This precedent is a letter sending details of the sale of land to the purchaser’s mortgagee (usually a bank or other lender).
This letter is used to inform the purchaser’s lender or mortgagee that contracts have been exchanged. It provides the mortgagee with a copy of the contract front page and all relevant title details. It also requests that the mortgagee prepare all loan and mortgage documents in anticipation of completion.
For a letter advising the lender of the settlement date, see the separate precedent “Letter to lender enclosing copy of transfer and advising of settlement date”.
This precedent has been authored for LexisNexis by Daniela Terruso, Director, Intelmar Pty Limited.