Purchaser – person buying the property.
Vendor – person selling the property.
Contract - In order for you to put your property on the market you must have a contract. It is our job to draft the contract and to ensure all documents required by law are attached to it. It is your job to provide us with the relevant and necessary information to do this. This is important because if the necessary information and documents are not in the contract the Purchaser may have a right to rescind the contract. To make both our jobs easier we will provide you with a disclosure statement for you to complete.
Exchange – There are two contracts. One is signed by you and another by the Purchaser. Contracts are then compared to ensure that they are identical, at which time they are then dated. The Purchaser’s Licensed Conveyancer/Solicitor keep the contract signed by you and we retain the one signed by the Purchaser. This is when contracts become exchanged.
Cooling off period – normally contracts exchanged with a real estate agent will have a five (5) day cooling off period which gives the Purchaser five (5) days to change their mind. During this cooling off period the Purchaser would undertake all necessary pre-purchase inquiries such as building, pest and/or strata inspection reports. This is also the time that the Purchaser would ensure that their loan becomes unconditional. If the Purchaser decides not to purchase the property you will be able to retain 0.25% of the sale price.
Section 66W Certificate – You may wish for the cooling off period to be waived. The Licensed Conveyancer for the Purchaser will be required to sign a Section 66W Certificate stating that they have explained to the Purchaser that there is no cooling off period.
Mortgagee – is the financial institution that you have your loan with.
Mortgagor – Is you, who received funds in exchange for the financial institution obtaining an equitable interest in your property
Rescind – means the contract is taken to have never existed. In this case the deposit would be returned to the Purchaser.
Certificate of Title – is the document that shows who owns the property, whether there is any mortgage or other encumbrance etc. effecting the land.
