In our new series on the A – Z of Conveyancing we’ll go through the commonly used terms in relation to conveyancing.
These are the outgoings such as council rates, water rates, strata levies and land tax. They may be adjusted on settlement and added to or deducted from the purchase price. Adjustments are made to ensure that the vendor and purchaser pay their relevant proportion of the outgoings based on the settlement date.
Amendments to the contract of sale are often negotiated between the purchaser and the vendor. This is done prior to exchange or under the cooling off period. The vendor sets the terms of sale when the contract is drafted. However the purchaser will often request amendments to the contract to better suit their circumstances.
The process of selling a property where potential purchasers bid against one another to purchase a property. If the bids pass the reserve price set by the vendor, the property will be sold to the highest bidder on the day. The successful purchaser will pay the deposit and the Contract for the Sale of Land will be exchanged between the parties.