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Agreement Of Property Sale Template for Australia

A comprehensive legal document governed by Australian law that formalizes the transfer of real property ownership from a vendor to a purchaser. This agreement sets out the complete terms and conditions of the sale, including property details, purchase price, settlement arrangements, warranties, and obligations of both parties. It incorporates relevant state-specific property legislation requirements and includes provisions for adjustments, conditions precedent, and default remedies. The document serves as the primary contract for both residential and commercial property transactions in Australia, ensuring compliance with local property law and transfer requirements.

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What is a Agreement Of Property Sale?

The Agreement Of Property Sale is a fundamental legal document used in Australian property transactions to formalize the transfer of real estate ownership. It is essential for both residential and commercial property sales throughout Australia, incorporating state-specific requirements while maintaining compliance with federal legislation. The agreement captures all crucial aspects of the property sale, including detailed property description, purchase price, payment terms, settlement arrangements, and parties' obligations. It serves as the primary contract protecting both vendors' and purchasers' interests, typically prepared after initial negotiations and before the exchange of contracts. The document is designed to comply with Australian property law requirements, including necessary disclosures, warranties, and statutory obligations, while providing flexibility for various transaction types through optional conditions and special provisions.

What sections should be included in a Agreement Of Property Sale?

1. Parties: Identifies and provides full details of the vendor(s) and purchaser(s), including ACN/ABN for companies

2. Background: Outlines the context of the sale and basic property information

3. Definitions: Defines key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including lot number, title reference, and address

5. Purchase Price: Specifies the agreed purchase price and payment terms including deposit requirements

6. Settlement: Details of settlement date, time, location, and requirements

7. Adjustments: Provisions for adjusting rates, taxes, and other outgoings

8. Title and Transfer: Requirements for clear title and transfer of ownership

9. Vendor's Warranties: Warranties regarding property condition, title, and disclosures

10. Purchaser's Warranties: Warranties regarding capacity to purchase and finance

11. Default: Consequences and remedies for breach by either party

12. Notices: Requirements for giving notices under the agreement

13. General Provisions: Standard contract clauses including governing law

14. Execution: Signing provisions and attestation requirements

What sections are optional to include in a Agreement Of Property Sale?

1. Finance Condition: Used when purchase is subject to finance approval

2. Building and Pest Inspection: When purchase is conditional on satisfactory inspections

3. Existing Tenancy: Required when property is sold with tenant in possession

4. Swimming Pool Compliance: Required for properties with swimming pools

5. Foreign Investment Approval: Required for foreign purchasers

6. GST Provisions: Required for commercial properties or new residential premises

7. Development Approval: When property is sold subject to development approval

8. Special Conditions: For any additional agreed terms specific to the transaction

What schedules should be included in a Agreement Of Property Sale?

1. Property Schedule: Detailed description of land, improvements, and inclusions/exclusions

2. Title Search: Current title search showing encumbrances and restrictions

3. Disclosure Statement: Statutory disclosures required by state legislation

4. Payment Schedule: Detailed breakdown of purchase price and payment terms

5. Essential Safety Measures: Compliance certificates and safety measure details

6. Tenancy Details: Current lease agreements and tenant information if applicable

7. Property Certificates: Planning, zoning, and other relevant certificates

8. Site Plan: Survey plan or diagram of the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Australia

Publisher

Ƶ

Cost

Free to use

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