot of money renovating this house. After I have signed contract I met agent again and she mentioned she has no clue the condition of the house when currently owner bought it 4 years, she didn't know if what renovation did owner conduct, and simply said owner would not have bought the property at 500k 2 years ago in today's condition as its simply too cheap for its value. I bought it for 750k, and have now paid 10% deposit.
Agent has also told me to offer 750k on auction and said owner wont take the offer anyway, then I just won the auction on this price. 750k was owner's reserve price and selling agent knew this was the reverse price as he has received this the day before auction (he admitted)
During auction my partner was no present and I have been requested to show agent my partner's driver license image to register both of us, property is under both of our name.

I admit I have purchased this property quite emotionally, but I did rely on agent's comment that current owner has done substantial renovation after he purchased this property . Is there any chance that I could pull out of contract based on this groud (without peanlty).

Any help is appreciated, have a great Easter guys.

 

[Rod]

To use a non-legal term, it sounds 'too wishy washy' to be of substance.

Plus you are buying from the Vendor, not the agent. Meaning even if you were misled by agent, the Vendor could keep your deposit and your action is against the agent. Messy.

I don't like your chances. But this is something you discuss with your lawyer who helped with the purchase.

 

[Mike0430]

To use a non-legal term, it sounds 'too wishy washy' to be of substance.

Plus you are buying from the Vendor, not the agent. Meaning even if you were misled by agent, the Vendor could keep your deposit and your action is against the agent. Messy.

I don't like your chances. But this is something you discuss with your lawyer who helped with the purchase.

ok, thanks for your opinion. I think I will most like keep on with this purchase, I think property its still worth its value but I feels real uncomfortable to find out agent telling untrue story about the property

 

[Rob Legat - SBPL]

I agree with Rod. In any case, you've stated that you think it's worth what you're paying for it. Auction contracts aren't subject to 'usual' conditions like finance and building/pest. You also don't get the benefit of the cooling off period.

Unless you've signed for your partner under a valid power of attorney, they can't be bound to the contract unless and until they've signed it.