› Flat Chat Strata Forum › Strata Committees › Committee member selling their unit › Current Page
13/06/2019 at 10:55 pm
#38095
Exchange of contracts is the point at which both the buyer and the seller commit to the sale and the purchase. However, that is not the point at which ownership of the house or Lot actually transfers to the new owner. That only happens on completion i.e. Settlement.
On Settlement: The sale is made final. Ownership is transferred from the seller to the buyer. Transfer of Title occurs. The purchaser is able to take possession of the property. The seller discharges any mortgage that they had over the property. The purchaser pays to the seller the remainder of monies as outlined in the Contract.