Clause Index
1. Part deposit clause
The deposit of [1] shall be paid as to the sum of [2] forthwith on the execution of this Contract and the balance of [3] on or before [4].
Legend
[1] amount of deposit
[2] amount of first instalment of deposit
[3] balance deposit
[4] date for payment of balance deposit
2. Deposit paid by Bank Guarantee
The deposit referred to in the Contract shall be paid by way of an unconditional bank guarantee drawn on an Australian trading bank.
3. Deposit paid by Bond
(a) The deposit referred to in the Contract shall be paid as follows:
(i) The sum of $[1] on the date of execution of this Contract; and
(11) A Deposit Bond issued by an Insurance Company or Trading Bank which shall be delivered to the Stakeholder by the Buyer within forty-eight (48) hours from the Finance Date.
(b) The Buyer irrevocably authorises the Stakeholder to release the Deposit Power Bond to the Seller upon Demand.
(c) Clauses 2.2(1) and 2.3 of the Terms of Contract do not apply.
Legend
[1] amount of first instalment of deposit
4. Protecting the Agent’s Commission
The Seller irrevocably directs the Buyer to draw a cheque upon settlement from the Balance Purchase Price in favour of the Agent in payment of the commission and to deliver same forthwith to the Agent after settlement has been effected.
Legend
[1] amount of balance commission
5. Investment of deposit pending completion
The Seller and the Buyer authorise and direct that the deposit shall be invested by the Stakeholder with [1] and the interest accrued thereon shall be distributed as follows:
(a) if the contract is completed then the Seller and the Buyer shall be entitled to such interest equally;
(b) if the contract is rescinded or terminated as a result of the default of the Buyer then the Seller shall be entitled to the whole of such interest;
(c) if the contract is rescinded or terminated other than as a result of the default of the Buyer then the Buyer shall be entitled to the whole of such interest.
Legend
[1] bank or building society where monies to be placed or invested.
NOTE: If agent is the stakeholder investing the deposit then it must be for a minimum of sixty (60) days. If solicitor is the Stakeholder investing the deposit then no time limitation.
6. When deposit to be utilised by Seller prior to completion
The Buyer agrees that as and from the date upon which this Contract of Sale becomes unconditional the Seller shall be entitled to the deposit monies as paid hereunder unconditionally and the parties direct the Stakeholder to release the deposit monies to the Seller.
OR
The Buyer agrees that as and from the date upon which this Contract of Sale becomes unconditional the Seller shall be entitled to the deposit monies as paid hereunder unconditionally and the parties direct the Stakeholder to release to the Seller the deposit monies less the amount equivalent to the commission liability of the Seller to the Seller’s agent.
7. Special Building Clause
(a) This Contract is conditional upon the Buyer obtaining at their expense a pest and building report from a registered building/pest inspector as to structural soundness of the building on the land. If either or both of such reports conclude that the building is structurally unsound then the Buyer shall notify the Seller in writing (together with a copy of the Building/Pest report) (“the Notice”) by 5.00 pm on the Building Inspection date. If the Buyer does not give the Notice as aforesaid or if the building and/or pest report does not conclude that the property is structurally unsound then this condition shall be deemed to be satisfied.
(b) Within four (4) days of receiving the Notice the Seller shall notify the Buyer in writing that:
(i) It is prepared to make the building structurally sound prior to completion whereupon this condition shall be deemed satisfied (subject to the Seller completing such works);
(ii) It is not prepared to make the building structurally sound whereupon this Contract shall terminate and all deposit monies shall be refunded to the Buyer in full.
Any works to be undertaken by the Seller pursuant to this clause shall be carried out in a proper and workmanlike manner prior to completion.
(c) Clause 4 of the Standard Conditions does not apply.
8. Contract subject to purchaser obtaining satisfactory building report
This Contract is conditional upon the Buyer obtaining within one [1] day(s) from the date of this Contract from [2] a report to the Buyer’s satisfaction as to the structural soundness of the dwelling house located on the land. If the said report concludes that the dwelling is structurally unsound the Buyer may terminate this Contract by written notice to the Seller at any time before 5.00 pm on the due date. If the Buyer does not terminate this Contract by 5.00 pm on the due date then this condition shall be deemed to be satisfied.
