The Lot Payment Agreement is a specialized contract used in Australian property transactions where a purchaser agrees to buy a land lot through structured payments. This document is particularly crucial in new property developments, subdivisions, and off-the-plan purchases. The agreement outlines payment terms, schedules, and conditions while ensuring compliance with Australian property law, consumer protection legislation, and state-specific requirements. It includes essential details such as lot specifications, payment milestones, default provisions, and completion requirements. The document is commonly used when buyers prefer or require installment payments rather than a single lump sum payment, or when lots are sold during the development phase.
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1. Parties: Identifies and provides full details of the vendor/seller and purchaser/buyer
2. Background: Outlines the context of the agreement, including the lot details and intention of sale
3. Definitions: Defines key terms used throughout the agreement
4. Purchase Price: Specifies the total purchase price for the lot
5. Payment Terms: Details the payment structure, including deposit, installments, and final payment
6. Payment Schedule: Specifies the timing and amount of each payment installment
7. Default and Remedies: Outlines consequences of payment default and available remedies
8. Settlement: Details the settlement process and requirements
9. Title and Transfer: Addresses the transfer of title upon completion of payments
10. Representations and Warranties: States the representations and warranties made by both parties
11. General Provisions: Contains standard contract clauses including notices, governing law, and entire agreement
1. Foreign Investment Approval: Required when the purchaser is a foreign buyer requiring FIRB approval
2. GST Provisions: Required when GST is applicable to the transaction
3. Development Conditions: Include when the lot is part of a development with specific conditions or restrictions
4. Finance Conditions: Include when the purchase is subject to finance approval
5. Building Covenants: Required when there are specific building requirements or restrictions on the lot
6. Sunset Clause: Include when there is a specified timeframe for completion of the development
7. Electronic Settlement: Include when settlement will occur through an electronic conveyancing platform
1. Schedule 1 - Lot Details: Detailed description of the lot including plan number, dimensions, and location
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment amounts and due dates
3. Schedule 3 - Special Conditions: Any special conditions applicable to the lot or the payment arrangement
4. Appendix A - Site Plan: Plan showing the location and dimensions of the lot
5. Appendix B - Development Plan: If applicable, plans showing the proposed development
6. Appendix C - Building Guidelines: If applicable, detailed building and design guidelines for the lot
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