This precedent is a letter which can be sent to a lender enclosing a copy of the contract.
Use this letter when acting for a purchaser in a conveyancing matter, where you wish to send a copy of the contract to the purchaser’s lender prior to exchange of contracts.
The terms of this letter may vary depending on the specific requirements of the lender. Most lenders require a copy of the front page of the contract and proposed transfer as a minimum requirement.
It is important that the lender has a copy of the contract, or it may not be able to provide unconditional finance approval prior to exchange of contracts. Or, it may have difficulty meeting any deadline for finance approval pursuant to the contract if the contract is subject to finance.
This precedent has been authored for LexisNexis by Emma Heuston, Principal Lawyer, Legal Vision.