The Full Payment Agreement Of Property is a crucial legal document used in Australian property transactions where the buyer intends to purchase a property through complete payment rather than installment or vendor financing arrangements. This agreement is essential when conducting property transactions in any Australian state or territory, requiring compliance with both federal and state-specific property laws. It is typically used in residential and commercial property purchases, containing comprehensive details about the property, payment terms, conditions of sale, and obligations of all parties. The document serves as the primary agreement governing the transaction, incorporating all necessary legal requirements, warranties, and protections for both buyer and seller, while ensuring compliance with Australian property transfer regulations, consumer protection laws, and registration requirements.
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1. Parties: Identification and details of the buyer and seller, including full legal names, addresses, and ACN/ABN if applicable
2. Background: Context of the agreement, including brief property description and intention of the parties to enter into a full payment purchase arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including lot number, title reference, address, and included fixtures/fittings
5. Purchase Price: Specified amount and payment structure, including deposit details and final payment arrangements
6. Payment Terms: Detailed payment schedule, method of payment, and account details
7. Completion Requirements: Conditions and requirements for completion of the sale, including documentation and timing
8. Title and Transfer: Provisions regarding transfer of title and registration requirements
9. Seller's Warranties: Warranties regarding property title, condition, and disclosed encumbrances
10. Buyer's Warranties: Warranties regarding financial capacity and compliance with relevant laws
11. Default and Termination: Consequences of default and circumstances allowing termination
12. Costs and Duties: Allocation of transaction costs, stamp duty, and legal fees
13. Notices: Process and requirements for giving notices under the agreement
14. General Provisions: Standard contract clauses including governing law, entire agreement, and severability
15. Execution: Execution blocks for all parties including witness requirements
1. Special Conditions: Additional conditions specific to the transaction, used when there are unique requirements or circumstances
2. Third Party Rights: Provisions regarding rights of third parties, used when relevant parties beyond buyer/seller are involved
3. Building and Pest Inspection: Conditions relating to inspections, used when purchase is subject to satisfactory inspections
4. Finance Condition: Terms regarding finance approval, used when purchase is subject to buyer obtaining finance
5. Existing Tenancies: Details of current tenancies, used when property is sold with sitting tenants
6. Pool Compliance: Pool safety certificate requirements, used when property includes a swimming pool
7. Body Corporate: Body corporate provisions, used for strata-titled properties
8. GST Provisions: Detailed GST treatment, used when transaction is subject to GST
9. Foreign Investment: FIRB approval requirements, used when buyer is a foreign person
10. Chattels: List and conditions of included moveable items, used when significant chattels are included in sale
1. Property Schedule: Detailed property description including title particulars, encumbrances, and easements
2. Payment Schedule: Detailed breakdown of payment amounts, timing, and methods
3. Included Fixtures and Fittings: Itemized list of fixtures and fittings included in the sale
4. Disclosure Statement: Statutory disclosures required under relevant property legislation
5. Special Conditions Schedule: Detailed special conditions applicable to the transaction
6. Existing Tenancy Details: Details of current lease agreements and tenant information
7. Outstanding Notices: Copy of any outstanding notices affecting the property
8. Property Certificate: Current title search and registered encumbrances
9. Property Compliance Documents: Relevant compliance certificates and permits
10. Settlement Adjustments: Calculation of adjustments for rates, taxes, and other outgoings
Relevant legal definitions
Clauses
Identification of Parties
Property Description
Purchase Price
Payment Terms
Deposit
Title Transfer
Warranties
Representations
Due Diligence
Property Inspection
Settlement
Completion
Default
Termination
Risk and Insurance
Adjustments
Notices
Assignment
Compliance
Property Condition
Encumbrances
Registration
Costs and Duties
GST
Confidentiality
Force Majeure
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendments
Third Party Rights
Time of Essence
Further Assurance
Electronic Execution
Property Description
Purchase Price
Payment Terms
Deposit
Title Transfer
Warranties
Representations
Due Diligence
Property Inspection
Settlement
Completion
Default
Termination
Risk and Insurance
Adjustments
Notices
Assignment
Compliance
Property Condition
Encumbrances
Registration
Costs and Duties
GST
Confidentiality
Force Majeure
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendments
Third Party Rights
Time of Essence
Further Assurance
Electronic Execution
Relevant Industries
Real Estate
Legal Services
Financial Services
Property Development
Construction
Banking
Insurance
Property Management
Conveyancing Services
Professional Services
Government and Public Sector
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Risk Management
Finance
Operations
Acquisitions
Contract Administration
Settlement
Document Control
Property Development
Relevant Roles
Property Lawyer
Conveyancer
Real Estate Agent
Property Manager
Legal Counsel
Contract Administrator
Property Developer
Commercial Director
Compliance Officer
Settlement Agent
Title Officer
Real Estate Transaction Coordinator
Property Acquisitions Manager
Legal Operations Manager
Risk Manager
Real Estate Broker
Property Finance Manager
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