After Exchange – things that must be done
Summary of what we will learn in this webpage:
- As purchaser, we need to fill in the Purchaser/Transferee Declaration Form
- Fill in the First Home Buyers Assistance Scheme Form if the purchaser is a first home buyer
- How to order the s603 council rates and s66 water rates certificates
- If paper settlement, how to prepare the Transfer form
- If paper settlement, how to prepare the eNOS
Step 5: After exchange of contracts, we normally do a few things soon after.
1) We will print out, fill in and sign in front of an authorised witness the Purchaser/Transferee Declaration form. This is for stamp duty purposes. If this purchase is a paper settlement, this form will be lodged together with a cheque for the amount of stamp duty payable. If this is going to be electronically settled like on the PEXA platform, then this form is still needed for the stamping agent to key in the relevant details in order to generate an OSR reference number to key in on the PEXA platform so that the required amount of stamp duty will be remitted to Revenue NSW on settlement day.
3) Because it is the purchasers solicitor’s job to prepare the Settlement Adjustment Sheet, we will need supporting certificates. We will need to order the s603 council rates certificate AND the s66 water rates certificate. The s603 council rates certificate can be ordered from the relevant councils online, or for convenience, we can order the s603 and the s66 certificates from an information broker like SAI Global. (Click SAI Global Login for how to login.)
A screenshot of what to tick in order to make the order is shown below:
4) Next, we will prepare the TRANSFER form, if this is a paper settlement. After filling in the details and signing this form (see below), we will pay the stamp duty and get this TRANSFER form STAMPED – for stamping, law firms either engage a stamping agent, or stamp in-house. We will then mail the STAMPED TRANSFER form to the vendor’s solicitor.
If settling electronically via PEXA, we will create an electronic TRANSFER document in PEXA.
The TRANSFER form for paper settlement looks like the below, in 2 halves, the top half and the bottom half:
Here, we are assuming the sale/purchase price of this house is $650,000, as shown in panel D.
Purchaser’s solicitor needs to fill in Panels A, C, D, E and H.
Purchaser’s solicitor, or purchaser, will need to sign on the bottom right, under transferee.
5) We will raise Requisitions on Title. Click on sample Law Society Residential Requisitions on Title form to have a look.
If this purchase is a paper settlement, we will prepare an eNOS online, by clicking on “Create eNOS” on the left tab. We will then go through the steps online, and print out an eNOS to bring with us on settlement day to give to the incoming bank (if we have a lender).
If this purchase is settled electronically via PEXA, we will create an electronic eNOS document in PEXA.