The New Construction Residential Purchase Agreement is a specialized contract used in Australia when purchasing a property that is yet to be constructed or is under construction. This document is essential for transactions involving new builds, house and land packages, or off-the-plan purchases. It serves as both a purchase agreement and a construction contract, detailing the specifications of the build, payment schedules, and completion requirements. The agreement must comply with Australian building codes, consumer protection laws, and state-specific legislation regarding residential property transactions. It includes provisions for construction timelines, quality standards, variations, inspections, and warranties, while protecting both the buyer's and builder's interests throughout the construction and purchase process. This type of agreement is particularly relevant in new housing developments, master-planned communities, and individual lot constructions across Australia.
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1. Parties: Identification of the Seller/Builder and the Buyer, including full legal names, addresses, and ACN/ABN where applicable
2. Background: Context of the agreement, including property details and brief description of the construction project
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Purchase Price and Payment Terms: Total purchase price, deposit amount, progress payments schedule, and payment methods
5. Property Details: Legal description of the land, lot number, plan details, and title references
6. Construction Specifications: Overview of the construction work, building specifications, and quality standards
7. Timeline and Completion: Construction commencement date, estimated completion date, and provisions for delays
8. Warranties and Guarantees: Statutory and additional warranties, structural guarantees, and defect liability period
9. Variations: Process for requesting and approving changes to the construction specifications
10. Inspections and Access: Buyer's rights to inspect the property during construction and at completion
11. Settlement and Completion: Settlement process, conditions for completion, and handover requirements
12. Default and Termination: Consequences of default by either party and termination rights
13. Dispute Resolution: Process for resolving disputes between parties
14. General Provisions: Standard contract clauses including notices, governing law, and entire agreement
1. Finance Conditions: Include when buyer requires finance approval; specifies conditions and timeframes for obtaining finance
2. Soil Testing: Include when soil testing hasn't been completed prior to contract signing
3. Planning Permits: Include when construction permits are still pending at time of contract
4. Solar Panel Installation: Include when solar panels are part of the construction package
5. Swimming Pool: Include when a swimming pool is part of the construction package
6. Landscaping: Include when landscaping is included in the contract scope
7. Rental Guarantee: Include when the builder offers rental return guarantees for investment properties
8. Development Covenants: Include when the property is part of a managed estate with specific design requirements
1. Schedule 1 - Plans and Specifications: Detailed architectural plans, engineering drawings, and building specifications
2. Schedule 2 - Inclusions and Exclusions: Detailed list of included fixtures, fittings, and finishes, and specifically excluded items
3. Schedule 3 - Progress Payment Schedule: Detailed breakdown of construction stages and corresponding payment amounts
4. Schedule 4 - Selection Schedule: Buyer's choices for colors, materials, and finishes
5. Schedule 5 - Site Requirements: Special site conditions, access requirements, and site preparation specifications
6. Appendix A - Certificates: Copies of builder's licenses, insurances, and other relevant certificates
7. Appendix B - Warranties: Detailed warranty terms and conditions from builder and manufacturers
8. Appendix C - Land Title Documents: Copy of title search, easements, and other relevant title documents
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Legal Services
Financial Services
Building and Construction Materials
Architecture and Design
Urban Planning
Building Certification
Relevant Teams
Legal
Construction
Real Estate Sales
Property Development
Compliance
Contract Administration
Project Management
Quality Assurance
Customer Service
Finance
Relevant Roles
Property Lawyer
Construction Manager
Real Estate Agent
Property Developer
Building Inspector
Quantity Surveyor
Conveyancer
Contract Administrator
Project Manager
Sales Manager
Building Certifier
Site Supervisor
Legal Counsel
Development Manager
Compliance Officer
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