Document background
The Offer of Purchase and Sale agreement is a fundamental document in Australian property transactions, used when a potential buyer wishes to formalize their intent to purchase a property and the seller's acceptance of those terms. This document is essential in both residential and commercial property transactions across all Australian jurisdictions, though specific requirements may vary by state or territory. The agreement typically includes comprehensive details about the property, price, settlement terms, conditions precedent, warranties, and other crucial terms that protect both parties' interests. It must comply with relevant state-based property laws, the Australian Consumer Law, and other applicable legislation. The document serves as the foundation for the entire transaction and is typically prepared following initial negotiations but before the formal conveyancing process begins.
