Residential property cannot be advertised for sale until a Contract of Sale has been prepared. The contract must contain a copy of the title documents, drainage diagram and the Zoning Certificate (s 149) issued by the local council.
If the property for sale has a swimming pool or spa pool, one of the following must also be attached to the contract:
This requirement does not apply
If you fail to attach one of these documents to the sales contract, the purchaser may be entitled to rescind the sales contract within 14 days of exchange, unless settlement has already occurred. To check if the property with a swimming/spa pool has a current certificate of compliance, visit the NSW Swimming Pool Register website.
Property exclusions must also be included and a statement of the buyer’s rights under the cooling-off period must be attached. The draft contract must be available for inspection at the agent’s office.
Generally, all agents who offer a property for sale must have the proposed contract for the sale. However, where a conjunction agreement exists, it is only necessary for the listing agent to hold the sales contract, provided conjunction agents have access to the contract as necessary.
The contract exchange is a critical point in the sale process: