What is a 66W?

In this instalment of Real Real Estate Advice, Sales Executive Kiki Bermudez explains what a 66W certificate is and how and why it is used.

Kiki’s key information from the video can be summarised in the below dot points:

• It is a certificate that you may come across as both a seller or a buyer in New South Wales.

• In New South Wales, you can have the option of a five day cooling-off period to check everything, organise finance, have the contract checked etc.

• A 66W is a certificate of agreement between both parties (sellers & buyers) to no cooling-off period.

• The certificate needs to be issued by the solicitor or conveyancer of the buyer to the solicitor or conveyancer of the seller.

• It is most commonly used in sales prior to auction.

• It is good way for the purchaser to show the seller that they are qualified, interested and committed to buying the property.

If you have any questions regarding a 66W, or anything else for that matter, please contact us and we will be delighted to help.

Below is the full transcript of Kiki explaining a 66W.

Kiki:

“Hi, welcome to another instalment of ‘Real Real Estate Advice’ and I hope you are having the most incredible day today.

What I want to talk about today is a document that you may come across as a buyer or seller in New South Wales. This document or certificate as we know it is called a 66W. It is certainly something that I talk a lot about, pretty much on a daily basis and terminology that I tend to use quite a bit with my clients.

When purchasing property in NSW, you have the option of getting a cooling-off period in which there is five days for you to do your checks, sort out your finances, check the contract, do all sorts of bits and pieces. Now the 66W actually reneges on that opportunity, it basically says you are happy to agree to no cooling-off. This is a document that’s actually issued and must be issued officially by your solicitor or conveyancer and given to me, or the vendors solicitor.

Essentially, by giving that document, it is showing me and my client who I am selling for that you are a serious contender for that property. You have done all you’re checks, your finances are in order, reviewed anything and everything and you are fully committed to purchasing this property. Whenever I sell a property before auction, absolutely, without question, this certificate is a requirement of the sale.

While this certificate is primarily used for sales prior to auction, if the property was for sale by way of private treaty, it’s a fantastic way to show me or my vendors that you are serious and fully committed to moving forward on the purchase of the property.

I hope that you found this information about 66W’s helpful and should you need anything at all please don’t hesitate to reach out as I’d be so excited to speak with you.

Thanks for watching, bye for now.”