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Below is Chapter 6 of our ‘Buying Property in NSW’ booklet. To read the other chapters of our booklet, click the links below:
- Chapter 1 – Introduction
- Chapter 2 – Ownership
- Chapter 3 – Sale types
- Chapter 4 – Due diligence
- Chapter 5 – Negotiations
- Chapter 7 – Settlement
Once you have completed your due diligence and negotiated the terms of the contract, you are ready to proceed with the exchange process.
For private treaty sales, exchange usually occurs by each party signing a copy of the contract, swapping their counterparts with each other and inserting the date of the swap in their signed counterparts. This means the vendor ends up with a copy signed by the purchaser, and vice versa. The ‘swap’ typically occurs electronically (i.e. by email). The Vendor’s agent or lawyer typically oversees the exchanging and dating of the contract counterparts.
For auction sales, exchange usually occurs on site after the end of the auction because both parties are present. The agent will get both parties to sign two copies of the contract, and each party will keep a signed copy.
The information contained in this post is current at the date of editing – 21 August 2024.