{"id":13718,"date":"2017-09-12T03:00:14","date_gmt":"2017-09-11T17:00:14","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=13718"},"modified":"2017-09-12T03:00:14","modified_gmt":"2017-09-11T17:00:14","slug":"what-you-need-to-know-before-you-exchange-contracts-in-nsw","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/what-you-need-to-know-before-you-exchange-contracts-in-nsw\/","title":{"rendered":"What you need to know before you exchange contracts in NSW"},"content":{"rendered":"

Australia is a country of eight States and Territories, which each have their own, sometimes unique, laws.
\nThe laws around real estate differ substantially across these regions, and there can be quite a few differences depending on which part of the country you are buying or selling in.
\nWhat\u2019s required in Victoria may not be necessary in New South Wales or Queensland.
\nThat\u2019s why it\u2019s so important that buyers and sellers access professional advice and assistance, to ensure that they\u2019re fully aware of the legal requirements in each location.
\nWe\u2019ve\u00a0outlined the principal differences<\/a>\u00a0in each State or Territory previously. In this article, we\u2019ll delve deeper into what you need to know before exchanging sales contracts in New South Wales specifically.<\/p>\n

The peculiarities of contract exchange in NSW<\/h3>\n

When buying or selling real estate in New South Wales, the Contract of Sale must come with a series of\u00a0Schedule 1 Prescribed Documents<\/a>.
\nThese documents are prepared by the vendor\u2019s conveyancer\/solicitor to inform\u00a0the\u00a0potential buyer\u00a0of relevant information about the property.
\nA principal difference with Victoria is that the Section 32 document \u2013 which is a compulsory vendor statement \u2013 is prepared to enable the selling agent to market the property. Once the property sells, the Contract of Sale is attached to the Section 32 to complete the exchange.
\nIn NSW, on the other hand, a lawyer or solicitor will prepare the\u00a0Contract of Sale<\/a>\u00a0to enable the selling agent to market the property. Then, once the property sells, they insert the purchaser\u2019s details and price considerations into the contract.
\nAccording to the NSW Office of Fair Trading, the Contract of Sale must include a copy of the title documents, drainage diagram and a current zoning certificate (s149) issued by the local council.
\nAlso, if the property has a swimming pool or a spa, then various certification forms must also be attached. Exemptions may apply to this, for example if the property is a lot in a strata or community titles scheme, or has been purchased off-the-plan.<\/p>\n

The NSW sales process<\/h3>\n

\"\"<\/p>\n

One of the more interesting elements of the buying and selling of property in New South Wales is that there are two copies of the sales contract \u2013 one for the vendor and one for the buyer.
\nRegardless of whether the property is being sold by private treaty or auction, the physical\u00a0exchange of sale contracts in NSW<\/a>\u00a0is the critical legal part of the sales process.
\nEach party to the transaction signs one copy before the two are swapped or\u00a0\u201cexchanged\u201d. This process is usually facilitated by the legal representatives of both parties.
\nIn NSW, this exchange of contracts is subject to a number of legal considerations.\u00a0For example:<\/p>\n