The Commercial Contract Unimproved Property is a specialized agreement used in Australian property transactions involving undeveloped land. This document is essential when parties are negotiating and finalizing the sale of vacant land, development sites, or agricultural property that hasn't been improved with buildings or significant infrastructure. It addresses unique challenges and considerations specific to unimproved property, including development potential, environmental considerations, and planning restrictions. The contract is designed to comply with Australian property law requirements and includes provisions for due diligence, settlement procedures, and risk allocation specific to unimproved land transactions. It's particularly relevant for commercial property developers, investors, and businesses looking to acquire land for future development or commercial purposes.
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1. Parties: Identifies and provides full details of all parties to the contract
2. Background: Sets out the context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Property Details: Specific description of the unimproved property including lot number, title details, and dimensions
5. Purchase Price: States the agreed purchase price and payment structure
6. Settlement: Details of the settlement process, timing, and requirements
7. Due Diligence: Buyer's rights and timeframes for conducting investigations of the property
8. Conditions Precedent: Conditions that must be satisfied before settlement can occur
9. Warranties: Seller's warranties regarding the property's title, encumbrances, and condition
10. Default and Termination: Consequences of default and termination rights
11. GST: GST treatment of the transaction
12. Costs: Allocation of transaction costs between parties
13. Notices: How formal notices under the contract must be given
14. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and variation
1. Development Conditions: Used when the buyer intends to develop the property and needs specific conditions around development approvals
2. Environmental Matters: Required when there are known or potential environmental issues affecting the property
3. Native Title: Included when there are potential native title claims or considerations
4. Foreign Investment Approval: Required when the buyer is a foreign person requiring FIRB approval
5. Subdivision: Included when the property is to be subdivided before or after settlement
6. Agent's Commission: Required when there are real estate agents involved in the transaction
7. Water Rights: Necessary when water rights or allocations are relevant to the property
8. Access Rights: Used when specific access arrangements need to be documented
1. Property Schedule: Detailed property description including title details, encumbrances, and area
2. Payment Schedule: Breakdown of payment terms including deposits and installments if applicable
3. Due Diligence Checklist: List of investigations and searches to be conducted
4. Permitted Encumbrances: List of accepted encumbrances that will remain on title
5. Form of Transfer: Prescribed form of transfer document to be used at settlement
6. Special Conditions: Any unique conditions specific to this transaction
7. Settlement Checklist: List of items required for settlement
8. Plan of Land: Survey plan or diagram of the property
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Agriculture
Commercial Property
Investment
Construction
Infrastructure
Mining
Renewable Energy
Industrial Development
Relevant Teams
Legal
Real Estate
Property
Commercial
Development
Acquisitions
Finance
Compliance
Risk Management
Project Management
Relevant Roles
Property Lawyer
Real Estate Agent
Property Developer
Commercial Manager
Investment Manager
Legal Counsel
Property Manager
Development Manager
Acquisition Manager
Risk Manager
Compliance Officer
Project Manager
Site Manager
Managing Director
Chief Financial Officer
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