The Agreement For Sale Of Mortgaged Property is a specialized legal document used in Australian property transactions where the subject property has an existing mortgage. This agreement is essential when a property owner wishes to sell their mortgaged property, requiring careful coordination between the vendor, purchaser, and the existing mortgagee (typically a bank or financial institution). The document addresses crucial aspects such as the current mortgage details, arrangements for discharge, settlement procedures, and the protection of all parties' interests. It incorporates requirements from Australian property law, banking regulations, and consumer protection legislation, making it suitable for both residential and commercial property transactions. The agreement is particularly important in ensuring that the mortgage discharge process aligns with the settlement timeline and that all financial obligations are properly addressed.
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1. Parties: Identification of all parties including Vendor, Purchaser, and Current Mortgagee
2. Background: Context of the sale including existence of mortgage, reason for sale, and current property status
3. Definitions: Defined terms used throughout the agreement including Property, Settlement Date, Purchase Price, Mortgage, etc.
4. Property Details: Comprehensive description of the property including title details, lot number, and registered encumbrances
5. Purchase Price: Agreed purchase price, deposit requirements, and payment terms
6. Mortgage Details: Details of existing mortgage, payout figure, and arrangements for discharge
7. Settlement: Settlement date, requirements, and procedures including mortgage discharge process
8. Vendor's Obligations: Vendor's commitments including providing clear title, maintaining property, and arranging mortgage discharge
9. Purchaser's Obligations: Purchaser's commitments including payment, due diligence, and settlement requirements
10. Property Condition: State of the property, inclusions, exclusions, and any known defects
11. Risk and Insurance: Transfer of risk, insurance requirements until settlement
12. Default and Termination: Consequences of default by either party and termination rights
13. General Provisions: Standard clauses including notices, governing law, and execution requirements
1. Tenant Provisions: Required if property is currently tenanted, covering lease details and handover arrangements
2. Foreign Investment: Required if purchaser is a foreign person or entity, addressing FIRB requirements
3. GST Provisions: Required if the sale is subject to GST (e.g., new property or commercial property)
4. Special Conditions: For any unique requirements or circumstances specific to this sale
5. Development Approvals: Required if property has pending or approved development applications
6. Property Management: Required if specific arrangements needed for property management between contract and settlement
7. Chattels and Fixtures: Required if specific items need detailed treatment beyond standard inclusions
1. Property Description Schedule: Detailed property description including title details, boundaries, and encumbrances
2. Inclusions and Exclusions Schedule: Comprehensive list of items included in or excluded from the sale
3. Mortgage Details Schedule: Full details of existing mortgage including account numbers and payout calculations
4. Special Conditions Schedule: Any special conditions applying to the sale
5. Disclosure Schedule: Required disclosures under relevant property and consumer legislation
6. Settlement Requirements Schedule: Detailed list of documents and requirements for settlement
7. Form of Transfer: Prescribed form for transfer of title
8. Outstanding Notices Schedule: List of any outstanding notices affecting the property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Financial Services
Legal Services
Property Development
Construction
Investment
Mortgage Broking
Conveyancing Services
Relevant Teams
Legal
Real Estate
Property Management
Conveyancing
Risk and Compliance
Credit Assessment
Mortgage Services
Settlement
Property Development
Banking and Finance
Relevant Roles
Property Lawyer
Real Estate Agent
Conveyancer
Bank Manager
Mortgage Broker
Property Manager
Legal Counsel
Settlement Officer
Property Officer
Compliance Officer
Risk Manager
Credit Manager
Real Estate Partner
Banking and Finance Lawyer
Property Development Manager
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