The 66W

Transcript
“Hello and welcome back to weekly buying tips I’m Dean Berman from Berman Buys.

Today we’re going to talk about the 66W.

I’m not a lawyer and can’t advise on the legal side of the 66W.

However, I can give you my thoughts on the importance of the 66W as a buyer.

This important piece of paper completed by your solicitor or conveyancer waives the cooling off period.

Like all of us, sellers like guarantees.

Which is why this document is so important.

The 66W or unconditional exchange gives the seller a guarantee.

It locks you as the buyer into the purchase.

Along with your 5% or 10% deposit.

Compare this to a 5 day cooling off period.

Which typically occurs during a normal private sale.

This cooling off period gives you 5 days to decide if you want to go ahead or not.

Think about those sellers.

5 nights of disturbed sleep, wondering if you will proceed or not.

Waiting for their sales agent to call them with any updates.

The unconditional exchange means this doesn’t need to happen.

You can also think of this unconditional exchange in the same way as an auction.

When you are the highest bidder in an auction, you purchase the property.

Same goes for the unconditional exchange.

Once the 66W has been completed along with the signed contracts.

Then the property goes ‘unconditional’.

Therefore it is important to get all your research and due diligence done beforehand to ensure you are 100% happy with the purchase.

From my experience the unconditional exchange can often be the difference between your purchase and yet another one you liked that didn’t quite come off.”