Legend
[1] number of days to obtain building report
[2] registered builder/architect/engineer
NOTE: Leave the inspection Date and Inspector details blank in the Reference Schedule when using this clause.
9. Alternate Building Inspection clause
(a) If the Buyer is not satisfied with the building report then the Buyer shall notify the Seller in writing (“the Notice”) by 5.00 pm on the building inspection date of the defects listed in the building report with which the Buyer is not satisfied. If the Buyer does not given the notice as aforesaid then the Buyer shall be deemed to have obtained a satisfactory building report.
(b) The Seller shall within one [1] day(s) of receiving the notice notify the Buyer in writing that:
(i) It is prepared to rectify the defects prior to completion whereupon clause four of the Terms of Contract shall be deemed to be satisfied; or
(ii) It is not prepared to rectify the defects whereupon this Contract shall terminate and all deposit monies shall be refunded to the Buyer in full.
Any works to be undertaken by the Seller pursuant to this clause shall be carried out in a proper and workmanlike manner prior to completion.
(d) Clause 4.1 of the Terms of Contract does not apply.
LEGEND:
[1] number of days for Seller to determine whether it is prepared to rectify the defects or not
10. No Pool Safety Certificate (Buyer to obtain – Not Condition REIQ)
The Buyer acknowledges receipt of a Form 36 Notice of No Pool Safety certificate and acknowledges that the buyer will be responsible to obtain a Safety Certificate issued pursuant to the Building Act 1975. The parties agree that this contract is not subject to the seller obtaining a Pool Safety Certificate.
NOTE: This clause is for REIQ contracts only.
11. No Pool Safety Certificate (Buyer to Obtain – Not Condition ADL)
The Buyer acknowledges receipt of a Form 36 Notice of No Pool Safety certificate and acknowledges that the buyer will be responsible to obtain a Safety Certificate issued pursuant to the Building Act 1975. The parties agree that this contract is not subject to the buyer obtaining a Pool Safety Inspection and Clause 4 of the Terms and Conditions is, as far as it relates to pool safety inspections, hereby deleted
NOTE: This clause is for ADL contracts only.
12. No Pool Safety Certificate (Seller to obtain –Condition REIQ)
1- The Parties acknowledge there is one or more Regulated Pools on the Premises or Regulated Land adjacent thereof that do not have a Pool Safety certificate.
2- The Seller agrees to obtain, at its expense prior to the Settlement Date, a current Pool Safety Certificate and to provide such Certificate to the Purchaser on or before the Settlement Date.
3- Failure by the Seller, to obtain a current Pool Safety Certificate on or before the Settlement Date will entitle the Purchaser to terminate the Contract in which event the contract shall be at an end and all monies by way of deposit refunded to the Purchaser.
This clause is for the benefit of the Purchaser and may be waived at any time.
NOTE: This clause is for REIQ contracts only.
13. No Pool Safety Certificate (Seller to obtain –Condition ADL)
Clause 4 of the Terms and Conditions is, as far as it relates to pool safety inspections, hereby deleted and in lieu thereof the following special condition is inserted:-
4- The Parties acknowledge there is one or more Regulated Pools on the Premises or Regulated Land adjacent thereof that do not have a Pool Safety certificate.
5- The Seller agrees to obtain, at its expense prior to the Settlement Date, a current Pool Safety Certificate and to provide such Certificate to the Purchaser on or before the Settlement Date.
6- Failure by the Seller, to obtain a current Pool Safety Certificate on or before the Settlement Date will entitle the Purchaser to terminate the Contract in which case clause 3.6 of the Terms and Conditions will apply.
This clause is for the benefit of the Purchaser and may be waived at any time.
NOTE: This clause is for ADL contracts only.
14. Contract subject to soil test
This Contract is conditional upon the Buyer obtaining within [1] day(s) from the date of this Contract a soil test to the Buyer’s satisfaction, failing which the Buyer may by written notice to the Seller by 5.00 pm on the due date terminate this Contract in which event all monies paid by way of deposit or otherwise shall be refunded to the Buyer in full. If the Buyer does not terminate the Contract by 5.00 pm on the due date then this condition shall be deemed to be satisfied.
