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Deposit

Early release of the deposit


1. The Buyers hereby agree and acknowledge that by their execution of this Contract, they irrevocably authorise the Seller/s agent to release to the Seller/s the Deposit held, for the purposes of payment of a deposit and/or to make payment of any Stamp Duty payable, for the Seller/s ongoing purchase.




Investment of Deposit in interest bearing Trust account


  1. The parties hereby authorise the Seller/s solicitors to invest the Deposit in any interest-bearing trust account that they may choose, at their discretion, and any interest thereby earned or accrued on the Deposit (less costs, duties and fees incurred in connection therewith) will be paid to the Seller, unless this contract is lawfully terminated or rescinded by the Buyer, in which case it will be paid or refunded (as the case may be) to the Buyer.




Exchange on less than 10% Deposit


  1. Although a full 10% Deposit is payable by the Buyer/s, the Seller/s hereby agree to allow the Buyer/s to exchange the contract on the basis that only part of the Deposit is paid at the time of exchange being $.................... The balance of the Deposit must be paid by the Buyer/s, to the Deposit Holder, prior to completion. The full Deposit set out herein will then be forefeited in the event that the Buyer/s fail/s to complete in accordance with the terms hereof.




Deposit bond


  1. Subject to the following provisions, the Buyer/s will hereby deliver to the Deposit Holder by 5:00 pm (AEST) on ………./………./………. a Deposit Bond in the sum of $....................;

  2. For the purposes of this provision, the use of the word bond means the Deposit Bond issued to the Seller at the request of the Buyer/s by the bond provider;

  3. The delivery of the bond to the Deposit Holder will be deemed to be payment of the Deposit in accordance with this Contract;

  4. The Buyer/s must pay the amount stipulated in the bond to the Seller in cash or by unendorsed bank cheque on completion or at such other time as may be provided for the Deposit to be accounted to the Seller;

  5. If the Seller serves on the Buyer/s a written notice claiming to forfeit the Deposit then to the extent that the amount has not already been paid by the bond provider under the bond, the Buyer/s must immediately pay the Deposit or so much of the Deposit as has not been paid to the Deposit Holder;

  6. The bond must further be in favour of the Deposit Holder and unconditional, irrevocable and unlimited as to duration of time.





Breach

Waiver of Breach


  1. No waiver of any breach of this Contract or any of the terms of this Contract will be effective unless that waiver is in writing and is signed by the party whom the waiver is claimed. Further, no waiver of any breach shall operate as a waiver of any other breach or subsequent breach.





Settlement Date

Buyer reserving right to settle early


  1. The Buyer/s may, in its/their absolute discretion, bring the Settlement Date forward by giving the Seller at least 7 days written notice.
Note: If necessary, you may wish to include: Despite this, the Buyer/s cannot bring the Settlement Date forward any earlier than ……../……../……...




Buyer reserving right to settle later


  1. The Buyer may, in its absolute discretion, delay the Settlement Date by up to, and including, …….. weeks commencing on the original Settlement Date and ending 5:00 pm on ……./……./…… provided always that the Buyer gives the Seller at least 7 days written notice.




Discount for early settlement


  1. As the Settlement Date is critical to the Seller, the Seller has agreed to allow the Buyer/s a discount of $........ should the Settlement Date be effected within ........ days of the date hereof, whereupon the appropriate adjustments to thePurchase Price and GST will be made at settlement.
OR
  1. It is hereby agreed and declared that in the event that the Buyer/s settle/s this matter within ........ days of the date hereof, then the Seller shall in consideration of such earlier settlement allow the Buyer/s a discount of $........ and on completion an adjustment in relation to the Purchase Price and any GST shall be made corresponding to such discount.





Condition of the Property

Requirement for the Seller to clean the Property (inside and out)


  1. The Seller hereby agrees to cause to be cleaned and tidied the Property, having regard to fair wear and tear, to a professional standard. For the purposes of this clause, this shall include:

    (a) Cleaning the oven;
    (b) Steam-cleaning all carpets;
    (c) Cleaning all windows from the inside and outside;
    (d) Dusting the inside of the Property;
    (e) Mopping/washing the floors to the inside of the Property;
    (f) Mowing and whipper-snipping the lawn and edges;
    (g) Removing all personal belonging and garbage;
    (h) …..
  2. Under this clause, cleaning shall be completed on or before 9:30 am on the last business day prior to the Settlement Date and the Buyer/s shall be granted access to the Property to inspect same by 2:00 pm on same day;
  3. In the event that the Buyer/s is/are dissatisfied with the condition / standard of the Property, it may issue a written notice specifying the issues and producing photographic evidence by 5:00 pm on the day prior to the Settlement Date;
  4. In the event of a notice from the Buyer/s that it is dissatisfied, then the Buyer/s may withhold $....... from settlement;
  5. For the purposes of this clause, the Seller hereby irrevocably agrees:
(a) In accordance with the requirements of section 249(1)(b) of the Legal Profession Act 2007, and hereby authorises the Buyer’s solicitor to transfer from their Trust Account any moneys relating to professional cleaning fees upon production of an invoice and to forward to the Seller’s nominated bank or their solicitors trust account any remaining moneys that may be leftover;

(b) To indemnify now and into the future the Buyer/s and the Buyers solicitor from any loss, damage, claim, expense, cost (including on a solicitor and own client basis) and proceeding from using such moneys for professional cleaning services under this clause.




