As well as including various warranties relating to the state of the property on settlement and your obligations owed to Council and Territorial Authorities having been met, the standard-form agreement also provides a clause which enables the Purchaser to check the title before going unconditional. This is known as the TITLES REQUISITION clause.

TITLES REQUISITION
This clause allows the Purchaser to check the title and have you, the Vendor, rectify any problems that may have arisen regarding the title. This could include getting boundaries properly surveyed or having right-of-ways properly registered on the title if they have not already been registered.

Vendors often forget that this clause is in the standard form agreement and that there is a 10 working day period during which the Purchaser can satisfy themselves as to the title. Given that you, as the Vendor, want the contract to be UNCONDITIONAL sooner rather than later, you do have the possibility to remove the TITLES REQUISITION CLAUSE from the agreement or reduce the time frame for it to be confirmed by the Purchaser. These two scenarios could be vitally important if you are a Vendor wanting to purchase a new home and you need to know you have unconditionally sold your current home to be able to get Finance for the new purchase. If this is your situation, then please CONTACT US as soon as possible to get our assistance before you sign up any agreement, whether it be for the Sale or for the subsequent Purchase.

It is important to note however that the TITLE REQUISITION condition does not necessarily allow the Purchaser to cancel the contract if they are not happy with the title. It only entitles the Purchaser to request that you rectify any problems. You then have the choice as to what you do, if there are any title problems.

FACSIMILE CLAUSE
The standard form agreement now includes a FACSIMILE CLAUSE that allows various negotiations to take place between you and the Purchaser by facsimile or electronic scanning, rather than post or face-to-face.