The Free Real Estate Purchase Agreement serves as a fundamental legal instrument for property transactions in Australia, designed to facilitate the sale and purchase of real estate while ensuring compliance with federal and state regulations. This document is essential when parties wish to formalize a property transaction, whether for residential or commercial purposes, and requires careful consideration of local property laws, consumer protection regulations, and conveyancing requirements. The agreement includes crucial elements such as property description, purchase price, settlement terms, conditions precedent, and necessary disclosures. It can be used for various property types and can be customized to accommodate specific transaction requirements while maintaining its core legal framework. Particularly valuable for private sales where parties may not have access to standard real estate institute contracts, this Free Real Estate Purchase Agreement provides a comprehensive foundation for documenting property transactions in accordance with Australian legal requirements.
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1. Parties: Identification and details of the vendor(s) and purchaser(s), including full legal names, addresses, and ACN/ABN if applicable
2. Background: Context of the transaction, including brief property description and intention to sell/purchase
3. Definitions: Defined terms used throughout the agreement, including Property, Settlement Date, Purchase Price, Deposit, etc.
4. Property Details: Comprehensive description of the property including lot number, title reference, address, and included fixtures/fittings
5. Purchase Price: Agreed purchase price, deposit amount, payment terms and method
6. Settlement: Settlement date, requirements, and process including timing and location
7. Vendor Warranties: Warranties regarding property title, condition, and disclosures
8. Purchaser Warranties: Warranties regarding financial capacity and other purchaser obligations
9. Property Inspection: Rights and process for property inspection before settlement
10. Default and Termination: Consequences of default by either party and termination rights
11. GST: GST treatment of the sale and required declarations
12. Notices: Process and requirements for giving notices under the agreement
13. General Provisions: Standard contract clauses including governing law, entire agreement, and severability
14. Execution: Signing provisions and execution blocks
1. Finance Condition: Required when purchase is subject to finance approval
2. Building and Pest Inspection: Used when sale is conditional on satisfactory building and pest inspections
3. Sale of Existing Property: Required when purchase is conditional on sale of purchaser's existing property
4. Swimming Pool Compliance: Required when property includes a swimming pool
5. Tenancy Provisions: Used when property is sold subject to existing tenancy
6. Foreign Investment Approval: Required for foreign purchasers requiring FIRB approval
7. Special Conditions: Any additional conditions specific to the transaction
8. Strata Title Provisions: Required for strata-titled properties
9. Water Rights: Required for rural properties with water entitlements
1. Property Schedule: Detailed description of land, improvements, and included chattels
2. Title Search: Current title search showing registered interests and encumbrances
3. Disclosure Statement: Required statutory disclosures about the property
4. Payment Schedule: Detailed breakdown of purchase price, deposit, and payment terms
5. Existing Tenancy Details: Current lease agreement and tenant details if property sold tenanted
6. Special Conditions: Detailed special conditions if too lengthy for main agreement
7. Vendor Statement: Statutory vendor disclosure statement required by state law
8. Plan of Land: Survey plan or registered plan showing property boundaries
9. Inspection Reports: Any existing building, pest, or other property reports
Relevant legal definitions
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Relevant Industries
Real Estate
Property Development
Construction
Financial Services
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Property Management
Banking
Investment
Residential Property
Commercial Property
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Risk Management
Operations
Investment
Business Development
Sales
Document Control
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancer
Property Manager
Real Estate Broker
Legal Counsel
Contract Administrator
Property Developer
Investment Manager
Compliance Officer
Real Estate Transaction Coordinator
Settlement Agent
Property Consultant
Real Estate Investment Advisor
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