Residential Property

What happens at Settlement?

Fitzpatricks - 03/01/2020

This is the conclusion of the sale process and usually takes place approximately 28 days after contracts have exchanged. This time frame can be negotiated between the purchaser and vendor via your solicitor upon the signing of the contract prior to exchanging contracts. Once the property reaches the settlement date, the balance of the purchase price must be paid and the purchaser becomes the legal …

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What is a 66w certificate?

Fitzpatricks - 03/01/2020

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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An offer has been accepted on the property, how long until it is sold?

Fitzpatricks - 03/01/2020

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 After this time the sale/offer cannot be withdrawn.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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