The Pre Contract Agreement Property Purchase is a crucial preliminary document in Australian property transactions, used when parties have reached an in-principle agreement but need to formalize their intentions before proceeding to a binding contract. It serves as a roadmap for the transaction, typically used in situations where due diligence is required, complex commercial terms need to be negotiated, or parties need to secure financing or approvals. This document, while generally non-binding, helps prevent misunderstandings by clearly documenting the proposed terms, conditions, and timeline. It's particularly valuable in commercial property transactions or situations involving foreign investors where FIRB approval may be required. The agreement includes key information such as property details, proposed purchase price, due diligence requirements, and any special conditions, all within the framework of Australian property law.

1. Parties: Identification of the potential purchaser and vendor, including full legal names and addresses

2. Background: Context of the proposed transaction, including brief property description and parties' intentions

3. Definitions: Key terms used throughout the agreement, including 'Property', 'Purchase Price', 'Deposit', etc.

4. Property Details: Comprehensive description of the property, including address, lot number, title references, and included fixtures/fittings

5. Proposed Commercial Terms: Key commercial terms including proposed purchase price, deposit amount, and payment structure

6. Due Diligence Period: Timeframe and scope for buyer's investigations and property inspection rights

7. Conditions Precedent: Conditions that must be satisfied before proceeding to formal contract, such as finance approval or property inspections

8. Confidentiality: Obligations regarding confidential information shared during the pre-contractual phase

9. Non-Binding Nature: Clear statement that this is not a binding agreement to purchase except for specific clauses (like confidentiality)

10. Timeframe: Period for which this pre-contract agreement remains valid and deadline for moving to formal contract

11. Costs: Each party's responsibility for costs incurred during the pre-contractual phase

12. General Provisions: Standard provisions including governing law, notices, and entire agreement clause