The Down Payment Agreement For House is a critical document in Australian real estate transactions, typically used when a purchaser is ready to secure their interest in a property by providing a deposit. This agreement is particularly important in the Australian property market where deposits typically range from 5% to 10% of the purchase price and must be held in trust accounts as specified by state legislation. The document should be used whenever a deposit is being paid for a house purchase, whether it's being paid in full or in installments. It includes essential details such as the property description, deposit amount, payment schedule, trust account details, and conditions for return or forfeiture. The agreement must comply with Australian consumer protection laws, state-specific property legislation, and real estate regulations. It serves as a protective mechanism for both parties by clearly documenting the terms of the deposit arrangement and establishing legal obligations.
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1. Parties: Identification of the purchaser(s) and vendor(s) with full legal names and addresses
2. Background: Context of the agreement, including reference to the main purchase agreement and property transaction
3. Definitions: Key terms used throughout the agreement, including 'Down Payment', 'Purchase Price', 'Property', 'Settlement Date'
4. Property Details: Full legal description of the property, including lot number, plan, title reference, and street address
5. Down Payment Amount: Specification of the down payment amount in both numbers and words, including percentage of total purchase price
6. Payment Terms: Details of how and when the down payment must be paid, including payment method and deadline
7. Trust Account Details: Specification of the trust account where the down payment will be held
8. Conditions: Any conditions that must be met before or after the down payment is made
9. Default and Remedies: Consequences of default by either party and available remedies
10. Return of Down Payment: Circumstances under which the down payment would be returned to the purchaser
11. Forfeiture: Conditions under which the down payment might be forfeited
12. Governing Law: Specification that the agreement is governed by Australian law
13. Execution: Signature blocks for all parties and witnesses
1. Foreign Investment: Required when purchaser is a foreign buyer, including FIRB approval details
2. Mortgage Contingency: Include when down payment is contingent on mortgage approval
3. Multiple Installments: Include when down payment will be made in multiple installments
4. Agent Authorization: Include when either party is acting through an authorized agent
5. GST Provisions: Required when the transaction involves GST considerations
6. Joint Purchasers: Special provisions for multiple purchasers, including specification of ownership shares
7. Special Conditions: Any unique requirements or conditions specific to the transaction
1. Schedule A - Property Details: Detailed property description including title details, fixtures, and boundaries
2. Schedule B - Payment Schedule: Detailed breakdown of payment amounts and due dates if multiple installments
3. Schedule C - Required Documents: List of documents required from both parties
4. Appendix 1 - Proof of Funds: Documentation showing source and availability of down payment funds
5. Appendix 2 - Identity Verification: Copies of identity documents for all parties
6. Appendix 3 - Property Title Search: Current title search results for the property
Relevant legal definitions
Agreement
Business Day
Completion Date
Contract of Sale
Cooling-off Period
Default
Deposit
Down Payment
Effective Date
Forfeiture
GST
Interest Rate
Law
Notice
Parties
Property
Purchase Price
Purchaser
Real Estate Agent
Registration
Release Date
Settlement
Settlement Date
Title
Transfer
Trust Account
Vendor
Working Day
Business Day
Completion Date
Contract of Sale
Cooling-off Period
Default
Deposit
Down Payment
Effective Date
Forfeiture
GST
Interest Rate
Law
Notice
Parties
Property
Purchase Price
Purchaser
Real Estate Agent
Registration
Release Date
Settlement
Settlement Date
Title
Transfer
Trust Account
Vendor
Working Day
Clauses
Payment Terms
Property Description
Trust Account
Default and Remedies
Forfeiture
Refund
Completion
Representations and Warranties
Assignment
Notices
Force Majeure
Governing Law
Dispute Resolution
Entire Agreement
Severability
Acknowledgment
Amendment
Waiver
Counterparts
Time of Essence
Further Assurance
Good Faith
Costs
GST
Termination
Compliance with Laws
Authority
Foreign Investment
Property Description
Trust Account
Default and Remedies
Forfeiture
Refund
Completion
Representations and Warranties
Assignment
Notices
Force Majeure
Governing Law
Dispute Resolution
Entire Agreement
Severability
Acknowledgment
Amendment
Waiver
Counterparts
Time of Essence
Further Assurance
Good Faith
Costs
GST
Termination
Compliance with Laws
Authority
Foreign Investment
Relevant Industries
Real Estate
Legal Services
Banking & Finance
Property Development
Construction
Financial Services
Property Management
Relevant Teams
Legal
Real Estate
Property Management
Sales
Compliance
Risk Management
Conveyancing
Contract Administration
Settlement
Customer Service
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancer
Legal Counsel
Property Manager
Sales Manager
Contract Administrator
Compliance Officer
Property Developer
Settlement Agent
Mortgage Broker
Banking Officer
Real Estate Partner
Property Consultant
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