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From: Skuma .
Hi,
I am wondering if it is common to have 66W certificate in a contract when they are selling a property? (esp. in Sydney/NSW)
I am in the process of selling a property in Western Sydney (through a realestate agent) and my solicitor has stated that is is common and their practice to have a 66W certificate in the contracts for their clients. However the real estate agents have stated that it is VERY UNCOMMON and that is makes a lot of potential buyers to baulk at signing the contract? Hence a standoff between the two with 100% opposite views? (hmmm do you trust a lawyer or real estate agent? ;-) )
Any advice you be appreciated,
Skuma.
BTW For those that don't know a 66W is a 'clause' in the contract that states that a solicitor has gone through the contract with the buyers and that they fully understand it... Therefore there is no cooling-off period in the contract.
It protects the seller by having a concrete contract and a definite sale and not having the property off the market for the (usual) 10day cooling-off period. (stop the buyer from pulling out on day 9). However it makes the buyer have to do all inspections BEFORE signing the contract as they are 'locked in' as soon as they sign it.
Hi,
I am wondering if it is common to have 66W certificate in a contract when they are selling a property? (esp. in Sydney/NSW)
I am in the process of selling a property in Western Sydney (through a realestate agent) and my solicitor has stated that is is common and their practice to have a 66W certificate in the contracts for their clients. However the real estate agents have stated that it is VERY UNCOMMON and that is makes a lot of potential buyers to baulk at signing the contract? Hence a standoff between the two with 100% opposite views? (hmmm do you trust a lawyer or real estate agent? ;-) )
Any advice you be appreciated,
Skuma.
BTW For those that don't know a 66W is a 'clause' in the contract that states that a solicitor has gone through the contract with the buyers and that they fully understand it... Therefore there is no cooling-off period in the contract.
It protects the seller by having a concrete contract and a definite sale and not having the property off the market for the (usual) 10day cooling-off period. (stop the buyer from pulling out on day 9). However it makes the buyer have to do all inspections BEFORE signing the contract as they are 'locked in' as soon as they sign it.
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