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Residential Real Estate Purchase Contract Template for Australia

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Key Requirements PROMPT example:

Residential Real Estate Purchase Contract

"I need a Residential Real Estate Purchase Contract for a duplex property in Sydney with an existing tenant in one unit, where settlement is planned for March 2025, and the contract needs to include special conditions for solar panel transfer and swimming pool compliance."

Document background
The Residential Real Estate Purchase Contract is a fundamental legal document used in Australian property transactions to formalize the sale and purchase of residential property. It is essential for any residential property transaction in Australia, whether involving houses, apartments, or other residential real estate. The contract must comply with state-specific property laws and regulations while incorporating mandatory consumer protections and disclosure requirements. It typically includes detailed information about the property, parties involved, purchase price, settlement terms, conditions precedent, and special conditions. This document is crucial for protecting both the vendor's and purchaser's interests and ensuring a smooth property transfer process. It should be prepared with consideration of relevant state legislation, local property practices, and specific requirements for foreign investment if applicable.
Suggested Sections

1. Parties: Identifies and provides full details of the vendor(s) and purchaser(s), including legal names, addresses, and ACN/ABN if applicable

2. Background: Establishes the context of the sale, confirming the vendor's ownership and right to sell, and the purchaser's intention to buy

3. Definitions: Defines key terms used throughout the contract to ensure clear interpretation

4. Property Details: Full legal description of the property, including lot number, plan, title reference, and street address

5. Purchase Price: States the agreed purchase price and payment terms, including deposit amount and payment schedule

6. Deposit: Specifies deposit amount, payment timing, and holding arrangements

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

8. Title and Transfer: Confirms property will be transferred free from encumbrances (unless specified) and details transfer process

9. Inspections and Conditions: Outlines property inspection rights and any conditions that must be met before settlement

10. Adjustments: Explains how rates, taxes, and other outgoings will be adjusted between parties

11. Property Condition: Describes the condition in which the property must be delivered at settlement

12. Default: Specifies consequences and remedies if either party defaults on their obligations

13. Notices: Details how formal notices between parties should be given and when they're deemed received

14. GST: Addresses GST implications of the sale

15. Execution: Formal signing section including witness requirements

Optional Sections

1. Foreign Investment Review Board Approval: Required when purchaser is a foreign person under FIRB regulations

2. Finance Condition: Used when purchase is subject to the purchaser obtaining finance approval

3. Building and Pest Inspection: Used when purchase is conditional on satisfactory building and pest inspections

4. Swimming Pool Compliance: Required when property includes a swimming pool, addressing compliance requirements

5. Existing Tenancy: Required when property is sold subject to an existing tenancy

6. Solar Panel and Battery Agreements: Required when property has solar panels or batteries with ongoing agreements

7. Off-the-Plan Provisions: Required for properties purchased before construction completion

8. Body Corporate Provisions: Required for properties under strata or community title

9. Sale of Existing Property: Used when purchase is conditional on purchaser selling their existing property

Suggested Schedules

1. Schedule 1 - Property Inventory: Lists included fixtures, fittings, and other items included in the sale

2. Schedule 2 - Exclusions: Lists items specifically excluded from the sale

3. Schedule 3 - Special Conditions: Details any special conditions agreed between the parties

4. Schedule 4 - Disclosure Statement: Required statutory disclosures about the property

5. Appendix A - Title Search: Current title search showing ownership and encumbrances

6. Appendix B - Property Plans: Survey plans, building plans, or other relevant property plans

7. Appendix C - Certificates: Relevant certificates including zoning, building approvals, compliance certificates

8. Appendix D - Required Statutory Forms: State-specific forms required for property transfers

9. Appendix E - Environmental Matters: Environmental searches and declarations if required

Authors

Alex Denne

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

Relevant legal definitions

















































Clauses





































Relevant Industries

Real Estate

Legal Services

Financial Services

Property Development

Construction

Insurance

Banking

Property Management

Property Investment

Professional Services

Conveyancing Services

Relevant Teams

Legal

Real Estate Sales

Property Management

Compliance

Risk Management

Operations

Finance

Settlements

Contracts Administration

Customer Service

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancer

Property Manager

Mortgage Broker

Bank Manager

Property Valuer

Legal Counsel

Compliance Officer

Contract Administrator

Property Developer

Sales Manager

Settlement Agent

Title Officer

Risk Manager

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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