A NSW selling agent arranges the exchange of contracts between buyer and vendor at the agency office. After exchange, what must the agent do with the signed contract?
Correct Answer
D) Give copies to each party or their solicitor within 2 business days
NSW Fair Trading guidance on sales contracts states that if the agent arranges the exchange of contracts, the agent must give copies of the signed contract to each party or their solicitor or conveyancer within 2 business days. Prompt copies let each side's representative act on the contract, including during the cooling-off period.
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- → A house is passed in at a Saturday auction in NSW. Negotiations with the highest bidder continue, and contracts are exchanged on the following Monday without any cooling-off waiver. Does the buyer have a cooling-off period?
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- → A contract of sale in Queensland contains a clause stating 'time is of the essence' regarding the settlement date. The purchaser is ready to settle but the vendor cannot provide vacant possession until three days after the contractual settlement date due to tenant issues. What is the most likely legal consequence?
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A NSW agent signs up a vendor on Monday. The vendor's conveyancer says the draft contract will not be ready until Friday. The agent wants to put a 'For Sale' sign on the front fence on Tuesday. Is this allowed?
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A vendor's proposed contract names her solicitor as acting on the sale. A keen buyer arrives with a signed contract and a deposit, and the agent wants to exchange on the spot. The solicitor cannot be reached. What is the position?