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If you do not insert any of these supporting documents into the sales contract, the buyer may be allowed to terminate the sales contract within 14 days of the exchange, unless the tally has already been made. To verify that the accommodation has a valid certificate of compliance with a pool/spa, visit the NSW Pool Register website. If you sell your home by private contract, you set a price and the property will be put up for sale at that price. The successful bidder must sign the sales contract and pay you an on-site down payment (usually 10 per cent). There is no cooling-off period for anyone who buys a property at an auction. If the property is auctioned but exchanged on the same day, the cooling-off period is still not applicable. Answer the following questions, then tap “Send” to get your score. Which of the following statements is false? If the property for sale has a swimming or spa pool, one of the following conditions must be added to the contract from April 29, 2016: the tally is the conclusion of the sale transaction and usually takes place six weeks after the contract change. The exchange of sales contracts is the legal aspect of the sale of a house. There will be two copies of the sales contract: one for you and one for the buyer.

They sign a copy before being exchanged or “exchanged.” This can be done by hand or in the mail and is usually arranged by your lawyer, sponsor or agent. At the time of the exchange, the buyer is required to pay a down payment, usually 0.25% of the purchase price. Alice enters a carpet store and chooses a purple carpet from a sample labeled with 100% wool. She buys the carpet, but the carpet delivered is blue and 80% wool. This is a violation of sections of the Property Sale Act 1979? Which of the following terms is not implied in contracts for the sale of goods for sale in private? Deepa bought an electric bike from Great Bikes Ltd, who told the saleswoman that she knew nothing about bicycles, but wanted a bike suitable for riding in rough terrain. She bought the bike recommended by the assistant, although the bike in town was in order, bending the wheels and frame when she first used it on a stationary terrain. Your action against Great Bikes Ltd would be contrary to the section of the Vouchers Act in 1979? You should also be aware that if a property is sold by private contract, the buyer has a five-day cooling-off period during which he can withdraw from the sale. A residential property can only be put up for sale once a sale agreement has been entered into.