The As Is Home Purchase Agreement is a specialized contract used in Australian property transactions where buyers agree to purchase property in its existing condition, regardless of defects or issues. This document is particularly relevant when sellers wish to limit their liability for property conditions or when properties require significant renovation or repair. The agreement includes comprehensive provisions covering the property's current state, buyer acknowledgments, limited seller warranties, and specific disclaimers. It's designed to comply with Australian property law while protecting both parties' interests in transactions involving properties sold without traditional warranties. This type of agreement is commonly used for distressed properties, auction sales, or when sellers want to explicitly limit their post-sale obligations regarding property condition.
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1. Parties: Identifies and provides full details of the buyer and seller
2. Background: Establishes context of the sale and confirms seller's ownership of the property
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed description of the property including lot number, title details, and street address
5. Purchase Price: Specifies the agreed purchase price and payment terms
6. 'As Is' Condition: Explicitly states that the property is sold in its current condition and buyer accepts all existing defects
7. Buyer's Acknowledgment: Buyer's confirmation of property inspection and acceptance of current condition
8. Deposit: Details of deposit amount, payment terms, and holding arrangements
9. Settlement: Settlement date, process, and requirements
10. Title and Transfer: Provisions regarding transfer of title and associated requirements
11. Representations and Warranties: Limited warranties and representations, specifically modified for 'as is' sale
12. Default: Consequences and remedies for default by either party
13. Costs and Stamp Duty: Allocation of transaction costs and stamp duty responsibilities
14. Notices: Process for giving and receiving formal notices
15. General Provisions: Standard contract clauses including governing law, entire agreement, and amendments
1. Pest and Building Inspection: Optional clause if buyer wishes to conduct inspections despite 'as is' nature
2. Finance Condition: Include if purchase is subject to buyer obtaining finance
3. Foreign Investment Review Board Approval: Required if buyer is a foreign person
4. Existing Tenancies: Include if property is sold subject to existing tenancies
5. Swimming Pool Compliance: Include if property includes a swimming pool
6. Special Conditions: Any additional conditions specific to the transaction
7. GST Provisions: Include if GST is applicable to the transaction
8. Asbestos Disclosure: Include if property contains or may contain asbestos
9. Heritage Requirements: Include if property is heritage listed or in a heritage area
1. Schedule 1 - Property Details: Comprehensive property description including fixtures and fittings
2. Schedule 2 - Purchase Price Breakdown: Detailed breakdown of purchase price and payment terms
3. Schedule 3 - Known Defects: List of known defects or issues with the property
4. Schedule 4 - Included Chattels: List of moveable items included in the sale
5. Schedule 5 - Excluded Items: Items specifically excluded from the sale
6. Appendix A - Title Search: Current title search showing ownership and encumbrances
7. Appendix B - Property Plans: Property plans, surveys, and drawings
8. Appendix C - Disclosure Statements: Required statutory disclosure statements
9. Appendix D - Inspection Reports: Any existing inspection reports provided by seller
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