Requirement for the Seller to clean the Property (inside and out)


  1. The Seller/s hereby agrees to cause to be cleaned the outside of the building, to a professional standard, including:

    (a) removing all dirt, grime, mould, spider-webs and bug marks or nests and graffiti;

    (b) ….Under this clause, cleaning shall be completed on or before 9:30 am on the last business day prior to the Settlement Date and the Buyer/s shall be granted access to the Property to inspect same by 2:00 pm on same day;
  2. In the event that the Buyer/s is/are dissatisfied with the condition / standard of the outside of the Property, it may issue a written notice specifying the issues and producing photographic evidence by 5:00 pm on the day prior to the Settlement Date;
  3. In the event of a notice from the Buyer that it is dissatisfied, then the Buyer may withhold $....... from settlement;
  4. For the purposes of this clause, the Seller hereby irrevocably agrees:

    (a) In accordance with the requirements of section 249(1)(b) of the Legal Profession Act 2007, and hereby authorises the Buyer’s solicitor to transfer from their Trust Account any moneys relating to professional cleaning fees upon production of an invoice and to forward to the Seller’s nominated bank or their solicitors trust account any remaining moneys that may be leftover.

    (b) To indemnify now and into the future the Buyer/s and the Buyers solicitor from any loss, damage, claim, expense, cost (including on a solicitor and own client basis) and proceeding from using such moneys for professional cleaning services under this clause.




Removal of Seller's personal items and garbage


  1. This Contract is subject to and condition upon the Seller removing all of the personal items/chattels including, but not limited to, white goods that are not ordinarily fixtures, furnishings and general garbage (hereafter referred to as 'personal items/chattels') by 5:00 pm on the third last day prior to the Settlement Date;
  1. Under this clause:
(a) The Seller must take appropriate and reasonable measures, including but not limited to engaging professional services to assist in the removal of such personal items/chattels;

(b) The Buyer/s shall be granted access to the Property for the purposes of inspection prior to 5:00 pm on the day prior to the Settlement Date;

(c) If the Seller refuses, fails or neglects to remove the personal items/chattels, then the Buyer/s may in its/their absolute discretion: (i) Terminate this contract by written notice to the Seller by 5:00 pm on the day prior to the Settlement Date and in such case the Deposit shall be refunded in full to the Buyer/s (this being the Buyer’s only available remedy under this sub-clause);

(ii) Elect to waive its/their right/s under this clause and any such personal items/chattels remaining at the Property after settlement shall become that of the Buyer/s;

(iii) Extend the Settlement Date up to and including five (5) business days to allow the Seller more time under this clause, failing compliance within this time then obtain two independent quotes to remove such personal items/chattels and accept the lower quote, the value of which shall hereby be correspondingly deducted from the Settlement Price.




Requiring Seller to professionally clean the house


  1. This Contract is subject to and conditional upon the Seller, at its sole expense, having the following areas cleaned by an independent cleaning professional:

    (a) All internal areas of the house;
    (b) All external areas of the house;
    (c) …
  2. Under this clause:

    (a) Cleaning must take place on that day that is one (1) business days prior to the Settlement Date;

    (b) The Seller must provide to the Buyer/s a copy of the receipt for the professional clean on or by 5:00 pm on the day after the cleaning takes place;
  3. If the Seller refuses, fails or neglects to perform its obligation under this clause, then the Buyer/s may in its/their absolute discretion:

    (a) Terminate this contract by written notice to the Seller by 5:00 pm on the day prior to the Settlement Date and in such case the Deposit shall be refunded in full to the Buyer/s (this being the Buyer’s only available remedy under this sub-clause);

    (b) Elect to waive its/their right under this clause;

    (c) Extend the Settlement Date up to and including five (5) business days to allow the Seller more time under this clause, failing compliance within this time then obtain two independent quotes to have the said areas cleaned and accept the lower quote, the value of which shall hereby be correspondingly deducted from the Settlement Price.




Requirement for repairs to be undertaken


  1. This Contract is subject to, and condition upon, the Seller repairing at its sole cost:

    (a) ...
    (b) ...
    (c) ...
  2. Under this clause, all repairs:

    (a) must be undertaken within ……. business days from the Contract Date;

    (b) are to be undertaken in a good and tradesman-like manner to the satisfaction of the Buyer/s in its/their absolute discretion;
  3. If the Seller refuses, fails or neglects to perform its obligation under this clause, then the Buyer/s may in its/their absolute discretion:

    (a) Terminate this contract by written notice to the Seller by 5:00 pm at on the third (3rd) day prior to the Settlement Date and in such case the Deposit shall be refunded in full to the Buyer/s (this being the Buyer’s only available remedy under this sub-clause);

    (b) Elect to waive its/their right under this clause;

    (c) Extend the Settlement Date up to and including five (5) business days to allow the Seller more time under this clause, failing compliance within this time then obtain two independent quotes to undertake the repairs and accept the lower quote, the value of which shall hereby be correspondingly deducted from the Settlement Price.




Requirement for repairs to be undertaken in pursuance of prospective Building Inspection Report


  1. Upon a Building Inspector’s Report being obtained by the Buyer/s, in accordance with this Contract, which discloses defects (the cost for each defect of which exceeds $............. to repair) then:
(a) The Buyer/s may require, by way of written notice, the Seller to rectify such defects exceeding such value at its sole cost to the satisfaction of the Building Inspector; and (b) If the Seller is agreeable to ensure such defects are rectified at its sole cost, then it must ensure they are undertaken by a professional in a good and tradesman-like manner at least three (3) business days prior to the Settlement Date; (c) If the Seller is not agreeable to rectify such defects then the Buyer/s may, in its/their absolute discretion, terminate this Contract by written notice to the Seller by 5:00 pm on the day prior to the Settlement Date and in such case the Deposit shall be refunded in full to the Buyer (this being the Buyer’s only available remedy under this sub-clause).




Buyer accepts contaminants


  1. The Buyer/s hereby accepts the Property in its present condition and state of repair and any such latent or patent defects including any contamination by any hazardous substances of whatsoever kind; and
  2. The Buyer waives it rights to make an objection and will duly make no objection, requisition or claim for compensation nor have any right of rescission or termination arising from the existence of any contaminants in, on or affecting the Property.




Buyer accepts names contaminants


  1. The Buyer/s hereby expressly acknowledge/s and agree/s with the Seller that ………………………. may be and/or is present in, on or at the Property/Land and hereby agrees as follows:
(a) That the Buyer/s has/have made its/their own reasonable enquiries regarding the existence or otherwise of ………………………. on the Property/Land and/or has had the opportunity to obtain independent expert advice in relation to same; (b) That the Seller has made no guarantees, warranties or representations regarding the existence or otherwise of ………………………. on the Property/Land; (c) That it will hereby release, discharge and hold harmless the Seller from any and all loss, damage, expense, claims, costs (including on solicitor and own client basis), entitlement or proceeding which the Buyer/s may have or claim to have in relation to any ………………………. present in, on or at the Property/Land; (d) That it will indemnify the Seller and all parties involved in this transaction now and into the future from any action, claim, proceeding, demand, cost (including on a solicitor and own client basis), expense, loss or damage which the Buyer/s or Seller may suffer, sustain or incur irrespective of whether the same arises from any third party or by or on behalf of the Buyer/s by reason of the existence of ………………………. present in, on or at the Property/Land and any failure thereto to remove or rectify same.




Requirement for the Seller to rectify names contaminant


  1. The Buyer/s hereby expressly acknowledges and agree/s with the Seller that ………………………. may be and/or is present in, on or at the Property/Land and the Seller hereby agrees as follows:
(a) That it/they has made reasonable enquiries regarding the existence or otherwise of ………………………. on the Property/Land and/or has had the opportunity to obtain independent expert advice in relation to same;

(b) That it/they has/have and will engage a professional and/or other government regulated body to remove ………………………. on the Property/Land and will obtain such necessary evidence or certificate from such professional or other governmental regulated body evidencing same on or before three (3) days prior to the Settlement Date;

(c) That if it refuses, fails or neglects to perform its obligation under this clause, then the Buyer/s may in its/their absolute discretion terminate this Contract by written notice to the Seller by 5:00 pm at on the day prior to the Settlement Date and in such case the Deposit shall be refunded in full to the Buyer/s (this being the Buyer’s only available remedy under this sub-clause);

(d) Elect to waive its right under this clause and for such purpose the following provisions shall apply:
(i) The Buyer/s agree/s that it/they has/have made its/their own reasonable enquiries regarding the existence or otherwise of said contaminant on the Property/Land and/or has had the opportunity to obtain independent expert advice in relation to same;

(ii) That the Seller has made no guarantees, warranties or representations regarding the existence or otherwise of of said contaminant on the Property/Land;

(iii) That it/they will hereby release, discharge and hold harmless the Seller from any and all loss, damage, expense, claims, costs (including on solicitor and own client basis), entitlement or proceeding which the Buyer/s may have or claim to have in relation to the of said contaminant present in, on or at the Property/Land;

(iv) That it will indemnify the Seller and all parties involved in this transaction now and into the future from any action, claim, proceeding, demand, cost (including on a solicitor and own client basis), expense, loss or damage which the Buyer/s or Seller may suffer, sustain or incur irrespective of whether the same arises from any third party or by or on behalf of the Buyer/s by reason of the existence of of said contaminant present in, on or at the Property/Land and any failure thereto to remove or rectify same;
(e) Extend the Settlement Date up to and including twenty-one (21) business days to allow the Seller more time under this clause, failing compliance within this time then obtain two independent quotes (or one quote if from a governmental regulated body) to remove such contaminant present in, on or at the Property/Land and accept the lower quote, the value of which shall hereby be correspondingly deducted from the Settlement Price.





Test, Inspections, Checks and Approvals

Contract subject to obtaining a Building Report


  1. This Contract is subject to and conditional upon the Buyer/s obtaining a report from a licensed builder on or before 5:00 pm on ……./……./…… which satisfies the Buyer/s, in its/their absolute discretion, as to the structural integrity of the structures and/or improvements on the Property;
  2. In the event that the Buyer/s, in its/their absolute discretion, is/are dissatisfied with the report from the licenced builder under the preceding sub-clause then the Buyer/s may give written notice to the Seller together with the report on or before 5:00 pm on ……./……./…….. electing to cancel/terminate this Contract, in which case the full Deposit must be returned to the Buyer/s;
  3. In the event that the Buyer/s refuse/s, fail/s or neglect/s to give written notice under the preceding sub-clause by 5:00pm on the date in which it is due, then the Buyer/s is/are deemed to have waived its/their rights under this clause and must proceed to settlement.




Contract subject to a Pest Inspection Report


  1. This Contract is subject to and conditional upon the Buyer/s receiving a report from a qualified pest inspector on or before ……./……./……. stating its findings on pest infestation and/or pest damage on the Property;
  2. In the event that the Buyer/s, in its/their absolute discretion, is/are dissatisfied with the report from the pest inspector under the preceding sub-clause then the Buyer/s may give written notice to the Seller together with the report on or before 5:00 pm on ……./……./…….. electing to cancel/terminate this Contract, in which case the full Deposit must be returned to the Buyer/s;
  3. In the event that the Buyer/s refuse/s, fail/s or neglect/s to give written notice under the preceding sub-clause, then the Buyer/s is/are deemed to have waived its/their rights under this clause and must proceed to settlement.




Disclosure of unapproved works


  1. The Seller hereby discloses to the Buyer/s that, pursuant to the Sellers belief, understanding and/or sources of information that the works have been carried out at the Property without the necessary approval of the responsible council. The Buyer/s, by way of this disclosure, acknowledges they are aware of the existence of the works and that the council may not have approved them. For such purpose, the Buyer/s warrant/s to the Seller that the Buyer/s would have entered into this Contract even if there is a matter in relation to the works that would justify the making of any upgrading or demolition order in respect of the works by the responsible council. The Buyer/s further agree/s that it/they cannot make any objection, requisition or claim for compensation nor have any right of rescission or termination by reason only of the facts disclosed in this provision. For this clause, the ‘works’ is taken to mean ……………………………………………………………………….
Note: you will need to specify what ‘works’ is taken to mean, for example: the erection of a 6 x 8 metre blue Colourbond shed to the rear of the Property as depicted in the photograph attached at Schedule 1 to the Contract.




