The Simple Real Estate Purchase Agreement is a fundamental legal document used in Australian property transactions to formalize the sale and purchase of real estate. This agreement is essential when parties wish to document the terms of a property sale in a clear, legally binding manner. It includes critical information such as property details, purchase price, settlement terms, and conditions precedent to completion. The document is designed to comply with Australian property law requirements, including state-specific legislation and regulations. It serves as the primary contract between vendor and purchaser, establishing their respective rights and obligations throughout the transaction process. This agreement is particularly suitable for straightforward property transactions where standard terms and conditions are sufficient to protect both parties' interests.
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1. Parties: Identification and details of the Vendor and Purchaser, including full legal names, addresses, and ABN/ACN if applicable
2. Background: Brief context of the transaction and acknowledgment of the parties' intention to enter into the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Complete description of the property including lot number, plan, title reference, and street address
5. Purchase Price: Agreed purchase price, deposit amount, and payment terms
6. Settlement: Settlement date, time, and location, including conditions for completion
7. Title and Transfer: Provisions regarding transfer of title and associated requirements
8. Vendor's Warranties: Standard warranties provided by the vendor regarding the property's condition and title
9. Purchaser's Warranties: Standard warranties provided by the purchaser regarding capacity to purchase
10. Default and Termination: Consequences of default and circumstances for termination
11. Costs and Stamp Duty: Allocation of transaction costs and stamp duty obligations
12. Notices: Process for giving and receiving formal notices between parties
13. General Provisions: Standard contract clauses including governing law, entire agreement, and severability
1. Finance Condition: To be included when the purchase is subject to the purchaser obtaining finance approval
2. Building and Pest Inspection: To be included when the purchase is subject to satisfactory building and pest inspections
3. Foreign Investment Approval: Required when the purchaser is a foreign person requiring FIRB approval
4. Existing Tenancy: To be included when the property is sold subject to an existing tenancy
5. Swimming Pool Compliance: Required when the property includes a swimming pool
6. GST Provisions: To be included when the transaction may have GST implications
7. Agent's Commission: Required when there are specific arrangements regarding real estate agent's commission
8. Special Conditions: For any additional conditions specific to the transaction
1. Schedule 1 - Property Inventory: Detailed list of fixtures and fittings included/excluded in the sale
2. Schedule 2 - Property Certificate: Copy of the property certificate showing title details and encumbrances
3. Schedule 3 - Disclosure Statement: Statutory disclosures required under state legislation
4. Appendix A - Property Plans: Copy of property plans, surveys, or drawings
5. Appendix B - Existing Tenancy Documents: Copies of lease agreements if property is tenanted
6. Appendix C - Compliance Certificates: Relevant compliance certificates for pool, building, or other features
Relevant legal definitions
Agreement
Business Day
Completion
Completion Date
Contract Date
Conveyancer
Default Interest Rate
Deposit
Encumbrances
Fixtures
GST
Improvements
Land
Notice
Outgoings
Particulars of Sale
Payment Terms
Permitted Encumbrances
Property
Purchase Price
Purchaser
Registration
Settlement
Settlement Date
Stamp Duty
Title Documents
Transfer
Vendor
Vendor's Agent
Warranties
Business Day
Completion
Completion Date
Contract Date
Conveyancer
Default Interest Rate
Deposit
Encumbrances
Fixtures
GST
Improvements
Land
Notice
Outgoings
Particulars of Sale
Payment Terms
Permitted Encumbrances
Property
Purchase Price
Purchaser
Registration
Settlement
Settlement Date
Stamp Duty
Title Documents
Transfer
Vendor
Vendor's Agent
Warranties
Clauses
Property Description
Purchase Price
Payment Terms
Settlement
Title Transfer
Warranties
Property Inspection
Due Diligence
Default
Termination
Risk and Insurance
Notices
Assignment
Deposit
Representations
Conditions Precedent
Adjustments
Foreign Investment
GST
Stamp Duty
Costs
Governing Law
Dispute Resolution
Force Majeure
Entire Agreement
Severability
Amendment
Further Assurance
Survival
Time of Essence
Purchase Price
Payment Terms
Settlement
Title Transfer
Warranties
Property Inspection
Due Diligence
Default
Termination
Risk and Insurance
Notices
Assignment
Deposit
Representations
Conditions Precedent
Adjustments
Foreign Investment
GST
Stamp Duty
Costs
Governing Law
Dispute Resolution
Force Majeure
Entire Agreement
Severability
Amendment
Further Assurance
Survival
Time of Essence
Relevant Industries
Real Estate
Residential Property
Commercial Property
Legal Services
Financial Services
Property Development
Property Investment
Construction
Relevant Teams
Legal
Real Estate
Property Management
Sales
Compliance
Operations
Settlements
Contracts Administration
Investment
Risk Management
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancer
Property Manager
Legal Counsel
Contract Administrator
Property Developer
Sales Manager
Investment Manager
Compliance Officer
Settlement Officer
Property Consultant
Real Estate Broker
Legal Assistant
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