We will conduct our contract review meeting for your conveyancing online. We will advise you on the contract prior to exchange of contracts and liaise with your broker or bank to ensure the matter is ready to proceed to settlement.
This occurs once the purchaser has paid the deposit, the Purchaser has signed their contract and the Vendor has signed their counterpart contract and each party provides to the other their contract. Once exchanged, the property has been sold to the purchaser and the parties prepare the matter for settlement. We talk more below about exchanging with a cooling off period.
A s 66W certificate is a certificate used in NSW which is provided to a Vendor on exchange of contracts. It has the effect of waiving the purchaser’s right to a cooling off period and binds the parties unconditionally on exchange of contracts.
You will need to ensure you have completed all of your due diligence prior to attending at the auction as you might be the lucky buyer! We can assist with a pre-auction contract review and negotiate any amendments to the Contract. You will be required to register as a bidder at the auction and attend. All pre-purchase inspections should be completed prior to the auction (such as building and pest inspections or a strata inspection report if purchasing a unit). If you are borrowing money, you should have unconditional approval before attending the auction.
Absolutely! Under the Contract for the Sale and Purchase of land, a purchaser is entitled to one pre-settlement inspection of the property within 3 days of settlement. The purpose of the inspection is to ensure that the Property is substantially in the same condition as it was at exchange, subject to fair wear and tear. It is a good idea to check the inclusions are still in working order and that there is no damage to the property. Should any issues arise following this inspection, it is best to speak to your solicitor or conveyancer prior to settlement.
As the Purchaser, if you are not ready to settle on the completion date (settlement day) or your lender is not ready to settle, the Vendor may issue a Notice to Complete. A Notice to Complete requires you to complete the conveyance within 14 days of issuing the notice. The Vendor may also charge you penalty interest on the balance of the purchase price which must be paid on the actual date of completion.
