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Contract Of Sale Condominium Unit

Contract Of Sale Condominium Unit Template for Australia

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Key Requirements PROMPT example:

Contract Of Sale Condominium Unit

"I need a Contract of Sale Condominium Unit for a foreign investor purchasing a beachfront unit in Gold Coast, Australia, with settlement scheduled for March 2025, including FIRB approval conditions and provisions for a existing tenant's lease that expires in June 2025."

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Document background
The Contract of Sale Condominium Unit is a fundamental legal document used in Australian property transactions for the transfer of strata-titled residential units. This document is essential when selling or purchasing an apartment, unit, or condominium within a strata scheme, ensuring compliance with both federal and state-level property legislation. It contains critical information about the property, including strata plan details, lot entitlements, by-laws, and owners corporation obligations. The contract addresses specific requirements for strata properties, such as disclosure of levies, maintenance responsibilities, and common property rights. It serves as the primary agreement protecting both vendors' and purchasers' interests while ensuring all necessary legal requirements for property transfer in Australia are met.
Suggested Sections

1. Parties: Identifies and provides full details of the vendor and purchaser

2. Background: Outlines the context of the sale, including brief property description and intention to sell/purchase

3. Definitions: Defines key terms used throughout the contract

4. Property Description: Detailed description of the unit, including lot number, strata plan number, and registered address

5. Purchase Price: Specifies the agreed purchase price and payment terms, including deposit arrangements

6. Settlement: Details of settlement date, time, location, and requirements

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

8. Strata Specific Provisions: Terms specific to strata title ownership, including by-laws and owners corporation obligations

9. Warranties: Vendor warranties regarding the property and title

10. Adjustments: Provisions for adjusting rates, taxes, and other outgoings

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

12. Notices: Requirements for giving notices under the contract

13. GST: GST provisions and obligations

14. Execution: Formal execution provisions and signing requirements

Optional Sections

1. Foreign Investment: Required when purchaser is a foreign person, detailing FIRB approval requirements

2. Existing Tenancy: Required when property is sold subject to existing tenancy arrangements

3. Swimming Pool Compliance: Required when unit includes exclusive use of a swimming pool

4. Car Space: Required when separate car space or garage is included in sale

5. Storage Unit: Required when separate storage unit is included in sale

6. Special Conditions: For any additional conditions agreed between parties

7. Finance Clause: Required when purchase is subject to finance approval

8. Building and Pest Inspection: Required when sale is subject to satisfactory building and pest inspections

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property information including lot number, plan references, and included fixtures and fittings

2. Schedule 2 - Purchase Price Breakdown: Detailed breakdown of purchase price, deposit, and payment terms

3. Schedule 3 - Disclosure Statement: Statutory disclosure information required under strata legislation

4. Schedule 4 - Special Conditions: Any special conditions agreed between the parties

5. Appendix A - Strata Plan: Copy of registered strata plan showing unit location and boundaries

6. Appendix B - By-Laws: Current by-laws applicable to the strata scheme

7. Appendix C - Certificate of Title: Copy of current certificate of title

8. Appendix D - Strata Report: Recent strata inspection report showing financial and other relevant information

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions





































Clauses






























Relevant Industries

Real Estate

Legal Services

Property Development

Banking and Finance

Property Management

Construction

Insurance

Property Investment

Relevant Teams

Legal

Real Estate Sales

Property Management

Conveyancing

Compliance

Operations

Finance

Risk Management

Document Administration

Business Development

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancer

Property Manager

Strata Manager

Legal Counsel

Property Developer

Real Estate Broker

Settlement Agent

Mortgage Broker

Property Valuer

Compliance Officer

Legal Administrator

Sales Director

Property Investment Advisor

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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