LEGEND:
[1] number of days to obtain soil test
15. Contract Subject to Flood Inspection
This Contract is conditional upon the Buyer satisfying itself within [1] day(s) from the date of this Contract that the land has never been adversely affected by flood waters failing which the Buyer may by written notice to the Seller by 5.00 pm on the due date terminate this Contract in which event all monies paid by way of deposit or otherwise be refunded to the Buyer in full.
The Buyer shall immediately take all such steps and make all such reasonable enquiries as may be necessary to satisfy itself as aforesaid. If the Buyer does not terminate the Contract by 5.00 pm on the due date then this condition shall be deemed to be satisfied.
LEGEND:
[1] number of days
16. Buyer’s acknowledgement that property is affected by flood
The Buyers acknowledge that they have been advised by the Seller’s agent that the property sold suffered flooding during the 1974 and/or 2011 Brisbane flood. The Buyers acknowledge that they have relied upon their own judgement in entering into this Contract and shall not raise any requisition or objection to the title of the Seller or rely upon any other condition of this Contract in respect of the fact that this property has been affected by the 1974 and/or 2011 Brisbane Flood.
17. Subject to sale of buyer’s property where there is no existing contract
(a) This Contract is conditional upon the Buyers entering into a Contract for the sale of their existing property situated at [1] by [2].
(b) This Contract is further conditional upon the satisfactory settlement of the sale of the Buyer’s existing property situated at [1] by [3].
If the Buyer is unable to comply with paragraphs (a) or (b) by the due dates then the Buyer may by written notice to the Seller’s solicitors terminate this Contract in which event all monies paid by the Buyer by way of deposit or otherwise shall be refunded in full.
The Seller agrees that, should the date for settlement of the prior sale contract be extended under a contractual right of extension contained in the prior sale contract the Buyer may extend the due date for satisfaction of this condition by an identical period. This right may be used multiple times. Such extension may happen one or more times provided the full length of any extension under this right is not more than 5 business days.
LEGEND:
[1] address of other property
[2] date by which Buyer to enter into contract for sale of property situated at [1]
[3] date for settlement of property situated at [1]
18. Subject to settlement of a contract that already exists on buyer’s property
This Contract is conditional upon completion of the Contract dated [1] as executed by the Buyer with respect to the Buyer’s property situated at [2] by a date no later than [3]. If the sale as aforesaid is not completed by the due date then the Buyer may by written notice to the Seller terminate this Contract in which event all monies paid by the Buyer by way of deposit or otherwise shall be refunded in full.
The Seller agrees that, should the date for settlement of the prior sale contract be extended under a contractual right of extension contained in the prior sale contract the Buyer may extend the due date for satisfaction of this condition by an identical period. This right may be used multiple times. Such extension may happen one or more times provided the full length of any extension under this right is not more than 5 business days.
LEGEND:
[1] date of Contract
[2] address of other property
[3] date for settlement of other property
19. Subject to settlement of a contract that already exists on buyer’s property where seller wants buyer’s contract unconditional by particular date
Completion of this Contract is conditional upon the Contract executed by the Buyer with respect to the Buyer’s property situated at [1] becoming unconditional by a date no later than [2] and thereafter being completed by a date no later than [3]. Should the Contract of Sale as aforesaid not become unconditional by [2] or if the sale is not completed by [3] then the Buyer may by written notice to the Seller terminate this Contract in which event all monies paid by the Buyer by way of deposit or otherwise shall be refunded in full.
“The Seller agrees that, should the date for settlement of the prior sale contract be extended under a contractual right of extension contained in the prior sale contract the Buyer may extend the due date for satisfaction of this condition by an identical period. This right may be used multiple times. Such extension may happen one or more times provided the full length of any extension under this right is not more than 5 business days.
LEGEND:
[1] date of Contract
[2] address of other property
[3] date for settlement of other property
20. Seller to obtain council approval for structures on the property prior to Completion
This contract is subject to and conditional upon the Seller obtaining prior to the date of completion at its own cost and expense all permissions, consents and approvals required from the relevant local authority for the construction of the improvements on the land. Should the Seller be unable to obtain the requisite permissions, consents and approvals prior to the date of settlement then the Buyer may terminate this contract in which event the contract shall be at an end and all monies paid by way of deposit shall be refunded to the Buyer.
