The Unit Sale Agreement is a fundamental legal document used in Australian property transactions for the transfer of strata-titled properties. It serves as the primary contract between a vendor and purchaser, detailing all aspects of the unit sale transaction. This document is essential when selling or purchasing apartments, units, or other strata-titled properties in Australia, ensuring compliance with state-specific property laws, strata legislation, and consumer protection requirements. The agreement becomes particularly important given the complexities of strata title ownership, shared facilities, and body corporate obligations. It typically includes comprehensive provisions covering property description, price, settlement terms, warranties, and specific clauses relating to body corporate matters, making it suitable for both residential and investment property transactions.
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1. Parties: Identifies and provides full details of the Vendor and Purchaser
2. Background: Provides context for the agreement, including brief description of the property and intention to sell/purchase
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation principles
4. Sale and Purchase: Core agreement to sell and purchase the unit, including price and payment terms
5. Deposit: Specifies deposit amount, payment timing, and holding arrangements
6. Settlement: Details of settlement process, timing, and requirements
7. Title and Transfer: Provisions regarding title transfer, encumbrances, and registration requirements
8. Vendor's Warranties: Warranties given by the vendor regarding the property and title
9. Purchaser's Warranties: Warranties given by the purchaser regarding capacity to purchase and finance
10. Adjustments: Provisions for adjusting outgoings, rates, taxes and other charges
11. Default: Consequences and remedies for default by either party
12. Risk and Insurance: Allocation of risk and insurance requirements until settlement
13. Notices: Requirements for giving notices under the agreement
14. General Provisions: Standard boilerplate provisions including governing law, entire agreement, etc.
15. Execution: Formal execution block for signing by all parties
1. Foreign Investment Review Board Approval: Required when purchaser is a foreign person requiring FIRB approval
2. Finance Condition: Include when purchase is subject to purchaser obtaining finance
3. Building and Pest Inspection: Include when sale is conditional on satisfactory inspections
4. Off-the-Plan Provisions: Required for units still under construction, including sunset clause and completion requirements
5. GST Provisions: Detailed GST provisions required for new properties or commercial transactions
6. Rental Guarantee: Include when vendor is providing rental income guarantees
7. Property Management: Include when agreement includes handover of existing tenancies or management arrangements
8. Car Park/Storage: Include when separate car park or storage lots are included in sale
1. Property Schedule: Detailed description of unit, including lot number, plan references, and included fixtures/fittings
2. Price Schedule: Breakdown of purchase price, deposit, and payment terms
3. Disclosure Statement: Statutory disclosures required under relevant state legislation
4. Special Conditions: Any special or additional conditions agreed between the parties
5. Form of Transfer: Prescribed transfer document required for settlement
6. Strata Information: Current strata report, by-laws, and levy information
7. Plans and Drawings: Floor plans, location plans, and any relevant architectural drawings
8. Certificate of Title: Copy of current title search and registered interests
9. Tenancy Schedule: Details of any existing tenancies affecting the unit
10. Vendor Statement: Statutory vendor statement required in some jurisdictions
Relevant legal definitions
Agreement
Adjustments
Bank Guarantee
Body Corporate
Building
Business Day
Common Property
Completion
Completion Date
Contract Date
Deposit
Deposit Holder
Encumbrance
Fixtures and Fittings
GST
Improvements
Interest Rate
Land
Levies
Lot
Notice
Outgoings
Permitted Encumbrances
Plan
Property
Purchase Price
Purchaser
Purchaser's Solicitor
Registration Date
Settlement
Settlement Date
Special Conditions
Strata Plan
Strata Scheme
Sunset Date
Title Documents
Transfer
Unit
Unit Entitlement
Vendor
Vendor's Solicitor
Warranty
Adjustments
Bank Guarantee
Body Corporate
Building
Business Day
Common Property
Completion
Completion Date
Contract Date
Deposit
Deposit Holder
Encumbrance
Fixtures and Fittings
GST
Improvements
Interest Rate
Land
Levies
Lot
Notice
Outgoings
Permitted Encumbrances
Plan
Property
Purchase Price
Purchaser
Purchaser's Solicitor
Registration Date
Settlement
Settlement Date
Special Conditions
Strata Plan
Strata Scheme
Sunset Date
Title Documents
Transfer
Unit
Unit Entitlement
Vendor
Vendor's Solicitor
Warranty
Clauses
Sale and Purchase
Title and Property Description
Purchase Price
Deposit
Settlement
Adjustments
Transfer of Title
Representations and Warranties
Default and Termination
Risk and Insurance
Strata Provisions
Property Condition
Encumbrances
Vendor Disclosure
Finance
Foreign Investment
GST
Inspection Rights
Requisitions
Planning and Use
Outgoings
Rates and Taxes
Body Corporate
Common Property
Notice and Communication
Confidentiality
Assignment
Force Majeure
Time of Essence
Entire Agreement
Severability
Governing Law
Dispute Resolution
Costs and Stamp Duty
Title and Property Description
Purchase Price
Deposit
Settlement
Adjustments
Transfer of Title
Representations and Warranties
Default and Termination
Risk and Insurance
Strata Provisions
Property Condition
Encumbrances
Vendor Disclosure
Finance
Foreign Investment
GST
Inspection Rights
Requisitions
Planning and Use
Outgoings
Rates and Taxes
Body Corporate
Common Property
Notice and Communication
Confidentiality
Assignment
Force Majeure
Time of Essence
Entire Agreement
Severability
Governing Law
Dispute Resolution
Costs and Stamp Duty
Relevant Industries
Real Estate
Legal Services
Financial Services
Property Development
Construction
Property Management
Banking
Insurance
Investment Management
Urban Planning
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Sales
Property Development
Risk & Governance
Operations
Finance
Client Services
Relevant Roles
Property Lawyer
Conveyancer
Real Estate Agent
Property Manager
Legal Counsel
Compliance Officer
Property Developer
Settlement Officer
Contracts Administrator
Sales Manager
Property Investment Advisor
Mortgage Broker
Bank Manager
Body Corporate Manager
Risk Manager
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