Q: ANOTHER BUYER WANTS TO BUY THE HOUSE - WHAT IS A RACE TO EXCHANGE?

A: It's a common scenario - you've found the house you HAVE to HAVE.... it's perfect in every sense. The aspect is right, the kitchen and bathroom too, the colour scheme is right, and that critical factor, the price, well, it's right - of course!.

Before you can secure the purchase, someone else has decided it's just right for them as well. They've offered the same price, the same settlement terms, and they are at just the same phase of preparation as you. The agent utters those gut-wrenching words, "it's a race to exchange".

If you're lucky, you will be able to contact your conveyancer then and there, and if you're even luckier, they'll drop everything and give you all the attention you're going to need to get you across the line before the other buyer.

Getting you across the line, specifically, means you have received:-

• a formal loan approval for the property
• a building inspection and a pest inspection and are satisfied with the results
• legal advice from your conveyancer on the Contract for Sale of Land
• advice from the local council regarding any issues regarding the land
• your deposit - either in the form of a 10% deposit cheque or a Deposit Bond

That's quite a list. A good conveyancer will understand the urgency of your circumstances and instruct all staff to drop whatever they are doing and pitch in to get you across the line. It might sound like an extreme measure - but that's the sort of effort that will mean you are the one standing on the front porch watching the sun set in a few week's time, and not the other guy.

When the agent says it's a race to exchange it will put enormous pressure on you, your family, and your team. If it's the property you just have to have, there is no other way around the race, but to get in, and.... race!

Please remember this advice applies to New South Wales Residential property only. To confirm your particular circumstances, please contact Liberty Conveyancing