21. Contract which is subject to registration of record of death where property was Owned by two people and one has died
Completion of this Contract is subject to registration of a Record of Death in the Department of Natural Resources evidencing the death of [1]. The Seller agrees to take all such steps as may be necessary to effect the registration of the Record of Death as expeditiously as possible. If the Record of Death is not registered by [2] then the Buyer may by written notice to the Seller terminate this Contract whereupon all deposit monies paid by the Buyer shall be refunded in full.
LEGEND:
[1] name of deceased
[2] date registration required – allow 21 days from lodgement of registration of Record of Death
NOTE: This clause is essential when the property is owned by two people as joint tenants and one owner has died.
22. Contract subject to registration of transmission by death
Completion of this Contract is conditional upon registration at the Department of Natural Resources of a Transmission by Death in favour of the Seller in the Seller’s capacity as personal representative/devisee by [1]. The Seller agrees to take all such steps as expeditiously as possible as may be necessary to effect the lodgement in the Department of Natural Resources of the Transmission by Death. If the Transmission by Death has not registered by the aforesaid date then the Buyer may by notice in writing to the seller terminate this Contract of Sale whereupon all
monies paid by way of deposit or otherwise shall be refunded in full.
LEGEND:
[1] date registration required – allow 2 – 3 months from lodgement of Transmission by Death.
NOTE: The date for completion of the Contract should be “21 days from notice by the Seller to the Buyer that then Transmission by Death has registered at the Department of Natural Resources.
23. Contract subject to seller being released from previous contract – back up contract
This Contract is conditional upon the Seller being released from a certain Contract of Sale entered into by the Seller with [1] with respect to the property (such release being evidenced by a letter executed by the buyer or the buyer’s solicitors) such release to be received by the Seller on or before 5.00 pm on [2] failing which the seller or the seller’s solicitors may by written notice to the Buyer terminate this Contract in which event all monies paid by the Buyer by way of deposit or otherwise shall be refunded in full. Forthwith upon receipt of the letter of release the seller shall give notice in writing thereof to the Buyer.
LEGEND:
[1] name of other buyer
[2] date of receipt of notice of release
24. Contract which is subject to approval by buyer’s solicitors
This Contract is conditional upon this Contract being approved by the Buyer’s solicitors by 5.00 pm on [1] failing which the Buyer may by written notice to the Seller by 5.00 pm on the due date terminate this Contract and all deposit monies paid by way of deposit or otherwise shall be refunded to the Buyer in full. If the Buyer does not terminate this Contract by 5.00 pm on the due date then this condition shall be deemed to be satisfied.
LEGEND:
[1] date for approval by Buyer’s solicitors
25. Contract which is subject to approval by seller’s solicitors
This Contract is conditional upon this Contract being approved by the Seller’s solicitors by 5.00 pm on [1] failing which the Seller may by written notice to the Buyer by 5.00 pm on the due date terminate this Contract and all deposit monies paid by way of deposit or otherwise shall be refunded to the Buyer in full. If the Seller does not terminate this Contract by 5.00 pm on the due date then this condition shall be deemed to be satisfied.
LEGEND:
[1] date for approval by Seller’s solicitors
26. Property rented back to the seller
This Buyer agrees to lease the property back to the Seller on and from the date for completion for a period of [1] month(s) at a monthly rental of $[2] to be paid by the Seller to the Buyer monthly in advance from the date of settlement. The Seller shall pay a bond of equal to four weeks rent upon completion. The parties agree that the terms of the tenancy shall be those as are contained in the standard RTA Residential Tenancy Agreement a copy of which is annexed hereto and the parties agree to execute the tenancy agreement contemporaneously with completion of this Contract.
LEGEND:
[1] period of tenancy
[2] rent per week in advance
27. Where the Buyer is to lease the property prior to settlement
The Seller and the Buyer agree that the rental to be paid by the Buyer to the Seller from the date of possession until the date of settlement shall be $[1] payable upon completion. The Buyer shall pay a bond equal to four weeks rent prior to completion. The parties agree that the terms of the tenancy shall be those as are contained in the standard RTA Residential Tenancies Agreement a copy of which is annexed hereto and the parties agree to execute the said tenancy agreement contemporaneously with the Buyer obtaining possession of the property.
LEGEND:
[1] rent per week
NOTE: A copy of the RTA Residential Tenancies Agreement should be annexed to the Contract and the particulars contained in he tenancy agreement should be completed.
