The Land Buy Sell Agreement serves as the primary legal instrument for real property transactions in Australia, used whenever real estate is bought or sold. This document is essential for both residential and commercial property transfers, incorporating state-specific requirements and regulations. It details all aspects of the transaction including property description, purchase price, settlement terms, warranties, and special conditions. The agreement must comply with Australian property law, including the Torrens Title system, relevant state/territory legislation, and consumer protection laws. It's designed to protect both vendors and purchasers by clearly documenting their rights, obligations, and the specific terms of the property transfer, while also addressing requirements for foreign investment approval where applicable.
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1. Parties: Identifies and provides full details of the Vendor (seller) and Purchaser (buyer), including legal names, addresses, and ACN/ABN if applicable
2. Background: Outlines the context of the agreement, including the Vendor's ownership of the property and intention to sell, and the Purchaser's intention to buy
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpreting the document
4. Property Details: Comprehensive description of the property including lot number, title reference, address, and included fixtures and fittings
5. Purchase Price: Specifies the agreed purchase price, deposit amount, and payment terms
6. Deposit: Details of deposit amount, payment timing, and holding arrangements
7. Settlement: Specifies settlement date, time, location, and requirements for completion
8. Adjustments: Outlines how rates, taxes, and other outgoings will be adjusted between parties
9. Title and Transfer: Vendor's warranties regarding title and transfer requirements
10. Vendor's Warranties: Standard warranties about the property's condition, title, and encumbrances
11. Purchaser's Warranties: Purchaser's confirmations and warranties regarding finance and capability to complete
12. Risk and Insurance: Specifies when risk passes to the Purchaser and insurance requirements
13. Default: Consequences and remedies for default by either party
14. Notices: Requirements for giving notices under the agreement
15. General Provisions: Standard contract clauses including governing law, entire agreement, and variation requirements
1. Finance Condition: Required when purchase is subject to the Purchaser obtaining finance approval
2. Building and Pest Inspection: Include when purchase is conditional on satisfactory building and pest inspections
3. Foreign Investment Review Board Approval: Required for foreign purchasers requiring FIRB approval
4. Existing Tenancies: Include when property is sold subject to existing tenancies
5. Planning and Development: Required when property is subject to specific development conditions or restrictions
6. GST Provisions: Detailed GST treatment when applicable (e.g., new residential premises or commercial property)
7. Special Conditions: Any additional conditions specific to the transaction
8. Vendor Finance: Include when vendor is providing financing arrangements
9. Early Possession: Terms for purchaser taking possession before settlement if applicable
1. Schedule 1 - Property Details: Detailed description of land, improvements, and included chattels
2. Schedule 2 - Excluded Fixtures and Chattels: List of items specifically excluded from the sale
3. Schedule 3 - Disclosure Statement: Statutory disclosures required by state legislation
4. Schedule 4 - Tenancy Details: Details of any existing tenancies including lease terms and rents
5. Schedule 5 - Outstanding Notices: List of any outstanding notices affecting the property
6. Appendix A - Title Search: Current title search showing registered interests and encumbrances
7. Appendix B - Plan of Land: Survey plan or registered plan of the property
8. Appendix C - Planning Certificates: Relevant planning and zoning certificates
9. Appendix D - Required Statutory Notices: Copies of statutory notices and certificates required by state law
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