You should arrange a final inspection of the property to make sure it is in the same state as it was when contracts were exchanged. A Solicitor (or representative) from both the purchaser and vendor and representatives from your bank and the vendor’s bank will meet to exchange cheques and documents.
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A 66w certificate is a legal document that waves the cooling off period after exchange of contracts, making the contract legally binding. This is a certificate that meets the requirements of section 66W of the Conveyancing Act 1919 and will need to be signed by your solicitor or conveyancer. A cooling off period allows a purchaser to withdraw their offer before 5pm on the fifth …
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Once an offer has been formally accepted and the vendors and purchasers agree on the terms of the sale, contracts are signed by both parties, a deposit is paid and then contracts are exchanged. The contract is now legally binding. There is then a 5 day cooling off period. After this time the sale/offer cannot be withdrawn. There is no cooling off period if you …
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Once an offer has been accepted, contracts are signed and exchanged, the purchaser has a 5 day cooling off period to withdraw from the sale. This period commences on the day of exchange and expires at 5:00pm on the fifth working day following. If the purchaser withdraws from the sale during the 5 day cooling off period they still need to pay 0.25% of the …
Continue readingWritten notice needs to be given to withdraw from the purchase within the cooling off period. The prospective purchaser will need to pay 0.25% of the purchase price to the vendor.
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