The Letter of Agreement to Sell Property is a crucial document in Australian real estate transactions, serving as an initial formal agreement between parties before proceeding to a full contract of sale. This document is typically used when parties have reached verbal agreement on key terms and wish to document these before proceeding to formal contract preparation. It includes essential information such as property details, purchase price, settlement terms, and any special conditions, while complying with Australian property law requirements. The letter helps prevent misunderstandings and provides a clear framework for the subsequent formal contract. It's particularly useful in situations where parties want to demonstrate serious intent while allowing time for due diligence, finance approval, or other conditions to be met. While not as comprehensive as a full contract of sale, it serves as a valuable intermediate step in the property transaction process.
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1. Parties: Full legal names and addresses of both the seller and buyer
2. Property Details: Complete legal description of the property including lot number, title reference, and street address
3. Purchase Price: The agreed purchase price and payment terms, including deposit amount and payment schedule
4. Settlement Details: Proposed settlement date and any conditions regarding settlement
5. Property Condition: Statement about the condition in which the property will be delivered to the buyer
6. Inclusions and Exclusions: List of items included in or excluded from the sale
7. Due Diligence Period: Timeframe and conditions for buyer's inspections and investigations
8. Default and Termination: Consequences of either party failing to complete the agreement
9. Execution: Signature blocks for all parties and witnesses
1. Finance Clause: Include when buyer requires finance approval - specifies conditions and timeframes for obtaining finance
2. Building and Pest Inspection: Include when buyer requires building and pest inspections - specifies conditions and timeframes
3. Existing Tenancy: Include when property is sold with existing tenants - details of lease agreements and arrangements
4. Swimming Pool Compliance: Include when property has a swimming pool - compliance requirements and certificates
5. Special Conditions: Include for any unique requirements or conditions specific to the transaction
6. Foreign Investment Approval: Include when buyer is a foreign person requiring FIRB approval
7. GST Provisions: Include when the property sale has GST implications
1. Property Schedule: Detailed description of the property including title details, easements, and encumbrances
2. Inclusions Schedule: Detailed list of all fixtures and fittings included in the sale
3. Due Diligence Checklist: List of inspections and investigations to be conducted
4. Payment Schedule: Detailed breakdown of payment terms including deposit and settlement payments
5. Disclosure Statement: Required property disclosures including any defects or issues
6. Current Tenancy Details: If applicable, details of existing lease agreements and tenant information
Relevant legal definitions
Property
Purchase Price
Deposit
Settlement Date
Settlement
Business Day
Completion
Contract Date
Due Diligence Period
Encumbrances
Fixtures
Chattels
Improvements
Land
Title
Transfer Documents
Vendor
Purchaser
Working Day
Outgoings
Planning Scheme
Rates
Representative
Special Conditions
Stamp Duty
Title Documents
Vacant Possession
Settlement Amount
Inclusions
Exclusions
Default Interest Rate
Certificate of Title
Registration Fees
Adjustments
Purchase Price
Deposit
Settlement Date
Settlement
Business Day
Completion
Contract Date
Due Diligence Period
Encumbrances
Fixtures
Chattels
Improvements
Land
Title
Transfer Documents
Vendor
Purchaser
Working Day
Outgoings
Planning Scheme
Rates
Representative
Special Conditions
Stamp Duty
Title Documents
Vacant Possession
Settlement Amount
Inclusions
Exclusions
Default Interest Rate
Certificate of Title
Registration Fees
Adjustments
Clauses
Property Description
Purchase Price
Payment Terms
Deposit
Settlement
Due Diligence
Property Inspection
Finance Condition
Title Transfer
Representations and Warranties
Property Condition
Inclusions and Exclusions
Vacant Possession
Encumbrances
Default
Termination
Risk and Insurance
Adjustments
Special Conditions
Time of Essence
Notices
Assignment
Governing Law
Costs
Entire Agreement
Amendments
Severability
Further Assurance
Force Majeure
Dispute Resolution
Purchase Price
Payment Terms
Deposit
Settlement
Due Diligence
Property Inspection
Finance Condition
Title Transfer
Representations and Warranties
Property Condition
Inclusions and Exclusions
Vacant Possession
Encumbrances
Default
Termination
Risk and Insurance
Adjustments
Special Conditions
Time of Essence
Notices
Assignment
Governing Law
Costs
Entire Agreement
Amendments
Severability
Further Assurance
Force Majeure
Dispute Resolution
Relevant Industries
Real Estate
Property Development
Legal Services
Banking and Finance
Construction
Property Management
Property Investment
Residential Housing
Commercial Property
Agricultural Land
Relevant Teams
Legal
Real Estate
Property Management
Sales
Business Development
Compliance
Operations
Finance
Commercial
Contracts Administration
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Developer
Investment Manager
Real Estate Portfolio Manager
Property Manager
Legal Counsel
Contract Administrator
Sales Manager
Business Development Manager
Property Valuer
Settlement Agent
Commercial Property Manager
Real Estate Broker
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