The Purchase Agreement for Improved Property is a fundamental legal document used in Australian real estate transactions where land with buildings or permanent structures is being transferred from a vendor to a purchaser. This agreement is essential for any property transaction involving developed real estate in Australia, whether for commercial, residential, or mixed-use properties. It must comply with state-specific property laws, the Conveyancing Act, and other relevant Australian legislation. The document includes comprehensive provisions covering purchase price, settlement terms, property condition, warranties, and risk allocation. It's particularly important for ensuring compliance with Australian consumer protection laws and providing clarity on all aspects of the property transfer, including handling of existing tenancies, encumbrances, and adjustments of rates and taxes. The agreement serves as the binding contract between parties and forms the basis for the conveyancing process.
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1. Parties: Identification of the Vendor and Purchaser with full legal names and addresses
2. Background: Context of the sale and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, title reference, and improvements
5. Purchase Price: Agreement on purchase price, deposit amount, and payment terms
6. Settlement: Settlement date, time, and place, including processes and requirements
7. Title and Transfer: Provisions regarding transfer of title and associated requirements
8. Vendor Warranties: Warranties regarding property condition, title, and encumbrances
9. Property Condition: State of the property and included fixtures/fittings
10. Adjustments: Provisions for adjusting rates, taxes, and other outgoings
11. Risk and Insurance: Transfer of risk and insurance requirements
12. Default: Consequences of default by either party
13. GST: GST treatment of the transaction
14. Notices: Process for giving notices under the agreement
15. General Provisions: Standard contract provisions including governing law, entire agreement, etc.
1. Foreign Investment: Required when purchaser is a foreign person under FIRB rules
2. Existing Tenancies: Required when property is sold subject to existing tenancies
3. Building and Pest Inspection: Optional condition precedent for satisfactory inspections
4. Finance Condition: Optional condition precedent for purchaser obtaining finance
5. Swimming Pool Compliance: Required when property includes a swimming pool
6. Body Corporate: Required for strata-titled properties
7. Development Approvals: Required when property involves ongoing or pending developments
8. Environmental Matters: Required when property has environmental issues or contamination
9. Water Rights: Required for properties with water licenses or rights
10. Planning Restrictions: Required when specific planning controls affect the property
1. Property Details Schedule: Detailed description of land, improvements, and title particulars
2. Included Chattels: List of included moveable items and fixtures
3. Excluded Chattels: List of specifically excluded items
4. Special Conditions: Any special conditions applying to the sale
5. Disclosure Statement: Required statutory disclosures about the property
6. Form 1: Statutory warning statement (where required by state law)
7. Certificate of Title Search: Current title search showing encumbrances
8. Plan of Land: Survey or registered plan of the land
9. Tenant Schedule: Details of any existing tenancies (if applicable)
10. Outstanding Notices: Copy of any outstanding statutory or authority notices
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