The Earnest Money Contract serves as a fundamental instrument in Australian property transactions, demonstrating the buyer's serious intention to purchase a property through a good faith deposit. This document is typically used at the initial stages of a property purchase, after price negotiation but before the full contract of sale is executed. It includes essential details such as the property description, purchase price, deposit amount, settlement terms, and any conditional requirements. The contract must comply with state-specific property laws and regulations within Australia, including requirements for property transactions, trust account handling, and consumer protection measures. It provides security for both parties by establishing clear terms for the deposit's handling and setting out the conditions under which it may be refunded or forfeited.
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1. Parties: Identifies and provides full details of the buyer and seller
2. Background: Establishes the context of the transaction and the parties' intention to enter into a property purchase agreement
3. Definitions: Defines key terms used throughout the contract
4. Property Description: Detailed description of the property being purchased, including legal description and address
5. Purchase Price: States the total purchase price and payment terms
6. Earnest Money: Specifies the earnest money amount, payment deadline, and handling requirements
7. Due Diligence Period: Establishes the timeframe and terms for the buyer's property investigation
8. Settlement: Details the settlement process, timing, and requirements
9. Default and Remedies: Outlines what constitutes default and the available remedies for both parties
10. Representations and Warranties: Lists the representations and warranties made by both parties
11. Notices: Specifies how and where formal notices must be delivered
12. Governing Law: Establishes that Australian law governs the agreement and specifies the relevant state/territory
13. Execution: Formal signing section with date and witness requirements
1. Finance Condition: Include when the purchase is subject to the buyer obtaining finance approval
2. Building and Pest Inspection: Include when the agreement is conditional on satisfactory building and pest inspections
3. Sale of Existing Property: Include when the purchase is conditional on the buyer selling their existing property
4. Foreign Investment Review Board Approval: Include when the buyer is a foreign person requiring FIRB approval
5. Tenant Rights: Include when the property is sold subject to existing tenancy
6. Swimming Pool Compliance: Include when the property includes a swimming pool requiring compliance certification
7. Special Conditions: Include when there are unique circumstances or requirements specific to the transaction
1. Schedule 1 - Property Details: Comprehensive property details including lot number, plan, title reference, and improvements
2. Schedule 2 - Included Chattels: List of fixtures and fittings included in the sale
3. Schedule 3 - Excluded Items: List of items specifically excluded from the sale
4. Schedule 4 - Special Conditions: Detailed special conditions if applicable
5. Schedule 5 - Disclosure Statement: Required property disclosures under relevant state/territory law
6. Appendix A - Property Title Search: Copy of current title search
7. Appendix B - Property Plan: Survey plan or registered plan of the property
8. Appendix C - Certificates: Relevant certificates including zoning and planning certificates
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