Sale-Conveyancing-step-4

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.

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 involved, s/he will normally sign on the line which says witness. Date the contract.

The purchaser will then pay the vendor or the vendor’s real estate agent 1 of the 3 options below:

a) 0.25% deposit (if the vendor agrees to a 5-day cooling off period for the purchaser – this means if the purchaser changes his mind before 5pm on the 5th working day after exchange, he can walk away from the purchase and the vendor keeps the 0.25% deposit. If the purchaser decides to go ahead with the purchase, s/he’ll normally need to top up the deposit amount to 5% or 10% deposit by 5pm of the 5th working day),

b) or 5% deposit if the vendor agrees to accept 5% deposit on exchange,

c) or 10% deposit.

Together with the deposit, the purchaser hands over his signed copy of the full contract to the vendor and likewise, the vendor hands over his signed copy of the full contract to the purchaser. This act of exchanging each signed copy of the full contract with the other party is what is called an EXCHANGE.

Comments

Sale-Conveyancing-Step-6

SETTLEMENT / COMPLETION Summary of what we will learn in this webpage: What do we expect to receive from the purchaser’s solicitor about 2 weeks prior to the day before Settlement As a vendor, we expect to receive the Settlement Adjustment Sheet, and its supporting s603 and s66 certificates We go through how to work out the Settlement Adjustment Sheet, and therefore How much is the vendor going to put in his pocket from the sale of this property Step 6 : 1) A day or 2 before settlement, we would receive the loan payout figure from the lender. This payout figure is the amount of loan that the vendor still owes the bank and this amount needs to be paid on settlement day for the lender to discharge / release the vendor from the loan. 2) Normally a couple of weeks before till 3-4 days before settlement, we would also receive from the purchaser or the purchaser’s solicitor a settlement adjustment sheet and its supporting s603 and s66 certificates . s 603

Buy-Conveyancing-step-2

READ THE CONTRACT (ON SPECIAL CONDITIONS) – PART 2 OF 3 Summary of what we will learn in this webpage: What some of the more common Special Conditions mean? As a prospective purchaser, do we accept these special conditions, or shall we negotiate before signing on the contract? Step 2 : Next, we look for the Special Conditions pages. As these are many and varied, we’ll list some of the more common ones here (though there is one below that is not that common). For the more common special conditions, the style of words will be varied and different, but the meaning they convey should be similar to the ones below. For any special conditions we see in the contract that we think should be deleted or amended, we normally email the vendor’s solicitor to ask him/her to delete/amend. Of course, they can refuse to agree to our requests for amendments. All requests for amendments must happen before the 10% deposit is paid and contracts exchanged, as exchanged con

DSL Law Overview

DSP Law is a small firm of solicitors located in the Sydney suburb of Auburn; (if you are coming by train, we are only about 3 mins walk from Auburn train station. Auburn train station is about 25 mins by train from Sydney CBD, 10 mins by train from Parramatta.) Our law firm has been established in Auburn, Sydney for the past 19 years. The principal solicitor has over 20+ years of experience in different areas of law. If you engage us to do your conveyancing for you, rest assured you are in safe hands. You will also be informed every step of the way, and if there’s anything you do not understand or want to find out more, please read the preceding web pages, or ring us and we’ll explain. When you ring us, you get directly to us, solicitors, and we’ll answer your questions on the spot. You will not waste your time talking to file-opening managers or administration staff. We speak English, Arabic, Mandarin, and Cantonese. We do other areas of law like: Conve

Search This Blog