This precedent is a letter to a purchaser’s representative enclosing the contract to be executed by the purchaser.
Where the sale is by negotiation or private treaty, the enclosed contract is executed by the purchaser before exchange. A number of optional provisions are contained in the precedent to give the purchaser’s representative additional information about the property which may be useful in the sale of a rural or regional property, or which otherwise may help to minimise further enquiries for a speedy exchange.
Point 12 deals with the transaction being a proposed electronic transaction – see clause 30 of the 2014 Contract and the National Electronic Conveyancing Act (NSW) and the accompanying participation rules. It may be preferable for the parties to a negotiated sale to agree before exchange whether the transaction is to be conducted electronically.
This precedent has been authored for Lexis Nexis by Daniela Terruso, Director, Intelmar Pty Limited.
This document is prepared with the assistance of General Editor Christopher Conolly, Partner, TressCox Lawyers and Specialist Editor, Peter Rosier, Principal, Rosier Partners Lawyers.