This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letter U.
When contracts are exchanged under a cooling off period and the cooling off period expires, the Contract for Sale becomes unconditional and binding on both parties. When contracts are exchanged with a Section 66W certificate waiving the purchaser’s right to a cooling off period, the contracts are binding and unconditional from the date of exchange.
This applies when a vendor accepts an offer from a prospective purchaser. Contracts are then completed with the details of the parties and the price which has been offered. Contracts are not binding until they have been signed and exchanged.
For more information on the A – Z of Conveyancing check out our other posts:
The Letter A: Adjustments, Amendments, Auctions
The Letter B: Breach, Broker, Building Contract, By-Laws
The Letter F: Final Inspection, Finance, Fittings & Fixtures
The Letter G: Grants, Guarantee/Guarantor, Goods & Services Tax
The Letter H: Holding Deposit, Home Loan
The Letter I: Inclusions, Inspection Reports, Insurance
The Letter J&K: Joint Tenants, Keys
The Letter M: Mortgage, Mortgagor, Mortgagee.
The Letter N: Negotiations, Notice of Rescission, Notice to Complete