From the NSW Office of Fair Trading:
Exchanging sale contracts is the legal part of buying a home. Before exchange, the agreement is usually just verbal and not binding. Up until you exchange contracts either you or the vendor have the right to change your minds.
In other words, once you’ve exchanged, it’s all locked in. AND WE’VE JUST EXCHANGED! Man, buying a house is a pretty glacial and frustrating process. We’ve had to wait two weeks just for one bank to fax a piece of paper to another bank. But we’ve just gotten confirmation that we’re locked in, and the house is definitely going to be ours. I suppose this means that we can stop being so cagey about its location… RIGHT NEXT DOOR to our current apartment. Ha! Easiest. Move. Ever.
So now we just have to wait for settlement. Default is six weeks, but we’re hoping to get it pushed through faster so we can move in sooner. Special thanks to Andrew and Fiona for their advice regarding buying into a strata building. Stay tuned for the housewarming party…!
Comments
13 responses to “Exchanging Contracts”
Yeah! So awesome. Now you’re really a grown-up.
Sadly, I guess we are. I miss my twenties, but everybody’s told me that this is the part where it starts to get *really* fun!
I’m so excited for you both. 🙂
Hey Kris Congrats on the property going through. What an exciting time for you both 🙂
Awesome. Does the Snook have somewhere all his own to brew? That was my husband’s requirement when we were hunting.
Congratulations! I’m now a homeowner by default as my wife has owned a house for 9 years. It’s nice, aside from the fact that I’m having to learn plumbing and general home improvement haha. Actually, I rather enjoy it.
And we’ll be expecting more pictures soon. 🙂 Since you won’t be needing to rent a moving truck, can you rent a conveyor belt?
New place looks light and airey so with summer around the corner should be nice to call home.
congratulations!
wow, congratulations!
Congrats! I know it’s frustrating, but the first night spent in YOUR home will feel awesome, I promise.
Finally! Yay! No housewarming til I get back!
hehe
Congratulations!