Wholesale Real Estate Contract for Australia

Wholesale Real Estate Contract Template for Australia

This document is a comprehensive legal agreement used in Australian wholesale real estate transactions, designed for high-value or bulk property purchases between sophisticated parties. It incorporates all necessary elements required under Australian property law, including state-specific requirements, and addresses crucial aspects such as due diligence, settlement procedures, and compliance with foreign investment regulations where applicable. The contract is structured to accommodate complex commercial property transactions while ensuring compliance with Australian commercial property legislation and regulations.

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What is a Wholesale Real Estate Contract?

The Wholesale Real Estate Contract is specifically designed for substantial property transactions in the Australian market, typically involving commercial or investment properties of significant value. This document is essential when dealing with sophisticated parties such as property developers, investment companies, or REITs, rather than individual retail buyers. It includes comprehensive provisions for due diligence, statutory compliance, and complex settlement arrangements, while incorporating specific requirements under Australian property law and regulations. The contract is particularly useful for bulk property purchases, development sites, or commercial real estate portfolios, and includes provisions for FIRB approval, GST considerations, and state-specific property transfer requirements.

What sections should be included in a Wholesale Real Estate Contract?

1. Parties: Identification of all parties involved in the transaction, including full legal names and addresses

2. Background: Context of the transaction, including brief description of the property and purpose of the agreement

3. Definitions: Detailed definitions of key terms used throughout the contract

4. Property Details: Comprehensive description of the property, including legal description, lot numbers, and boundaries

5. Purchase Price: Details of the purchase price, payment terms, and any deposit requirements

6. Due Diligence: Terms and conditions for property inspection, title search, and other investigatory rights

7. Settlement: Settlement date, process, and requirements for completion of the transaction

8. Representations and Warranties: Statements of fact and promises made by both parties regarding the property and transaction

9. Conditions Precedent: Conditions that must be satisfied before the contract becomes unconditional

10. Default and Termination: Consequences of default and circumstances under which the contract can be terminated

11. Notices: Methods and requirements for formal communications between parties

12. General Provisions: Standard legal provisions including governing law, entire agreement, and severability

13. Execution: Signing provisions and execution requirements

What sections are optional to include in a Wholesale Real Estate Contract?

1. Foreign Investment Approval: Required when the purchaser is a foreign entity requiring FIRB approval

2. GST Provisions: Detailed GST treatment when the transaction is subject to GST

3. Development Conditions: Used when the property has development potential or existing development approvals

4. Environmental Matters: Required when there are environmental considerations or contamination issues

5. Existing Tenancies: Details of current leases when property is sold subject to existing tenancies

6. Special Conditions: Any unique terms specific to the transaction

7. Agent Appointments: Required when dealing with property managers or other agents

8. Finance Conditions: When the purchase is subject to financing arrangements

What schedules should be included in a Wholesale Real Estate Contract?

1. Property Schedule: Detailed property description, including certificates of title, easements, and encumbrances

2. Due Diligence Checklist: List of required investigations and documentation

3. Payment Schedule: Detailed breakdown of payment terms and installments

4. Disclosure Statement: Required statutory disclosures about the property

5. Existing Tenancy Schedule: Details of current lease agreements and tenant information

6. Property Certificates: Copies of relevant certificates including zoning and planning

7. Transfer Documents: Standard transfer forms and associated documentation

8. Title Search Results: Current title search showing encumbrances and interests

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Australia

Publisher

Genie AI

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Commercial Property

Investment Management

Property Investment

Construction

Financial Services

Property Management

Urban Development

Asset Management

Relevant Teams

Legal

Real Estate

Property Development

Investment

Acquisitions

Asset Management

Risk and Compliance

Finance

Commercial Operations

Property Management

Relevant Roles

Property Development Manager

Real Estate Investment Manager

Commercial Property Lawyer

Property Fund Manager

Asset Manager

Acquisition Manager

Real Estate Director

Investment Analyst

Property Portfolio Manager

Legal Counsel

Commercial Director

Development Director

Transaction Manager

Risk Manager

Compliance Officer

Industries
Property Law Act 1958: Fundamental legislation governing property transactions and real estate dealings in Australia, including requirements for property transfers and legal interests in land
Competition and Consumer Act 2010: Federal legislation that governs business conduct and fair trading practices, including provisions relevant to commercial property transactions
Foreign Acquisitions and Takeovers Act 1975: Regulates foreign investment in Australian real estate, including approval requirements and restrictions
Real Estate and Business Agents Act: Regulates real estate transactions and the conduct of real estate agents, including requirements for property transactions
Electronic Transactions Act 1999: Enables and regulates electronic transactions and signatures in property dealings
Income Tax Assessment Act 1997: Contains provisions relating to capital gains tax and other tax implications of property transactions
A New Tax System (Goods and Services Tax) Act 1999: Governs GST implications in property transactions, including special rules for commercial property
Corporations Act 2001: Relevant for corporate entities involved in wholesale real estate transactions, including disclosure requirements and corporate obligations
Anti-Money Laundering and Counter-Terrorism Financing Act 2006: Imposes obligations regarding verification of identity and source of funds in high-value property transactions
State-specific Conveyancing Acts: Local legislation governing the transfer of property titles and registration requirements in each state/territory
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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