The Pre Sale Agreement serves as a fundamental document in Australian property development transactions, used when selling properties before their physical completion. This agreement type is particularly crucial in the off-the-plan property market, where developers seek to secure buyers before or during construction. The document must comply with various Australian federal and state legislation, including consumer protection laws, property transfer regulations, and development requirements. A Pre Sale Agreement typically includes detailed specifications of the property, payment terms, construction timelines, sunset clauses, and statutory warranties. It's essential for securing development finance, managing risk, and protecting both developer and purchaser interests. The agreement should be tailored to address jurisdiction-specific requirements, particularly regarding deposit handling, disclosure obligations, and cooling-off periods.
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1. Parties: Identification of the vendor/developer and purchaser with full legal names and details
2. Background: Context of the pre-sale arrangement, including property development status and intention of parties
3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpretation
4. Property Description: Detailed description of the property/unit being sold, including lot number and planned specifications
5. Purchase Price: Agreed purchase price, deposit requirements, and payment schedule
6. Deposit Terms: Details of deposit amount, payment timing, and holding arrangements
7. Development and Construction: Timeline, specifications, and conditions relating to the development/construction
8. Sunset Date: Maximum timeframe for completion and consequences of non-completion
9. Variations: Permitted variations to plans and specifications
10. Completion and Settlement: Requirements and procedures for completion and settlement
11. Default and Termination: Consequences of default and termination rights
12. GST: GST treatment and obligations
13. Warranties: Vendor/developer warranties regarding the property and development
14. General Provisions: Standard contract terms including notices, governing law, and entire agreement
1. Foreign Investment: Required when purchaser is a foreign person, including FIRB approval requirements
2. Finance Condition: Include when purchase is subject to purchaser obtaining finance approval
3. Purchaser Nominations: Include when purchaser may nominate an alternative buyer
4. Development Finance: Required when specific provisions about developer's financing arrangements need to be included
5. Pre-Construction Conditions: Include when development requires specific pre-conditions before construction
6. Staged Development: Required for developments being completed in stages
7. Management Rights: Include for developments with building management arrangements
8. Rental Guarantees: Include when vendor provides rental income guarantees
1. Schedule 1 - Property Details: Detailed property specifications, lot number, and plan references
2. Schedule 2 - Price and Payment Terms: Breakdown of purchase price, deposit, and payment schedule
3. Schedule 3 - Plans and Specifications: Architectural plans, finishes schedule, and specifications
4. Schedule 4 - Warranties and Defects: Detailed warranty terms and defect resolution procedures
5. Schedule 5 - Special Conditions: Any special or additional conditions specific to the sale
6. Appendix A - Draft Transfer: Draft transfer document for the property
7. Appendix B - Disclosure Statement: Statutory disclosures required under relevant legislation
8. Appendix C - Development Timeline: Detailed construction and development milestones
9. Appendix D - By-Laws: Draft by-laws for strata developments
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Legal Services
Banking and Finance
Property Management
Real Estate Investment
Relevant Teams
Legal
Real Estate Sales
Property Development
Construction
Compliance
Finance
Project Management
Contract Administration
Relevant Roles
Property Developer
Real Estate Agent
Property Lawyer
Conveyancer
Development Manager
Project Manager
Sales Manager
Legal Counsel
Contract Administrator
Property Manager
Construction Manager
Chief Financial Officer
Development Director
Compliance Officer
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