Obtaining council approvals


  1. The Seller shall hereby deliver to the Buyer/s a copy of written approval(s) from the Council for:

    (a) …
    (b) …
    (c) …
  2. Such written approvals under this special condition must include all necessary evidence of any required inspection by the Council or its duly authorised agent(s);
  3. In the event that the Seller refuses, fails or neglects to comply with this clause, then the Buyer/s may, in its/their absolute discretion:
(a) Terminate this Contract by written notice to the Seller and in such case the Deposit shall be refunded in full to the Buyer/s (this being the Buyer’s only available remedy under this sub-clause);

(b) Elect to waive its/their rights under this clause.




Due Diligence Searches


  1. The Seller hereby agrees that the Buyer/s may perform necessary investigations into the Property including, but not limited to:

    (a) Carrying out a physical inspection of the Property by giving not less than three (3) days written notice to the Seller;

    (b) Testing, or causing a professional to test, the Land and/or Property for contaminants;

    (c) Contacting the responsible council, government, nearby owners or tenants, builder(s), architect(s), engineer(s), lender(s), valuer(s) or any other service provider and obtaining information and/or records;

    (d) Investigating, or causing a professional to investigate and report on, structures on the Land and/or the Property;

    (e) The Buyer/s conducting any necessary searches, at its/their sole discression, irrespective of the results, from any source they deem fit; and

    (f) ...
  2. In the event that the Buyer/s, in its/their absolute discretion, is/are dissatisfied with its due diligence enquiries on or by 5:00 pm on ……../……../…….., then the Buyer/s may elect to notify the Seller in writing of its/their intent to terminate this Contract, in which case the Deposit shall be refunded in full to the Buyer/s (this being the Buyer’s only available remedy under this sub-clause);
  3. In the event that the Buyer/s refuse/s, fail/s or neglect/s to provide written notice under the preceding sub-clause to the Seller on or by the date specified, then the Buyer/s is/are deemed to be satisfied with its/their due diligence enquiries and waives any right or recourse that it/they may have under this clause, and must (without affecting any other right of election under any other clause) must do everything reasonably necessary to ensure that settlement takes place.




Flooding


  1. The Buyer/s may, in its/their absolute discretion, undertake enquiries to ascertain whether the Property is affected by flooding and/or drainage issues.
  1. In the event that the Buyer/s, in its/their absolute discretion, is/are dissatisfied with the flooding and/or drainage enquiries then on or before 5:00 pm on ……./……./……. the Buyer/s may give written notice to the Seller electing to terminate this Contract, in which case the full Deposit must be returned to the Buyer/s.




Undertaking a soil test


  1. This Contract is subject to, and conditional upon, the Buyer/s obtaining a satisfactory soil test by an Engineer or other profession on the Land which is entirely satisfactory to the Buyer/s within ………. days from the Contract Date (hereafter referred to as the "Due Date for Soil Inspection"). For such purpose:

    (a) The Buyer/s shall give the Seller at least three (3) days written notice before any soil test is to take place;

    (b) The Seller shall permit the Buyer/s or its/their duly appointed agent(s) to enter onto the Land for the purpose of carrying out the soil test;

    (c) The costs for the soil test will be the exclusive responsibility of Buyer/s;

    (d) The Buyer/s shall give written notice to the Seller on or before the Due Date for Soil Inspection, which specifies:

    (i) Whether the soil test is, or is not, satisfactory to the Buyer/s and whether the Buyer/s elect/s to terminate this Contract, in which cause the full Deposit is to be refunded to the Buyer/s; or

    (ii) Whether the Buyer/s waive/s its/their rights under this clause.

    (e) In the event that the Buyer/s refuse/s, fail/s or neglect/s to give notice in accordance with the clause, then the Seller may terminate this Contract by notice in writing to the Buyer/s on or by 5.00 pm on the day after the Due Date for Soil Inspection. In the event such notice is given, then this Contract shall be at an end and the full Deposit is to be refunded to the Buyer/s. This being the Seller's only remedy for the Buyer's failure to give notice in accordance with this clause.




Classification of soil and terminating as a result


  1. The Buyer/s may, in its/their absolute discretion, arrange for an engineer or other profession to conduct a soil test on the Land on or by 5.00 pm on ……../……./……. (hereafter referred to as the “Due Date for Soil Inspection”)
  2. In the event that the soil is classified as ……………………., then the Buyer/s:

    (a) Is/are entitled to terminate this Contract by written notice to the Seller attaching the report/findings in which case the Deposit shall be refunded in full to the Buyer/s (this being the Buyer’s only available remedy under this sub-clause);

    (b) May elect to waive its/their right under this clause;
  3. In the event that the Buyer/s refuse/s, fail/s or neglect/s to obtain a report/findings from an engineer or other professional on or by 5:00 pm the Due Date for Soil Inspection then it/they is/are deemed to have waived its/their rights under this clause, accepted the condition of the soil and may not elect to terminate.
Note: There is nothing precluding the Buyer/s from entering a very broad classification such as ‘contaminated with any harmful toxins, substances or pollutants of any kind whatsoever (whether natural or manmade)’.




Checking easements and other encumbrances affecting the Property


  1. The Buyer/s may, in its/their absolute discretion, undertake enquiries to ascertain whether the Property is affected by easements or other encumbrances.
  2. In the event that the Buyer/s, in its/their absolute discretion, is dissatisfied with its/their easement and other encumbrance enquiries then on or before 5:00 pm on ……./……./……. the Buyer/s may give written notice to the Seller electing to terminate this Contract, in which case the full Deposit must be returned to the Buyer/s.




