Document background
The Condo Purchase Agreement is a crucial legal document used in Australian residential property transactions involving strata-titled properties. It is required whenever a condominium or unit is being transferred from a vendor to a purchaser, whether for investment or residential purposes. The agreement must comply with various Australian federal and state legislation, including property law, strata schemes management acts, and consumer protection laws. This comprehensive document includes essential elements such as property details, purchase price, settlement terms, strata-specific provisions, and both parties' obligations. The agreement also addresses important aspects such as title transfer, property condition, included fixtures and fittings, and specific strata scheme requirements. It may need to be adapted based on state-specific requirements and whether the property is existing or off-the-plan.
