A Pre Possession Agreement is essential in Australian property transactions where circumstances necessitate a buyer taking possession of a property before the settlement is completed. This might occur due to various reasons such as the buyer's urgent need for accommodation, delayed settlement timing, or specific commercial requirements. The agreement is structured to protect both parties' interests by clearly defining responsibilities, insurance requirements, and liability allocation during the pre-settlement period. It must comply with Australian federal and state property laws, including the Property Law Act and relevant state-specific legislation. The document addresses critical aspects such as property maintenance, utility payments, access rights, and damage liability, while establishing clear procedures for handling potential disputes or breaches during the pre-possession period.
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1. Parties: Identification of the seller and buyer, including full legal names and addresses
2. Background: Context of the agreement, including reference to the main sale contract and reason for pre-possession arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of Possession: Terms under which possession is granted, including commencement date and conditions
5. Duration: Period of pre-possession and relationship to settlement date
6. Buyer's Obligations: Responsibilities of the buyer during pre-possession period, including maintenance and care of property
7. Insurance Requirements: Mandatory insurance coverage to be maintained by both parties
8. Utilities and Outgoings: Responsibility for utilities, rates, and other property-related expenses
9. Risk and Liability: Allocation of risk and liability during the pre-possession period
10. Default and Termination: Consequences of breach and circumstances allowing termination
11. Damage to Property: Procedures and responsibilities in case of property damage
12. Access Rights: Seller's rights to access the property during pre-possession
13. Execution: Formal execution clauses and signing requirements
1. Rental Payments: Terms of any rental payments required during pre-possession, used when the arrangement includes a rental component
2. Security Deposit: Details of any security deposit required, used when additional financial security is needed
3. Permitted Use: Specific restrictions on property use, included when particular limitations are necessary
4. Improvements: Terms regarding any improvements or modifications to the property, used when renovations or changes are contemplated
5. Special Conditions: Any unique requirements or conditions specific to the property or circumstances
6. Occupancy Restrictions: Limitations on who may occupy the property, used for specific occupancy requirements
7. Environmental Matters: Special provisions for environmental considerations, used for properties with environmental sensitivities
1. Property Details: Detailed description of the property including title details and included fixtures
2. Condition Report: Detailed report on the property's condition at commencement of pre-possession
3. Insurance Requirements: Specific insurance policies and coverage levels required
4. Utility Readings: Initial meter readings and utility account details
5. Maintenance Schedule: Detailed maintenance responsibilities and schedules
6. Fee Schedule: Breakdown of any fees, deposits, or payments required
7. Property Rules: Specific rules and regulations relating to the property use
Relevant legal definitions
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Construction
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Banking and Finance
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Residential Property
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Relevant Teams
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Real Estate Operations
Property Management
Risk and Compliance
Contracts Administration
Settlement Operations
Property Services
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Relevant Roles
Property Lawyer
Real Estate Agent
Conveyancer
Property Manager
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Contract Administrator
Real Estate Transaction Manager
Settlement Officer
Property Operations Manager
Risk Manager
Compliance Officer
Real Estate Portfolio Manager
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