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Agreement Of Sale For A Residential Stand Template for Australia

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Key Requirements PROMPT example:

Agreement Of Sale For A Residential Stand

"I need an Agreement of Sale for a Residential Stand for a lot in our new Sydney development 'Eucalyptus Heights', which must include our standard building covenants requiring construction to commence within 18 months and comply with our eco-friendly development guidelines."

Document background
The Agreement of Sale for a Residential Stand is a crucial legal document used in Australian property transactions when transferring ownership of vacant residential land. This agreement is typically used when a land developer or property owner wishes to sell an undeveloped residential lot to a buyer who may intend to build on it in the future. The document includes essential elements such as property description, purchase price, settlement terms, warranties, and specific conditions related to development restrictions or requirements. It must comply with relevant state-based property legislation and the Australian Consumer Law, incorporating necessary cooling-off periods and statutory disclosures. The agreement is particularly important in new housing developments and subdivisions, where it needs to address specific requirements for undeveloped land, including zoning restrictions, building covenants, and development timeframes.
Suggested Sections

1. Parties: Identifies and provides full details of the Vendor and Purchaser

2. Background: Establishes the context of the sale, including brief property description and intent of parties

3. Definitions: Defines key terms used throughout the agreement

4. Property Description: Detailed description of the residential stand including lot number, plan details, title reference, and dimensions

5. Purchase Price: Specifies the agreed purchase price and payment structure

6. Deposit: Details of deposit amount, payment terms, and holding arrangements

7. Settlement: Settlement date, requirements, and procedures

8. Title and Transfer: Provisions regarding transfer of title and associated requirements

9. Vendor Warranties: Warranties provided by the vendor regarding the property

10. Purchaser Warranties: Warranties and acknowledgments provided by the purchaser

11. Default: Consequences and remedies in case of default by either party

12. General Provisions: Standard legal provisions including notices, governing law, and interpretation

13. Execution: Signing provisions and execution requirements

Optional Sections

1. Development Conditions: Include when the stand is part of a development with specific building or use restrictions

2. Encumbrances: Include when there are existing encumbrances, easements, or restrictions on the title

3. Foreign Investment: Include when purchaser is a foreign person requiring FIRB approval

4. GST Provisions: Include when GST is applicable to the transaction

5. Finance Condition: Include when purchase is subject to finance approval

6. Soil Testing: Include when soil testing is required or has been conducted

7. Planning Permits: Include when specific planning permits are required or in place

8. Service Connections: Include when specific provisions about utility connections are needed

Suggested Schedules

1. Property Schedule: Detailed technical description of the property including measurements and boundaries

2. Title Search: Current title search showing ownership and encumbrances

3. Plan of Subdivision: Registered or proposed plan showing the lot in context of subdivision

4. Special Conditions: Any special conditions applying to the sale

5. Disclosure Statement: Statutory disclosures required by state legislation

6. Vendor Statement: Vendor's statement as required by state legislation

7. Development Guidelines: Any applicable development or building guidelines

8. Payment Schedule: Detailed breakdown of payment terms and timing

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions








































Clauses



































Relevant Industries

Real Estate

Property Development

Construction

Legal Services

Financial Services

Urban Planning

Land Development

Property Management

Relevant Teams

Legal

Real Estate Sales

Property Development

Conveyancing

Compliance

Contract Administration

Project Management

Land Development

Settlement

Property Management

Relevant Roles

Property Lawyer

Real Estate Agent

Property Developer

Conveyancer

Legal Counsel

Property Manager

Sales Manager

Development Manager

Compliance Officer

Contract Administrator

Project Manager

Land Surveyor

Urban Planner

Real Estate Broker

Settlement Agent

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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