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Commercial Contract Unimproved Property for Australia

Commercial Contract Unimproved Property Template for Australia

This document is a comprehensive commercial contract template designed for the sale and purchase of unimproved property in Australia. It incorporates all essential elements required under Australian property law, including state-specific requirements, and addresses key considerations unique to unimproved land transactions. The contract covers crucial aspects such as property details, purchase price, settlement conditions, due diligence requirements, and development potential, while ensuring compliance with relevant state and federal legislation. It includes provisions for GST treatment, foreign investment considerations where applicable, and environmental requirements specific to undeveloped land.

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What is a Commercial Contract Unimproved Property?

The Commercial Contract Unimproved Property is a specialized agreement used in Australian property transactions involving undeveloped land. This document is essential when parties are negotiating and finalizing the sale of vacant land, development sites, or agricultural property that hasn't been improved with buildings or significant infrastructure. It addresses unique challenges and considerations specific to unimproved property, including development potential, environmental considerations, and planning restrictions. The contract is designed to comply with Australian property law requirements and includes provisions for due diligence, settlement procedures, and risk allocation specific to unimproved land transactions. It's particularly relevant for commercial property developers, investors, and businesses looking to acquire land for future development or commercial purposes.

What sections should be included in a Commercial Contract Unimproved Property?

1. Parties: Identifies and provides full details of all parties to the contract

2. Background: Sets out the context and purpose of the agreement

3. Definitions: Defines key terms used throughout the agreement

4. Property Details: Specific description of the unimproved property including lot number, title details, and dimensions

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

6. Settlement: Details of the settlement process, timing, and requirements

7. Due Diligence: Buyer's rights and timeframes for conducting investigations of the property

8. Conditions Precedent: Conditions that must be satisfied before settlement can occur

9. Warranties: Seller's warranties regarding the property's title, encumbrances, and condition

10. Default and Termination: Consequences of default and termination rights

11. GST: GST treatment of the transaction

12. Costs: Allocation of transaction costs between parties

13. Notices: How formal notices under the contract must be given

14. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and variation

What sections are optional to include in a Commercial Contract Unimproved Property?

1. Development Conditions: Used when the buyer intends to develop the property and needs specific conditions around development approvals

2. Environmental Matters: Required when there are known or potential environmental issues affecting the property

3. Native Title: Included when there are potential native title claims or considerations

4. Foreign Investment Approval: Required when the buyer is a foreign person requiring FIRB approval

5. Subdivision: Included when the property is to be subdivided before or after settlement

6. Agent's Commission: Required when there are real estate agents involved in the transaction

7. Water Rights: Necessary when water rights or allocations are relevant to the property

8. Access Rights: Used when specific access arrangements need to be documented

What schedules should be included in a Commercial Contract Unimproved Property?

1. Property Schedule: Detailed property description including title details, encumbrances, and area

2. Payment Schedule: Breakdown of payment terms including deposits and installments if applicable

3. Due Diligence Checklist: List of investigations and searches to be conducted

4. Permitted Encumbrances: List of accepted encumbrances that will remain on title

5. Form of Transfer: Prescribed form of transfer document to be used at settlement

6. Special Conditions: Any unique conditions specific to this transaction

7. Settlement Checklist: List of items required for settlement

8. Plan of Land: Survey plan or diagram of the property

Authors

Alex Denne

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

Jurisdiction

Australia

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions











































Clauses


































Relevant Industries

Real Estate

Property Development

Agriculture

Commercial Property

Investment

Construction

Infrastructure

Mining

Renewable Energy

Industrial Development

Relevant Teams

Legal

Real Estate

Property

Commercial

Development

Acquisitions

Finance

Compliance

Risk Management

Project Management

Relevant Roles

Property Lawyer

Real Estate Agent

Property Developer

Commercial Manager

Investment Manager

Legal Counsel

Property Manager

Development Manager

Acquisition Manager

Risk Manager

Compliance Officer

Project Manager

Site Manager

Managing Director

Chief Financial Officer

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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