This precedent is a letter to the vendor client reporting on exchange of contracts.
The letter is used following exchange of contracts to confirm to the vendor the following:
· that contracts have been exchanged;
· whether contracts are unconditional or subject to a purchaser statutory cooling off period in the case of sale of residential property;
· detailing the deposit received and manner of investment;
· when completion is to occur; and
generally as to procedures required to be undertaken by or on behalf of the vendor in the period leading up to settlement.
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.