We will meet with you via an online meeting to take your instructions to prepare a Contract for Sale to sell your property. We will ensure that you comply with your Vendor disclosure obligations and guide you through the conveyance to settlement.
This occurs once the Purchaser has paid the deposit, the Purchaser has signed their contract and the Vendor has signed their counterpart contract and each party provides to the other their contract. Once exchanged, the property has been sold to the Purchaser and the parties prepare the matter for settlement. We talk more below about exchanging with a cooling off period.
A s 66W certificate is a certificate used in NSW which is provided to a Vendor on exchange of contracts. It has the effect of waiving the Purchaser’s rights to a cooling off period and binds the parties unconditionally on exchange of contracts.
If a s 66W certificate is not provided and there is a cooling off period, this means that contracts have exchanged, as Vendor you cannot rescind from the Contract during the cooling off period and the Property is taken off the market until either the expiration of the cooling off period or the time at which the Purchaser validly exercises its cooling off rights, whichever occurs earlier.
The mortgage will need to be discharged on or before settlement. You will need to contact your lender who will have a special form or process to complete a Discharge Authority to address the mortgage.
If you have sold the property with "vacant possession", then you must ensure that prior to settlement, the property is in the same condition and state of repair as it was at the time of exchange of contracts. The purchaser will have an opportunity to conduct a pre-settlement inspection within 3 days of the settlement date. However, if you are selling the property “subject to tenancies”, then you do not need to have the property vacant.
All property transactions now settle via the electronic platform, PEXA. A PEXA settlement brings the Vendor, Purchaser, Discharging Mortgagee and incoming Mortgagee together into a PEXA workspace created for each property transaction and is the end of the conveyancing process. During a PEXA settlement, the Purchaser pays to the Vendor the balance of the settlement monies, the Vendor’s mortgage is paid out (or discharged) and the Purchaser’s lender brings any loan proceeds into the workspace to help complete the transaction. All monies owing to you as Vendor are directed as a payment in the workspace and are usually received fairly promptly following settlement.