Checking future road developments


  1. The Buyer/s may, in its/their absolute discretion, undertake enquiries to ascertain whether the Property is affected by future road developments.
  2. In the event that the Buyer/s, in its/their absolute discretion, is/are dissatisfied with its/their future road development enquiries then on or before 5:00 pm on ……./……./……. the Buyer/s may give written notice to the Seller electing to terminate this Contract, in which case the full Deposit must be returned to the Buyer/s.




Checking that the Property is affected by fill on the Land


  1. The Buyer/s may, in its/their absolute discretion, engage an engineer or other professional to conduct a soil test to ascertain whether the Property has been filled.
  2. In the event that the Buyer/s, in its/their absolute discretion, is/are dissatisfied with its/their enquiries under this clause then on or before 5:00 pm on ……./……./……. the Buyer/s may give written notice to the Seller electing to terminate this Contract together with a copy of the report/findings, in which case the full Deposit must be returned to the Buyer/s.





Contract Subject to Prior Sales

Silmultaneous Settlement Date for Buyer's home (where already sold)


  1. This contract is subject to and conditional upon a contract of sale dated ……./……./…… between …………………………………… and the Buyer for the sale of ………………………………………………….. (the “Buyers Other Contract") being settled on ……./……./……. (the “Buyers Other Contract Settlement Date");
  2. In the event that the Buyers Other Contract does not settle for any reason on the Buyers Other Contract Settlement Date, the Seller or Buyer may terminate this contract by written notice, in which case the full Deposit must be returned to the Buyer. This is the only remedy available to the Buyer and/or Seller under this clause.




Contract subject to sale by Buyer


  1. This Contract is subject to, and conditional upon, the Buyer/s securing an unconditional contract for ………………………………………………………., the contract for the sale of which has been exchanged on ……./……./…….;
  2. In the event that, for any reason whatsoever, the said sale does not proceed to completion within 90 days of the Contract Date then the Buyer/s or Seller may terminate this Contract by giving written notice to the other. In such case, the full Deposit must be returned to the Buyer/s.
OR
  1. This Contract is subject to and conditional upon:

    (a) The Buyer/s entering into a contract for the sale of their property situated at ……………………………. ('Prior Sale Contract') on or before .......... days from the Contract Date;

    (b) The Buyer/s Prior Sale Contract becoming unconditional on or before .......... days from the Contract Date as defined/found in the Prior Sale Contract; and

    (c) Settlement of the Prior Sale Contract taking place on or before .......... days from the Contract Date as defined/found in the Prior Sale Contract.
  2. Under this clause, the Buyer/s must:

    (a) Give a copy of the Buyers Prior Sale Contract to the Seller when the Buyer/s signs the Prior Sale Contract;

    (b) Advise the Seller when each condition in the Prior Sale Contract has been satisfied and/or waived, and

    (c) Advise the Seller by 5:00 pm on the same day when settlement of the Prior Sale Contract has occurred.
  3. In the event of any of the following, the Seller and/or Buyer/s may terminate this Contract by written notice to the other, in which case the full Deposit must be returned to the Buyer/s:

    (a) The Buyers Prior Sale Contract not being formed/entered on or before thirty (30) days from the Contract Date;

    (b) The Buyers Prior Sale Contract not becoming unconditional on or before fourteen (21) days from the Contract Date as defined/found in the Prior Sale Contract; and

    (c) Settlement of the Buyers Prior Sale Contract not occurring on or before thirty (30) days from the Contract Date as defined/found in the Prior Sale Contract.
  4. The Settlement Date of this Contract will be simultaneous with the Settlement Date as defined/found in the Prior Sale Contract.





Early Access to the Property

Buyer requiring early possession to the Property


  1. The parties hereby agree:
(a) That the Buyer/s may enter into possession of the Property at 9:00 am on ……./……./……. in accordance with clause 8.5 of the Terms of Contract for Houses and Residential Land;

(b) That the Buyer/s is/are deemed to have accepted the Property on an “as is” basis by way of taking possession under this clause;

(c) That the Buyer/s is/are not entitled to raise any objection in relation to the condition of the Property or in relation to any approvals, certifications or other requirements of relevant authorities in respect of any structure on the Land/Property which may, or may not, exist; and

(d) To waive any rights they may have pursuant to clause 7.7 of the Terms of Contract for Houses and Residential Land;

(e) That if settlement does not occur then the Buyer/s must remove their possessions from the Property no later than the date of the termination of this Contract and leave the Property in a clean and tidy condition, fair wear and tear accepted;

(f) That the Buyer/s will indemnify and hold harmless the Seller from any loss, damage, claim, cost (including on a solicitor and own client basis), proceeding or demand in respect, or incidental to, a Warrant for Possession, damage caused to the Property by the Buyer/s having regard to its condition at the commencement of the Buyers early possession and fear wear and tear or alternatively the Buyer/s not vacating when required;

(g) That the Seller may issue a notice to the Deposit Holder under this clause requiring it to withhold the Deposit until such time that the parties have resolved any dispute. For such purpose, the Buyer/s hereby give/s the Deposit Hold irrevocable consent to withhold the Deposit until such time that both parties are able to resolve their dispute or a court or tribunal with competent jurisdiction otherwise decides. Optional Clauses to include: (h) In the event that this Contract is terminated for any reason, then the Buyer/s must pay a licence fee at the rate of $........... per week commencing on the date that the Buyer/s enter/s into possession of the Property up to and including the date that the Buyer/s vacate/s (calculated by dividing the weekly rent by seven (7) days and multiplying it by the number of days in occupation of the Property). Such licence fee may be deducted from the Deposit. Note: it is good practice that the parties take good photographic evidence of the condition of the Property before the Buyer/s take/s possession. The parties should also agree to execute an Entry Condition Report and sign off on it so there can be no later argument as to the condition of the Property.




