The Unit Purchase Agreement is a fundamental legal document used in Australian property transactions for the purchase and sale of units, whether in residential or commercial contexts. It is essential when acquiring any strata-titled property in Australia and must comply with both federal and state-specific legislation. The agreement covers all crucial aspects of the transaction, including property details, financial terms, settlement conditions, and statutory requirements. It's particularly important as it addresses specific considerations related to strata schemes, such as owners corporation obligations and common property rights. This document is commonly used by individuals, businesses, and investors purchasing units in apartment buildings, commercial complexes, or mixed-use developments throughout Australia.
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1. Parties: Identification of the vendor and purchaser with full legal names and addresses
2. Background: Context of the transaction and brief description of the property
3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpretation
4. Agreement to Sell and Purchase: Core agreement terms including property description and purchase price
5. Purchase Price and Payment Terms: Details of the purchase price, deposit, and payment schedule
6. Deposit: Amount, payment timing, and handling of the deposit
7. Settlement: Settlement date, requirements, and process
8. Title and Transfer: Details about the transfer of title and required documentation
9. Vendor's Warranties: Warranties regarding the property's title, condition, and compliance
10. Purchaser's Warranties: Warranties regarding capacity to purchase and financial ability
11. Adjustments: Provisions for adjusting rates, taxes, and other outgoings
12. Default: Consequences and remedies for default by either party
13. GST: GST treatment of the transaction
14. Notices: How formal notices must be given between parties
15. General Provisions: Standard boilerplate clauses including governing law, entire agreement, etc.
1. Foreign Investment Approval: Required if purchaser is a foreign person requiring FIRB approval
2. Finance Condition: Include if purchase is subject to finance approval
3. Building and Pest Inspection: Include if purchase is subject to satisfactory inspections
4. Early Possession: Terms for early possession if agreed before settlement
5. Off-the-Plan Provisions: Required for units not yet constructed or registered
6. Seller's Residence Abroad: Special provisions if vendor is foreign resident (for CGT withholding)
7. Agent's Commission: Include if real estate agent's commission terms need to be documented
8. Special Conditions: Any unique terms specific to this transaction
1. Property Description: Detailed description of the unit including lot number, plan details, and included fixtures
2. Included Chattels: List of moveable items included in the sale
3. Disclosure Statement: Statutory disclosures required by state legislation
4. Strata Information: Details of strata scheme, levies, and by-laws
5. Form of Transfer: Pro forma transfer document
6. Outstanding Works: List of works to be completed before settlement (if applicable)
7. Special Conditions: Detailed special conditions if any
8. Certificates: Copies of relevant certificates (compliance, registration, etc.)
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Banking & Finance
Legal Services
Property Management
Construction
Investment & Fund Management
Retail
Hospitality
Professional Services
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Acquisitions
Investment
Operations
Risk Management
Corporate Services
Relevant Roles
Property Lawyer
Real Estate Agent
Property Manager
Conveyancer
Legal Counsel
Contract Manager
Property Developer
Investment Manager
Compliance Officer
Real Estate Portfolio Manager
Settlement Agent
Corporate Counsel
Acquisitions Manager
Real Estate Investment Officer
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