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.
Unconditional
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.
Under offer
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 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 N: Negotiations, Notice of Rescission, Notice to Complete
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