Storage of the Seller's personal property


  1. The Buyer/s is/are hereby entitled to access the Property on and from 9:30 am (AEST) on ……./……./……. for the purposes of storing its/their goods and/or chattels at the Property until the date of completion or termination of this Contract. Such access is granted in accordance with the terms and conditions contained in clause 8.5 of the Terms of Contract for Houses and Residential Land.




Early access to undertake work at the Property


  1. The Seller hereby agrees to allow the Buyer/s access to the Property once this Contract becomes unconditional to carry out works including:

    (a) …
    (b) …
    (c) …
  2. In the event that this Contract is terminated for any reason, then:

    (a) The Buyer/s must, if required in writing by the Seller in its absolute discretion, return the Property to its original state prior to the works being undertaken;

    (b) The Buyer/s must, if required in writing by the Seller in its absolute discretion, complete the works which have commenced in a good and workman-like manner at the Seller’s sole cost;
  3. In the event that the Buyer/s do/does not comply with any written requirement of the Seller under this clause, then the Deposit shall be forfeited to the Seller and the Buyer/s shall have no further recourse;
  4. For the purposes of clause 2.6 of the Terms of Contract for Houses and Residential Land, the words "date when the Contract becomes unconditional" is hereby amended by substituting them with the words "Settlement Date". Further, clause 8.5(1) of the Terms of Contract for Houses and Residential Land is hereby deleted deemed severed and not applicable to this Contract.





Inspections and Faults

Termination due to Structural Faults


  1. The Buyer/s may, in its/their absolute discretion, arrange for a registered builder and/or engineer to inspect the premises on or before 5:00 pm on ……./……./…….; and

  2. In the event that the Buyer/s has/ahve received an unsatisfactory report which substantiates a Structural Fault with the premises, the Buyer/s and/or Seller is entitled to terminate this Contract in writing on or before ……./……./…….. For such purpose:

    (a) The Buyer/s must produce to the Seller a copy of the unsatisfactory report; and

    (b) The unsatisfactory report must clearly disclose a Structural Fault/s with the premises; and

    (c) Upon election to terminate on the basis of a Structural Fault, the Seller must immediately return to the Buyer/s the full Deposit. This being the Buyer's only remedy under this clause.

For the purposes of this clause, Structural Fault/s are defined as actual physical damage to the designated load-bearing elements of the premises, which in turn renders the premises unsafe or unliveable.




Faults exceeding specified value


  1. The Buyer/s may, in its/their absolute discretion, arrange for a registered builder and/or engineer to inspect the premises on or before 5:00 pm on ……./……./…….; and

  2. In the event that the Buyer/s has/have received an unsatisfactory report which discloses faults with an estimated repair value exceeding $00.00, the Buyer/s is/are entitled to terminate this Contract in writing on or before ……./……./…….. For such purpose:

    (a) The Buyer/s must produce to the Seller a copy of the unsatisfactory report; and

    (b) The unsatisfactory report must clearly disclose the estimated value for repair of the faults/defects; and

    (c) Upon election to terminate, the Seller must immediately return to the Buyer/s the full Deposit. This being the Buyer’s only remedy under this clause.




Termination due to pests


  1. The Buyer/s may, in its/their absolute discretion, arrange for a pest inspector to inspect the premises on or before 5:00 pm on ……./……./…….; and

  2. In the event that the Buyer/s has/have received an unsatisfactory report which discloses an infestation of pests (including, but not limited to, termites, borers, white ants, birds, rats, mice, lice or otherwise), the Buyer/s is/are entitled to terminate this Contract in writing on or before ……./……./….... For such purpose:

(a) The Buyer/s must produce to the Seller a copy of the pest inspection report; and

(b) The unsatisfactory report must clearly disclose the type of pests; and

(c) Upon election to terminate, the Seller must immediately return to the Buyer/s the full Deposit. This being the Buyer’s only remedy under this clause.




Termination due to specified pests


  1. The Buyer/s may, in its/their absolute discretion, arrange for a pest inspector to inspect the premises on or before 5:00 pm on ……./……./…….; and

  2. In the event that the Buyer/s has/have received an unsatisfactory report which discloses an infestation of harmful pests (being defined as termites, borers, white ants and …), the Buyer/s is/are entitled to terminate this Contract in writing on or before ……./……./….... For such purpose:

(a) The Buyer/s must produce to the Seller a copy of the pest inspection report; and

(b) The unsatisfactory report must clearly disclose the type of pests; and

(c) Upon election to terminate, the Seller must immediately return to the Buyer/s the full Deposit. This being the Buyer’s only remedy under this clause.




Termination due to substantial damage caused by specified pests


  1. The Buyer/s may, in its/their absolute discretion, arrange for a pest inspector to inspect the premises on or before 5:00 pm on ……./……./…….; and

  2. In the event that the Buyer/s has/have received an unsatisfactory report which discloses Substantial Damage to the premises causes by harmful pests (being defined as termites, borers, white ants and …), the Buyer/s is/are entitled to terminate this Contract in writing on or before ……./……./….... For such purpose:

    (a) The Buyer/s must produce to the Seller a copy of the pest inspection report; and

    (b) The unsatisfactory report must clearly disclose which harmful pest caused the substantial damage; and

    (c) Upon election to terminate, the Seller must immediately return to the Buyer/s the full Deposit. This being the Buyer’s only remedy under this clause.

    For the purposes of this clause, Substantial Damage is defined as actual physical damage to a structure forming part of the premises, the cost of which to repair the damaged structure, and put it into its condition before the damage occurred, would exceed fifty (50) percent (%) of the market value of that structure and/or $............





