AFTER EXCHANGE – THINGS THAT MUST BE DONE Summary of what we will learn in this webpage: If the vendor has a mortgage, we need to ask the bank for a discharge of mortgage It is a requirement to serve the Land Tax Section 47 Certificate, and why must we serve before a certain time We may need to apply for the “Foreign Resident Capital Gains Withholding Clearance Certificate” How to reply to Requisitions on Title If this is a paper settlement, how to fill in the Transfer form  Step 5 :  After exchange,  as a vendor, there is 1, possibly up to 4, things that need to be done between exchange and completion date (also called settlement date; completion and settlement are called interchangeably). Preferably, we will do these right after exchange. 1) If the property the vendor is selling has a mortgage (there is a mortgage if on the  Title Seach  document, there is a dealing entry about mortgage to a particular financial institution), obviously the vendor needs to

Sydney property conveyancing: EXCHANGE  Summary of what we will learn in this webpage: What to do on the day of Exchange Where to sign on the contract How much deposit will be received Step 4 :  Say now the vendor has found a purchaser for the house for sale. Print out 2 copies of the  valid contract  (normally the real estate agent engaged by the vendor would do this.)  We will call the  valid contract   full contract  from here on. On the day of exchange: 1) the vendor(s) signs his/her signature on the line which says vendor on the front page of the  Contract . If a real estate agent is involved, s/he will normally sign on the line which says witness. Date the contract where it says “contract date” – this date would be called the date of exchange. 2) the purchaser(s) signs his/her signature on another copy of the  full contract ; on the line which says purchaser, right at the bottom of the front page of the  Contract . If a real estate agent is

PREPARATION OF CONTRACT – PART 3 OF 3  Summary of what we will learn in this webpage: 3 other supplementary documents we normally include in the full contract Namely, “Conditions of Sale by Auction”, “Special Conditions” and “Requisitions on Title” documents Why are Vendor Disclosure Documents (or Prescribed Documents) important Step 3: Now that we have ordered the “Contract for the sale and purchase of land 2018 edition” and other required documents ( Vendor Disclosure Documents ) that must go with this Contract – thereby creating a valid contract, we normally add a few more documents for compilation. 1 . Conditions of Sale by Auction (if the vendor engages a real estate agent and sells the property by auction) 2 . Special Conditions 3 . Requisitions on Title                                                   .................................................... To compile a valid contract with these 3 other documents, we will now put together all documents in the follo

PREPARATION OF CONTRACT – PART 2 OF 3  Summary of what we will learn in this webpage: How to fill in the first 3 pages of the “Contract for the sale and purchase of land 2018 edition” Step 2: Entering details for the first 3 pages of the “Contract for the sale and purchase of land 2018 edition“. If an editable Contract has not been ordered from an information broker like SAI Global, please click Sample Contract 2018 Edition and open a sample Contract as reference. Filling in the 1st page of the Contract: 1. Vendor’s agent – we type in the real estate agent’s firms details like its name, address, phone, fax and email. If no real estate agent is involved, we enter “Nil intervention by an agent”. 2 . Vendor – these must be the same as the registered proprietors’ names on the title search. 3. Vendor’s solicitor – Leave blank if no vendor’s solicitors are involved. If not, this will be the solicitors firm’s name, address, phone, fax and/or email the vendor engages to act on

Summary of what we will learn in this webpage: Where to go online to find out the title reference of a property from a street address How to use an information broker like SAI Global to order the “Contract for the sale and purchase of land 2018 edition” What are Vendor Disclosure Documents or Prescribed Documents How to use SAI Global platform to order Vendor Disclosure Documents What constitues a valid contract, so much so that a property is now ready to be put on the market for sale  Before we begin, please note that there are quite a few colours on our website. This is because this website is informational, and to highlight or emphasise certain words, we highlighted them in different colours, much like how we use different coloured highlighting pens in our textbooks. Step 1 : Order the “ Contract for the sale and purchase of land 2018 edition ” (we call this  Contract  for short), and other required documents (normally called  Vendor Disclosure Document