Hi searcheD the forums but could not find an answer so decided to post this.
I purchased an Off The Plan apartment in 2013 and now have sold it through an agent. Have paid the stamp duty and have 10% deposit sitting in a bank guarantee.
Could someone please educate me on the settlement process - do I have to come up with the 20% bank deposit to settle with the developer, or does the new owner's finances go strait to the developer? It would be good if that is the case as I dont have to worry about preparing 20% cash.
Any help is greatly appreciated!
OTP Sydney resale settlement process
I purchased an Off The Plan apartment in 2013 and now have sold it through an agent. Have paid the stamp duty and have 10% deposit sitting in a bank guarantee.
Could someone please educate me on the settlement process - do I have to come up with the 20% bank deposit to settle with the developer, or does the new owner's finances go strait to the developer? It would be good if that is the case as I dont have to worry about preparing 20% cash.
Any help is greatly appreciated!
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