Is 7 weeks too long to exchange (NSW)

Is 7 weeks too long for exchange of contracts in NSW? I sold mid June and still have not exchanged (giving me no firm settlement date).

Purchaser's solicitor does one thing at a time eg gets a survey, then requests a building certificate - from the council no less!

Should i just start again?

Cathy
 
Cathy

As I understand it, as you have not exchanged, you can still take better offers.

Mind you, they can still back out.

Is the long exchange period affecting you adversely? (other than not getting the money as soon)

MB
 
As I have no firm settlement date i cannot make offers here (Qld) because the settlement period and process is so much quicker. If I did make an offer and the exchange dragged on I could be be in deep you know what with the funds to purchase. Vendors are not keen on waiting for sales to go through.

Cathy
 
So it is affecting you.

Well then, you may wish to consider ways to expedite the process.

As to what they would be exactly, I don't know.

Without exchange, all you really have is a verbal understanding. Difficult situation of trying to give the buyer the hurry up, whilst not scaring them off.

Get exchange ASAP and then specify as short a settlement period as possible.

Are you still courting other buyers? (privately)

MB
 
Cathy

As discussed in the chat, and given what you said about the state of the market.... I think that once you have them at the "exchange table" that what works best, for you, is the shortest settlement period possible.

Allows you to go house shopping in your new surrounds.

Good luck and let me know how it all works out.

MB
 
Even in no capital growth areas, 7 weeks is unacceptable in NSW.

The property is not off the market until exchange occurs. The purchaser's solicitor to be doing one thing at a time (especially stuff that normally occurs AFTER exchange) that is really annoying.

I'd instruct my solicitor to get an exchange fast. I'd also tell the agent to get more offers and that the property was still on the market. "Under offer" means nothing.

If you don't sell to the current purchaser, they have incurred legal fees without any way of recovering them. That's a bad place for them.

Regards

Paulzag
Dreamspinner
 
Contract rescinded

I finally got an exchange but it was rescinded a week later because the council won't issue a building certificate (a contract condition).

The reason that they wouldn't issue the building certificate is because I hadn't complied with the development consent of a sealed driveway - we had verbal approval for compacted gravel.

Of course this is not sufficient and all the staff who were around at the time have left.

Is a building certificate usually requested as part of the process of purchase in NSW?

Also is a survey usually requested?

Could I be liable for the purchaser's costs so far?

Cathy
 
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