Deposits

Depost insufficient to provide for agent's commission


  1. The Seller hereby discloses that the Deposit is insufficient to the provide for the Seller’s obligations to pay their agents fees and outlays regarding this sale. The seller further hereby irrevocably directs and permits the Buyer/s and/or its/their nominated solicitor to pay as part of the Balance Purchase Price at Settlement the balance of the agents fees and outlays as notified in writing by the agent from time to time. For such purpose, the Seller indemnifies the Buyer/s and/or its/their solicitor in complying with such written direction.




Release of Deposit for payment of another Deposit and/or Stamp Duty


  1. The Buyer/s hereby acknowledge/s and agree/s that by its/their execution of this Contract, it/they irrevocably permit and authorise the Seller and/or any agent or solicitor to release to the Seller such part of the Deposit moneys as the Seller may require for the purpose of a Deposit and/or Stamp Duty on any parcel of real-estate that the Seller may wish to purchase commencing the date hereof and ending the date for settlement.​​​​​​




Investment of Deposit


  1. The Buyer/s hereby irrevocably authorise/s the Seller and/or its agent or solicitors to invest the Deposit in an interest-bearing trust account. Any interest thereby earned or otherwise accrued on the Deposit (less costs, duties, fees, expenses or otherwise incurred in connection with such investment) will be paid to the Seller unless this Contract is otherwise lawfully terminated and/or rescinded by the Buyer/s in which case it will be paid and/or refunded to the Buyer/s.





Offers and Conditional Contracts

Seller make seek and accept better offer (Sunset Clause)


  1. The Buyer/s hereby acknowledges and agree/s that:
(a) the Seller may, in its absolute discretion, continue to market the Property for sale and seek and/or accept offers from third parties which may be on more favourable terms (the “ Favourable Offer”) in the absolute discretion of the Seller until 5:00 pm on ……/……./……. (hereafter the “Due Date”); and
(b) In the event that the Seller receives a Favourable Offer by the Due Date then the Seller must give written notice to the Buyer/s together with a copy of the Favourable Offer (with the Seller being permitted to redact any identifying particulars for third-parties) permitting the Buyer/s to match the Favourable Offer within 72 hours thereto; and
(c) In the event that the Buyer/s refuse/s, fail/s or otherwise neglect/s to match the Favourable Offer within 72 hours, then the Seller may, in its absolute discretion, accept the Favourable Offer and this Contract will be at an end, in which case the full Deposit will be returnable to the Buyer/s (this being the Buyer’s only remedy under this clause); and
(d) In the event that the Buyer/s match/es the Favourable Offer within the prescribed 72 hours, then this contract shall be varied accordingly to include the terms of the Favourable Offer.




Contract conditional on Seller being released from prior contract


  1. This Contract is subject to, and conditional upon, the Seller being released from the contract of sale by and between the Seller and …………………………………………………………... pertaining to the Property on or before 5:00 pm on ……./……./……. (“Release Date”); and
  2. In the event that the Seller does not notify the Buyer/s in writing by the Release Date, then this Contract shall be at an end and the full Deposit shall be refunded to the Buyer/s (this being the Buyer’s only recourse under this clause).




Contract conditional on Seller purchasing another property


  1. Completion of this Contract is subject to, and conditional upon, completion by the Seller of the purchase of a property and/or the construction of a house located at ………………………………………………………..…. in the State of …………………...., Australia being more particularly described as Lot …………. on ………………….., the contract for the purchase of which [has / is yet to be] exchanged; and
  2. In the event that, for any reason whatsoever or howsoever arising, the said purchase does not proceed to completion within ………. months of the date hereof then the Seller may rescind this Contract in accordance with the provisions hereof. In such case the full Deposit shall be returned to the Buyer/s (this being the Buyer’s only remedy under this clause).





Disclosure

Selling the Property on an "as is" basis


  1. The Buyer/s hereby acknowledges and agree/s that:

    (a) The Property is sold on an ‘as is’ basis; and

    (b) The Seller makes no representations, warranties or guarantees in respect of, or incidental to, the Property; and

    (c) The Buyer/s will not seek any compensation, raise a complaint or otherwise dispute any aspect of the condition of the Property; and
  2. For the purposes of this clause:

    (a) Any Standard Conditions to the contrary are hereby severed insofar as the inconsistency; and

    (b) The Buyer/s shall be barred from bringing a claim, action, proceeding, application or otherwise as against the Seller or any other party to this transaction (including agents and solicitors) in a court, tribunal, commission or otherwise in respect of the Property; and

    (c) The Buyer/s hereby agrees to indemnify the Seller from any loss, damage, claim, cost (including on a solicitor and own client basis), proceeding or action as a result of, or incidental to, the Buyer/s taking the Property on an “as is” basis.




Non-compliant Structures


  1. The Buyer/s hereby acknowledges and agree/s that:

    (a) The ……………………………. (hereafter referred to as the “Improvements”) on the Property do not have the necessary Council/Regulatory Approval; and

    (b) The Seller makes no representations, warranties or guarantees in respect of, or incidental to, the Improvements other than to make the disclosures herein contained; and

    (c) The Buyer/s will not seek any compensation, raise a complaint or otherwise dispute any aspect of the Improvements; and

  2. For the purposes of this clause:

    (a) Any Standard Conditions to the contrary are hereby severed insofar as the inconsistency; and

    (b) The Buyer/s shall be barred from bringing a claim, action, proceeding, application or otherwise as against the Seller or any other party to this transaction (including agents and solicitors) in a court, tribunal, commission or otherwise in respect of the Improvements; and

    (c) The Buyer/s hereby agree/s to indemnify the Seller from any loss, damage, claim, cost (including on a solicitor and own client basis), proceeding or action as a result of, or incidental to, the Buyer/s accepting the Improvements without the necessary Council/Regulatory Approval.




