The Deed of Absolute Sale Condominium is a crucial legal instrument in Australian property transactions, used specifically for transferring ownership of strata-titled residential units. This document is essential when selling or purchasing a condominium unit in Australia, as it provides legal evidence of the transfer of ownership and incorporates all necessary elements required by Australian property law. The deed includes detailed information about the property, parties involved, purchase price, payment terms, and specific provisions related to strata title ownership. It must comply with state-specific legislation regarding property transfers, strata schemes, and foreign investment regulations where applicable. The document is particularly important as it serves as the official record of the transaction and must be properly executed for registration with the relevant land registry office.
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1. Parties: Identifies and provides full details of the Vendor and Purchaser
2. Background: Establishes the context of the sale, including the Vendor's ownership and authority to sell
3. Definitions: Defines key terms used throughout the deed
4. Property Details: Comprehensive description of the condominium unit, including lot number, strata plan number, and exact measurements
5. Sale Consideration: States the purchase price and payment terms
6. Vendor's Warranties: Warranties regarding title, encumbrances, and condition of the property
7. Transfer of Title: Terms governing the transfer of legal ownership
8. Settlement: Details of the settlement process, timing, and requirements
9. Adjustments: Provisions for adjusting rates, taxes, and other outgoings
10. Risk and Insurance: Allocation of risk and insurance requirements until settlement
11. Default Provisions: Consequences and remedies in case of default by either party
12. Notices: How formal notices under the deed must be given
13. Governing Law: Specifies Australian law as governing law and jurisdiction
14. Execution: Formal execution provisions including witness requirements
1. Foreign Investment: Required when purchaser is a foreign person under FIRB regulations
2. GST Provisions: Required when the sale is subject to GST
3. Agent's Commission: Include when sale is through a real estate agent
4. Special Conditions: For any unique requirements specific to the transaction
5. Mortgagee Consent: Required when property is subject to an existing mortgage
6. Tenant Provisions: Include when property is sold with existing tenancy
7. Chattels and Fixtures: Required when specific items are included/excluded from sale
1. Property Schedule: Detailed property description including lot plan, measurements, and boundaries
2. Strata Information: Copy of strata plan, by-laws, and current levy schedule
3. Inclusions Schedule: List of fixtures, fittings, and chattels included in the sale
4. Title Search: Current title search showing registered interests and encumbrances
5. Outstanding Notices: Copies of any outstanding notices affecting the property
6. Building Inspection Report: Results of building and pest inspections if applicable
7. Certificates: Relevant compliance and zoning certificates
Relevant legal definitions
Agreement
Bank
Body Corporate
Business Day
Common Property
Completion
Completion Date
Condominium Unit
Contract Date
Deposit
Encumbrance
GST
Improvements
Land
Levies
Lot
Outgoings
Parties
Permitted Encumbrances
Plan
Property
Purchase Price
Purchaser
Registration
Settlement
Settlement Date
Solicitor
Strata Plan
Strata Scheme
Strata Title
Transfer
Unit Entitlement
Vendor
Working Day
Bank
Body Corporate
Business Day
Common Property
Completion
Completion Date
Condominium Unit
Contract Date
Deposit
Encumbrance
GST
Improvements
Land
Levies
Lot
Outgoings
Parties
Permitted Encumbrances
Plan
Property
Purchase Price
Purchaser
Registration
Settlement
Settlement Date
Solicitor
Strata Plan
Strata Scheme
Strata Title
Transfer
Unit Entitlement
Vendor
Working Day
Clauses
Property Description
Sale and Purchase
Purchase Price
Payment Terms
Settlement
Title Transfer
Representations and Warranties
Vendor's Obligations
Purchaser's Obligations
Risk and Insurance
Strata Provisions
Body Corporate
Default and Termination
Notices
Costs and Stamp Duty
GST
Foreign Investment
Adjustments
Inspection Rights
Execution
Governing Law
Dispute Resolution
Sale and Purchase
Purchase Price
Payment Terms
Settlement
Title Transfer
Representations and Warranties
Vendor's Obligations
Purchaser's Obligations
Risk and Insurance
Strata Provisions
Body Corporate
Default and Termination
Notices
Costs and Stamp Duty
GST
Foreign Investment
Adjustments
Inspection Rights
Execution
Governing Law
Dispute Resolution
Relevant Industries
Real Estate
Legal Services
Property Development
Banking and Finance
Property Management
Construction
Insurance
Property Investment
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Sales
Operations
Risk Management
Documentation
Client Services
Corporate Services
Relevant Roles
Property Lawyer
Real Estate Agent
Conveyancer
Property Manager
Legal Counsel
Compliance Officer
Real Estate Development Manager
Property Investment Advisor
Settlement Agent
Strata Manager
Contract Administrator
Title Officer
Real Estate Transaction Coordinator
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