This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letter N.
Negotiations
Prior to an auction, exchanging the contract or during the cooling-off period, negotiations can be entered into in relation to the property and any agreed changes noted in the Contract for Sale. This may be such things as repairs required to be made to the property, extended settlement dates, etc.
Notice of Rescission
A Notice of Rescission is provided during the cooling-off period and is provided by the purchaser’s representatives to the vendor’s representative, advising that the purchaser has elected to rescind the Contract of Sale. This is usually due to a lack of financial approval or issues raised by further inspections of the purchase property.
Notice to Complete
When a purchaser fails to settle on time a Notice to Complete can be issued by the vendors which gives the purchaser 14 days to complete the settlement. Penalty interest and the vendor’s legal fees to action the Notice to Complete will be charged and are payable on settlement. Should settlement not occur at the expiry of the 14 days notice the vendor has the right to retain the deposit paid by the purchaser and to rescind the Contract.
The purchaser also has the right to serve a Notice to Complete on the vendor should the vendor fail to settle on time. If the vendor exceeds the fourteen days, the purchaser may rescind the contract and the deposit be returned to them.
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 C: Caveat, Certificate of Title, Community Title, Contract for Sale, Cooling-off Period
The Letter D: Deposit, Deposit Bond, Deposited Plan, Disbursements, Discharge of Mortgage
The Letter E: Easement, Electronic Notice of Sale, Exchange, Exclusions
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 L: Land Tax, Lease, Lenders Mortgage Insurance, LRV – Loan to Value Ratio
The Letter M: Mortgage, Mortgagor, Mortgagee.
The Letter O: Occupation Certificate, Off the Plan, Open House, Owners Corporation
The Letter P: Penalty Interest, PEXA, Principal place of residence, Proprietor
The Letter Q & R: Quiet enjoyment, Registration, Requisitions on Title, Rescission, Reserve price
The Letter S: Sales Advice, Settlement, Special Conditions, Stamp Duty, Sunset Date
The Letter T: Tenancy Agreement, Tenants in Common, Title Reference, Transfer
The Letter U: Unconditional, Under Offer
The Letter V: Vacant possession, Valuation, Variation, Vendor, Verification of identity
The Letter W: Withdrawal of Caveat, 66W Certificate, Waterfront Licence
The Letter Z: Zoning, Zoning Certificate
