The For Sale By Owner Purchase Contract is designed for property transactions in Australia where owners choose to sell their property directly to buyers without real estate agent representation. This approach can reduce selling costs but requires a robust legal framework to protect all parties' interests. The contract incorporates all necessary elements required by Australian property law, including property details, payment terms, warranties, and statutory disclosures. It is particularly relevant in today's market where many property owners seek to maximize their returns by handling sales directly. The document must comply with state-specific legislation and includes provisions for various contingencies such as finance conditions, building and pest inspections, and settlement procedures. This contract type is suitable for both residential and commercial properties, though additional provisions may be needed for commercial transactions.
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1. Parties: Identification and details of the Vendor (Seller) and Purchaser (Buyer)
2. Background: Context of the sale and confirmation that the Vendor owns the property and wishes to sell it to the Purchaser
3. Definitions: Definitions of key terms used throughout the contract
4. Property Details: Complete legal description of the property including lot number, title details, and street address
5. Purchase Price: Agreed purchase price and payment terms including deposit amount and timing
6. Settlement: Settlement date, time, and location details, including processes and obligations
7. Property Condition: Current condition of the property and any included/excluded fixtures and fittings
8. Vendor's Warranties: Warranties provided by the Vendor regarding the property's condition, title, and encumbrances
9. Purchaser's Warranties: Warranties provided by the Purchaser regarding financial capacity and authority to purchase
10. Default and Termination: Consequences of default by either party and termination provisions
11. Risk and Insurance: Transfer of risk and insurance responsibilities
12. Notices: How and where notices must be served between parties
13. General Provisions: Standard contract terms including governing law, entire agreement, and amendments
14. Execution: Signing provisions and execution requirements
1. Finance Condition: Required if the purchase is subject to finance approval
2. Building and Pest Inspection: Required if the purchase is conditional on satisfactory building and pest inspections
3. Swimming Pool Compliance: Required if the property includes a swimming pool
4. Foreign Investment Review Board Approval: Required if the purchaser is a foreign person requiring FIRB approval
5. Tenancy Details: Required if the property is sold subject to an existing tenancy
6. Special Conditions: Any additional conditions specific to this sale
7. GST Provisions: Required if the sale is subject to GST (typically for commercial properties or new residential premises)
8. Planning and Development: Required if there are ongoing development applications or approvals affecting the property
1. Schedule 1 - Property Inventory: Detailed list of included fixtures, fittings, and chattels
2. Schedule 2 - Special Conditions: Detailed special conditions agreed between the parties
3. Schedule 3 - Prescribed Documents: Statutory documents required by state legislation
4. Schedule 4 - Property Certificate: Current title search and registered encumbrances
5. Schedule 5 - Vendor's Disclosure Statement: Statutory disclosures required by state legislation
6. Appendix A - Property Plans: Copy of registered plan, survey, or strata plan
7. Appendix B - Compliance Certificates: Relevant compliance certificates for pool, building works, etc.
8. Appendix C - Tenant Information: Copies of lease agreements and tenant details if applicable
Relevant legal definitions
Act
Adjustments
Bank
Building Inspection Condition
Business Day
Completion
Contract
Conveyancing Transaction
Default Interest Rate
Deposit
Deposit Holder
Duties Act
Encumbrance
Finance Approval Date
Finance Condition
GST
GST Act
Improvements
Include
Land
Notice
Outgoings
Party
Payment Date
Pest Inspection Condition
Price
Property
Purchaser
Registration
Settlement
Settlement Date
Settlement Period
Special Conditions
Stamp Duty
Title
Transfer
Transfer Date
Vendor
Vendor Statement
Working Day
Adjustments
Bank
Building Inspection Condition
Business Day
Completion
Contract
Conveyancing Transaction
Default Interest Rate
Deposit
Deposit Holder
Duties Act
Encumbrance
Finance Approval Date
Finance Condition
GST
GST Act
Improvements
Include
Land
Notice
Outgoings
Party
Payment Date
Pest Inspection Condition
Price
Property
Purchaser
Registration
Settlement
Settlement Date
Settlement Period
Special Conditions
Stamp Duty
Title
Transfer
Transfer Date
Vendor
Vendor Statement
Working Day
Clauses
Property Description
Price and Payment
Deposit
Title
Property Transfer
Settlement
Conditions Precedent
Due Diligence
Warranties
Property Inspection
Finance
Insurance
Risk
Default
Termination
Adjustments
Notices
Time Essentials
Compliance with Law
Property Condition
Vendor Disclosure
Representations
Registration
Encumbrances
Foreign Investment
GST
Stamp Duty
Assignment
Force Majeure
Dispute Resolution
Entire Agreement
Governing Law
Severability
Costs
Electronic Execution
Price and Payment
Deposit
Title
Property Transfer
Settlement
Conditions Precedent
Due Diligence
Warranties
Property Inspection
Finance
Insurance
Risk
Default
Termination
Adjustments
Notices
Time Essentials
Compliance with Law
Property Condition
Vendor Disclosure
Representations
Registration
Encumbrances
Foreign Investment
GST
Stamp Duty
Assignment
Force Majeure
Dispute Resolution
Entire Agreement
Governing Law
Severability
Costs
Electronic Execution
Relevant Industries
Real Estate
Legal Services
Financial Services
Property Development
Construction
Banking
Insurance
Property Management
Conveyancing Services
Property Investment
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Risk Management
Finance
Operations
Business Development
Investment
Advisory Services
Relevant Roles
Property Owner
Property Buyer
Conveyancer
Property Lawyer
Real Estate Lawyer
Settlement Agent
Property Valuer
Building Inspector
Bank Manager
Mortgage Broker
Legal Counsel
Property Investment Advisor
Financial Advisor
Compliance Officer
Property Developer
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