After exchange on a Newcastle house, the buyer's solicitor finds that the council planning certificate required by section 52A of the Conveyancing Act 1919 was not attached to the contract. What right does the buyer have?
Correct Answer
A) The buyer may rescind the contract within 14 days after exchange
Section 52A of the Conveyancing Act 1919 and Schedule 1 of the Conveyancing (Sale of Land) Regulation 2022 require prescribed documents, such as the title search, drainage diagram and council planning certificate, to be attached to the contract. NSW Fair Trading guidance states that if one of these documents is not attached before the contract is signed, the purchaser may rescind within 14 days of exchange.
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Previous Question
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?
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Contracts for an established Wollongong home are exchanged by private treaty at 11 am on a Wednesday. There are no public holidays in the next fortnight and the buyer has not waived cooling-off. When does the buyer's cooling-off period end?