Sale of Complete Private Properties

Question 1

procedure for sale of completed private properties

Answer 1

1. buyer pays 1% option fee.
2. if change their mind, 1% forfeited
3. if option exercised within 2 weeks, buyer pays BSD and exercising fee, signs S&P
4. lawyer to arrange for requisition, lodges caveat
5. 8-12 weeks later = legal completion of sale

Question 2

what happens if an unsatisfactory reply was received from any of the requisitions sent by the buyer’s solicitor?

Answer 2

the OTP may be rescinded unless the buyer agrees to continue w purchase despite knowledge of it.
upon rescission, seller to refund all deposits and monies