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.

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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 ...

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