The Contract For Houses And Residential Land is a fundamental legal instrument used in Australian residential property transactions. It is designed to protect both vendors and purchasers by clearly documenting all aspects of the property sale, from initial agreement to final settlement. This contract type is essential for any residential property transaction in Australia and must comply with state-specific property laws and consumer protection regulations. It includes crucial details such as property description, price, settlement terms, warranties, and special conditions. The document is typically prepared following initial agreement of sale terms and requires careful review by legal professionals to ensure all parties' interests are protected. It serves as the primary legal document governing the entire transaction process and is referred to throughout the conveyancing period until settlement.
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1. Parties: Identification of the vendor(s) and purchaser(s) with full legal names and addresses
2. Background: Context of the sale and brief property description
3. Definitions: Definitions of key terms used throughout the contract
4. Property Details: Comprehensive description of the property including lot number, plan, title reference, and address
5. Purchase Price: Agreed purchase price and payment terms including deposit details
6. Settlement: Settlement date, time, and location details
7. Title and Transfer: Details regarding transfer of title and required documentation
8. Vendor Warranties: Warranties provided by the vendor regarding the property's condition and title
9. Purchaser Warranties: Warranties provided by the purchaser regarding financial capacity and other obligations
10. Property Condition: State of the property at sale and any included/excluded fixtures and fittings
11. Adjustments: Details of rate, tax, and utility payment adjustments between parties
12. Default: Consequences and remedies in case of default by either party
13. Notices: Process for giving and receiving formal notices between parties
14. GST: GST status and implications of the sale
15. Execution: Formal signing section including witness requirements
1. Foreign Investment Review Board Approval: Required when purchaser is a foreign person under FIRB rules
2. Building and Pest Inspection: When contract is subject to satisfactory building and pest inspections
3. Finance Clause: When purchase is subject to purchaser obtaining finance approval
4. Swimming Pool Compliance: Required when property includes a swimming pool
5. Tenancy Details: Required when property is sold with existing tenancy
6. Body Corporate: Required for properties under strata or community title
7. Development Approval: When property is subject to or requires development approval
8. Special Conditions: Any additional conditions agreed between the parties
1. Schedule 1 - Property Inventory: Detailed list of included fixtures, fittings, and chattels
2. Schedule 2 - Disclosure Statement: Statutory disclosures required by state legislation
3. Schedule 3 - Title Search: Current title search showing encumbrances and restrictions
4. Schedule 4 - Property Certificate: Local council property information certificate
5. Schedule 5 - Lease Details: Details of any existing lease if property is tenanted
6. Schedule 6 - Plan of Land: Registered plan showing property boundaries and dimensions
7. Appendix A - Special Conditions: Detailed special conditions agreed between parties
8. Appendix B - Approved Form of Transfer: Template transfer document required for settlement
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Compliance
Risk Management
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