Contract To Sell Condominium for Australia

Contract To Sell Condominium Template for Australia

A legally binding agreement governed by Australian law that facilitates the sale and purchase of a condominium unit under strata title. This document outlines the terms and conditions of the property transfer, including purchase price, settlement requirements, and obligations of both parties. It incorporates specific provisions required under Australian strata legislation, state-specific property laws, and consumer protection requirements. The contract includes essential details about the property, strata scheme particulars, financial terms, and necessary warranties while ensuring compliance with all relevant Australian property transfer regulations.

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What is a Contract To Sell Condominium?

The Contract to Sell Condominium is a crucial legal document used in Australian property transactions for the sale of strata-titled units. It is essential when transferring ownership of a condominium unit from a vendor to a purchaser, ensuring compliance with state-specific property laws and strata legislation. This document is particularly important in Australia's growing apartment and unit market, where strata title ownership is common. The contract includes comprehensive details about the property, payment terms, strata scheme information, and statutory disclosures required under Australian law. It protects both parties' interests by clearly defining their rights and obligations, incorporating necessary warranties, and addressing specific requirements for strata property transfers. The document must comply with state-specific legislation and can accommodate various scenarios including off-the-plan purchases, resale of existing units, and transactions involving foreign buyers.

What sections should be included in a Contract To Sell Condominium?

1. Parties: Identification of the vendor and purchaser with full legal names and addresses

2. Background: Context of the sale, including brief property description and intent of the parties

3. Definitions: Definitions of key terms used throughout the contract

4. Property Description: Detailed description of the condominium unit, including lot number, strata plan number, and unit entitlements

5. Purchase Price: Agreed purchase price and payment structure, including deposit details

6. Settlement: Settlement date, requirements, and procedures

7. Vendor's Warranties: Warranties regarding title, encumbrances, and property condition

8. Purchaser's Warranties: Warranties regarding financial capacity and compliance with foreign investment rules if applicable

9. Property Transfer: Process and requirements for legal transfer of the property

10. Adjustments: Provisions for adjusting rates, taxes, and strata levies

11. Default: Consequences and remedies in case of default by either party

12. Notices: Requirements for giving notices under the contract

13. General Provisions: Standard contract provisions including governing law and entire agreement clauses

What sections are optional to include in a Contract To Sell Condominium?

1. Cooling-Off Period: Required if the purchaser is entitled to a cooling-off period under state legislation

2. Finance Condition: Optional clause making the contract conditional upon the purchaser obtaining finance

3. Building Inspection: Condition allowing for building and pest inspection

4. Foreign Investment Approval: Required if the purchaser is a foreign person requiring FIRB approval

5. GST Provisions: Required if the sale is subject to GST

6. Special Conditions: Any additional conditions negotiated between the parties

7. Guarantee: Required if there is a guarantor for either party

8. Development Provisions: Required for off-the-plan sales or if the property is part of an ongoing development

What schedules should be included in a Contract To Sell Condominium?

1. Schedule 1 - Property Details: Detailed description of the property including lot number, plan number, and title reference

2. Schedule 2 - Included Chattels: List of fixtures and fittings included in the sale

3. Schedule 3 - Strata Information: Details of strata scheme, including by-laws, levies, and unit entitlements

4. Schedule 4 - Special Conditions: Any special conditions agreed between the parties

5. Schedule 5 - Form of Transfer: Prescribed form for transfer of title

6. Appendix A - Disclosure Statement: Statutory disclosure requirements including strata inspection report

7. Appendix B - Title Search: Current title search showing encumbrances and restrictions

8. Appendix C - Strata Plan: Copy of registered strata plan showing the lot

9. Appendix D - Building Certificate: Relevant building certificates and compliance documents

Authors

Alex Denne

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

Jurisdiction

Australia

Publisher

Genie AI

Sector

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Legal Services

Banking and Finance

Property Management

Construction

Insurance

Property Investment

Conveyancing Services

Strata Management

Relevant Teams

Legal

Real Estate Sales

Property Management

Conveyancing

Compliance

Risk Management

Documentation

Settlement

Due Diligence

Client Relations

Property Development

Operations

Relevant Roles

Property Lawyer

Real Estate Agent

Conveyancer

Property Manager

Strata Manager

Legal Counsel

Contract Administrator

Property Development Manager

Settlement Agent

Compliance Officer

Real Estate Transaction Coordinator

Property Investment Advisor

Banking Relationship Manager

Title Officer

Due Diligence Specialist

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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