Exchange contract while other joint tenant owner is away

We have done this before, but forgotten what was put in place (it wasn’t a power of attorney), basically we were able to exchange contract even though the other owner was away. I recall it was something simple, like an authorisation letter.

Is there a templet for such letter? The agent suggests one of the owner to pre-sign the contract (witnessed). But I recall more signature is required before settlement.

Any (legit) way around this without spending money on power of attorney?

 

You don't need a registered POA to exchange contracts. The one that's on the internet (free) is fine to use to exchange (link below for NSW).

The fact sheet can be found at: http://www.nswlrs.com.au/__data/assets/pdf_file/0009/25947/POA_fact_sheet.pdf and it is worthwhile reading.

A live version, can be found at: http://www.nswlrs.com.au/__data/assets/pdf_file/0004/189013/GPA.pdf

An authorisation letter would also suffice (to exchange only) not settle.
Some people do as your agent said and pre-sign the contract.

You will need the other owner to sign the transfer docs for settlement though or have a registered POA for that - but this is usually 6 weeks after exchange.

 

What state is the land?

In NSW one can enter contract with settlement in both names.

 

Thanks all. It's in NSW, but it seems both signatures are required, both the agent and solicitor didn't suggest otherwise (or unless they just want to be sure).

That's it, the transfer declaration, again will require witnessed signatures. How soon must it be signed and handed in? Is a couple of days before settlement too rush?

How about the clearance certificate (something new in recent years), is it just an online application (i.e. no need to sign)?

 

Are you buying or selling?

 

Selling. Just want to minimise potential delays in selling if the other owner (wife) is away on business trip (overseas).

May get her to pre-sign the contract with a witness, so exchange at the right price will probably be fine. Transfer declaration may be an issue depending on the settlement date, just trying to work out the scenarios to avoid surprises.

 

In that case get a poa done before she leaves

 

Hang on, thinking it more, I thought the transfer declaration is for the buyer to sign, to pay duties.

Must the vendor also need to sign one?

 

Buyers solicitor can sign but sellers have to sign themselves.

Btw no need to be signed in front of your solicitor