OTP Sydney resale settlement process

[kwipex]

Hi searcheD the forums but could not find an answer so decided to post this.

I purchased an Off The Plan apartment in 2013 and now have sold it through an agent. Have paid the stamp duty and have 10% deposit sitting in a bank guarantee.

Could someone please educate me on the settlement process - do I have to come up with the 20% bank deposit to settle with the developer, or does the new owner's finances go strait to the developer? It would be good if that is the case as I dont have to worry about preparing 20% cash.

Any help is greatly appreciated!

 

[adrianclews]

Try seeing a finance broker?

 

[Terry_w]

So you have onsold it?

You would attend settlement with the purchaser and the vendor and all simultaneously exchange documents. You direct your purchaser to pay the vendor as per the vendor's instructions to you.

 

[kwipex]

Oh thanks Terry. Yes i have onsold it. Thats great news as I dont need to stump up 20% for the settlement. Is there any website that explains this in detail so that I can prepare myself and any required diocuments?

Thanks also adrian