Disclosure of flooding / other water issues


  1. The Buyer/s hereby acknowledges and agree/s that:

    (a) The Property is, or may be, low-lying and affected by run off, retention of water and/or flooding;

    (b) The Seller makes no representations, warranties or guarantees in respect of, or incidental to the disclosures herein contained; and

    (c) The Buyer/s will not seek any compensation, raise a complaint or otherwise dispute any matter in respect of, or incidental to, the Property being, or potentially being, affected by run off, retention of water and/or flooding;

  2. For the purposes of this clause:

    (a) Any Standard Conditions to the contrary are hereby severed insofar as the inconsistency; and

    (b) The Buyer/s shall be barred from bringing a claim, action, proceeding, application or otherwise as against the Seller or any other party to this transaction (including agents and solicitors) in a court, tribunal, commission or otherwise in respect of run off, water retention or flooding to the Property; and

    (c) The Buyer/s hereby agree/s to indemnify the Seller from any loss, damage, claim, cost (including on a solicitor and own client basis), proceeding or action as a result of, or incidental to, the Buyer/s accepting and agreeing to the matters contained within this clause.




Disclosure of major flooding events


  1. The Buyer/s hereby acknowledges and agree/s that:
(a) The Property has, or may be have been, affected by flooding in 1974 and/or 2011 and/or ……. (“Major Flooding Event/s”); and
(b) The Seller makes no representations, warranties or guarantees in respect of, or incidental to, the Major Flooding Event/s; and
(c) The Buyer/s will not seek any compensation, raise a complaint or otherwise dispute any matter in respect of, or incidental to, the Property being affected the Major Flooding Event/s;
(d) The Buyer/s shall be barred from bringing a claim, action, proceeding, application or otherwise as against the Seller or any other party to this transaction (including agents and solicitors) in a court, tribunal, commission or otherwise in respect of, or incidental to, the Property being affected by the Major Flooding Event/s;
(e) The Buyer/s hereby agree/s to indemnify the Seller from any loss, damage, claim, cost (including on a solicitor and own client basis), proceeding or action as a result of, or incidental to, the Buyer/s accepting and agreeing to the matters contained within this clause.





Breach

Waiver of Breach


  1. No waiver of any breach of this Contract or any of the terms of this Contract will be effective unless that waiver is in writing and signed by the party who is waiving the breach. Further, no waiver of any named breach shall operate as a waiver for any other breach or subsequent breach.





Deceased Estates

Disclosing Seller as executor of estate but not registered proprietor


  1. The Seller hereby discloses to the Buyer/s that it is the executor and/or trustee of the estate of the late registered proprietor; and
  2. Completion hereof shall take place on the later of 42 days from the date hereof or 14 days after written notice to the Buyer/s that the Seller is, or has otherwise become, registered as proprietor; and
  3. In the event that the Seller has not become the registered proprietor of the property within 112 days of the date hereof then either party may rescind this Contract in accordance with the provisions hereof, in which case the full Deposit must be returned to the Buyer/s (this being the Buyers only remedy under this clause).




Transmission by Death


  1. This Contract is subject to, and conditional upon, the successful registration with the Department of Natural Resources and Mines of a transmission by death effecting registration of ownership of the Property in the name of the Seller as personal representative of the estate of the late proprietor of the Property (hereafter the “Condition Precedent") on or before the ……/……/……. (hereafter the “Registration Date") or such later date as the parties may agree to in writing; and
  2. In the event that the Condition Precedent is not satisfied by the Registration Date, either party may terminate this Contract by written notice, in which case the full Deposit (any any other money thereby received by the Seller from time to time) must be returned to the Buyer/s (this being the Buyers only remedy under this clause).





Seller Financing to Buyer

Seller giving finance to the Buyer


  1. The Seller has agreed to assist the Buyer/s in completion of this sale by lending to the Buyer/s the sum of $00.00 (the “Loan”) on security of a registrable mortgage over the Property prepared by the Seller’s solicitor at the cost of the Buyer/s. In such regard, the following shall apply to the Loan:
(a) The Loan shall be for a term of ………. years bearing interest at the rate of ………..% payable monthly in advance and with the principal repayable at the end of the term or at any time beforehand without penalty interest; and
(b) The terms and conditions contained in the Standard Terms document filed with the Department of Natural Resources and Mines under s 169 of the Land Title Act 1994 bearing registration number ………………… shall apply to the Loan; and
(c) ….





Jetties, Pontoons and/or Revetment Walls

Jetties, pontoons and/or revetment walls


  1. This Contract is, or may be, affected by a Council or other Regulatory Local Law dealing with maintenance of works in waterway areas;

  2. The Seller hereby discloses to the Buyer/s that a jetty and/or pontoon and/or revetment wall is connected to the Land;

  3. Pursuant to the Council or other Regulatory Local Laws, a person who is a responsible person for the jetty and/or pontoon and/or revetment wall, at that persons sole cost, must maintain and keep maintained the jetty and/or pontoon and/or revetment wall in a safe condition, good working order, good repair and condition or otherwise, including so that it can continue to perform its intended function;

  4. The Seller herewith discloses to the Buyer/s that, to the best of its knowledge and understanding, there [is/is not] any outstanding notices from the relevant Council or other Regulatory Body in respect of the jetty and/or pontoon and/or revetment wall.





Disclaimer: These terms and conditions are subject to copyright and are not intended to be comprehensive or appropriate for your situation, nor do they constitute legal advice. You must not use, reproduce or otherwise disseminate any of these terms and conditions without our prior consent, unless you have nominated us as your solicitor on your contract for the sale of your residential property and we have given you written advice. You should not act or rely on the content of these terms and conditions before obtaining professional advice from us. If you do, it is at your sole risk. Our terms and conditions apply to this disclaimer.

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