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The Condominium Purchase And Sale Agreement is a crucial legal instrument used in Australian property transactions for the transfer of strata title units. This document is essential when selling or purchasing a condominium unit, incorporating specific provisions required under Australian property law and state-based legislation. It addresses all aspects of the transaction, including property details, financial terms, strata scheme particulars, and settlement requirements. The agreement is designed to protect both parties' interests while ensuring compliance with relevant property transfer regulations, strata scheme requirements, and consumer protection laws. It's particularly important in Australian jurisdictions where strata title ownership is common, especially in urban areas where apartment and unit living predominates.

1. Parties: Identifies and provides full legal details of the buyer(s) and seller(s), including their legal capacity to enter into the agreement

2. Background: Sets out the context of the transaction and confirms the seller's ownership and right to sell the property

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Property Description: Detailed description of the condominium unit, including lot number, strata plan number, and exact boundaries

5. Purchase Price: Specifies the agreed purchase price and payment structure, including deposit requirements

6. Strata Information: Details about strata fees, bylaws, and current management structure

7. Settlement and Completion: Specifies the settlement date, completion requirements, and process for transfer of title

8. Title and Encumbrances: Details about the title, existing mortgages, easements, or other encumbrances

9. Seller's Warranties: Warranties provided by the seller regarding the property's condition and legal status

10. Buyer's Warranties: Warranties provided by the buyer regarding financial capacity and legal ability to purchase

11. Default and Termination: Consequences of default by either party and conditions for termination

12. Adjustments: How rates, taxes, and other outgoings will be adjusted between parties

13. Notices: How formal notices under the agreement must be given and received

14. Governing Law: Confirms the agreement is governed by Australian law and specifies the relevant jurisdiction

15. Execution: Formal signing requirements and execution provisions