The Home Contract is a fundamental legal document used in Australian residential property transactions. It is essential when purchasing or selling residential property in any Australian state or territory, though specific requirements may vary by jurisdiction. The contract comprehensively details all aspects of the property sale, including property identification, price, settlement terms, conditions of sale, and statutory warranties. It must comply with relevant state-specific property legislation, the Australian Consumer Law, and other applicable regulations. This Home Contract serves as the definitive agreement between parties, protecting their interests and ensuring clear understanding of their rights and obligations. It typically includes provisions for property inspections, finance conditions, insurance requirements, and specific clauses addressing unique property features or circumstances.
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1. Parties: Identifies and provides full details of the vendor/seller and purchaser/buyer
2. Background: Contains recitals explaining the context of the sale and property details
3. Definitions: Defines key terms used throughout the contract
4. Property Details: Comprehensive description of the property including lot number, title details, and included fixtures/fittings
5. Purchase Price: States the agreed purchase price and payment terms including deposit requirements
6. Settlement: Details of the settlement process, timing, and requirements
7. Vendor Warranties: Warranties provided by the vendor regarding the property's condition and title
8. Purchaser Warranties: Warranties provided by the purchaser regarding financial capacity and other relevant matters
9. Property Inspection: Terms regarding property inspection rights and timing
10. Risk and Insurance: Provisions about when risk passes and insurance requirements
11. Default: Consequences and remedies in case of default by either party
12. General Provisions: Standard contract terms including notices, governing law, and interpretation
13. Execution: Formal signing section including witness requirements
1. Special Conditions: Additional terms specific to this transaction, used when standard terms need modification
2. Finance Clause: Conditions regarding purchaser's finance approval, included when purchase is subject to finance
3. Building and Pest Inspection: Specific terms for building and pest inspections, included when these are conditions of sale
4. Swimming Pool Compliance: Required when property includes a swimming pool, addressing compliance requirements
5. Tenancy Details: Required when property is sold with existing tenants, detailing lease arrangements
6. Body Corporate: Required for strata-titled properties, including body corporate details and obligations
7. Foreign Investment: Required when purchaser is a foreign person under FIRB rules
8. GST Provisions: Detailed GST terms required for new properties or commercial residential premises
1. Property Inventory: Detailed list of included fixtures, fittings, and other items
2. Title Search: Current title search showing registered interests and encumbrances
3. Property Certificate: Local council certificate showing planning restrictions and approvals
4. Lease Documents: Copies of current lease agreements if property is tenanted
5. Plan of Land: Survey plan or registered plan showing property boundaries
6. Disclosure Statement: Required statutory disclosures about the property
7. Building Approvals: Copies of relevant building approvals and certificates
8. Special Conditions: Detailed special conditions if too lengthy for main contract
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