28. Subject to buyer obtaining Foreign Investment Review Board approval
Where the Buyer is a foreign person for the purposes of the Foreign Takeovers and Acquisitions of Land Act 1989, completion of this Contract is subject to the Buyer obtaining approval from the Treasurer (on terms satisfactory to the Buyer) for the purchase of the property within forty-five (45) days from the date of this Contract. If such approval is not obtained by the required date then this Contract shall be at an end and all monies hereunder by the Buyer shall be refunded in full. The Buyer agrees to do all things as may be reasonably necessary to obtain such approval.
29. GST inclusive purchase price – Seller pays GST
(a) The parties acknowledge and agree that the purchase price is inclusive of goods and services tax (GST) payable in respect of the supply of the property to the Buyer.
(b) The Seller shall pay the GST in respect of the supply of the property to the Buyer when the same is due.
(c) The Seller shall not apply the Margin Scheme as calculated pursuant to Division 75 (“the Margin Scheme”) of the New Tax System (Goods and Services) Tax Act and he Seller shall be entitled to any input tax credits.
30. GST inclusive purchase price – Buyer pays GST
(a) The parties acknowledge and agree that the purchase price is inclusive of goods and services tax (GST) payable in respect of the supply of the property to the Buyer.
(b) The Buyer shall pay to the Seller upon completion all GST in respect of the supply of the property to the Buyer.
(c) The Buyer shall be entitled to all input tax credits in respect of the supply of a property to the Buyer.
(d) The Seller on or before the date for completion provide to the Buyer a Tax Invoice which complies with the requirements for a tax invoice as specified in he New Tax System (Goods and Services) Tax Act so as to enable the Buyer to claim the input tax credits.
31. GST exclusive purchase price – Seller pays GST
(a) The parties acknowledge and agree that the purchase price is exclusive of goods and services tax (GST) payable in respect of the supply of the property to the Buyer.
(b) The Seller shall pay the GST in respect of the supply of the property to the Buyer when the same is due.
(c) The Seller shall not apply the Margin Scheme as calculated pursuant to Division 75 (“the Margin Scheme”) of the New Tax System (Goods and Services) Tax Act and he Seller shall be entitled to any input tax credits.
32. GST exclusive purchase price – Buyer pays GST
(a) The parties acknowledge and agree that the purchase price is exclusive of goods and services tax (GST) payable in respect of the supply of the property to the Buyer.
(b) The Buyer shall pay to the Seller upon completion all GST in respect of the supply of the property to the Buyer.
(c) The Buyer shall be entitled to all input tax credits in respect of the supply of a property to the Buyer.
(d) The Seller on or before the date for completion provide to the Buyer a Tax Invoice which complies with the requirements for a tax invoice as specified in he New Tax System (Goods and Services) Tax Act so as to enable the Buyer to claim the input tax credits.
33. Vendor to elect margin scheme and GST payable by Seller/Buyer
(a) The Seller elects and the Buyer acknowledges that any GST payable on the supply of the Property to the Buyer under the terms of this Contract is to be calculated pursuant to Division 75 (“the Margin Scheme”) of the New Tax System (Goods and Services) Tax Act (“the Act”).
(b) The parties acknowledge that the purchase price of the property is inclusive of GST. The Seller shall pay the GST in respect of the supply of the property to the Buyer as and when the same is due. The Buyer shall pay the GST in respect of the supply of the property to the Seller upon completion.
(c) The [1] shall be entitled to all in put tax credits associated with the GST in respect of the supply of property to the Buyer as contemplated under the terms of this Contract.
(d) The Seller shall on or before completion provide to the Buyer a Tax Invoice which complies with the requirements for a tax invoice as specified in the New Tax System (Goods and Services) Tax Act so as to enable the Buyer to claim the input tax credits.
LEGEND:
[1] If you insert Seller in {1} delete the last sentence of paragraph (b) and delete paragraph (d). If you insert Buyer in [1] delete the second sentence of paragraph (b).
34. Access clause
The Seller hereby authorises the Buyer and their servants and comm to enter upon the property at any time after the date of this Contract for the purpose of [1].
LEGEND:
[1] Insert details of the purpose for access (ie renovations, repainting etc)
35. Contract subject to prior transfer by direction
The parties agree that clause 7.4(1)(a) of the Terms of Contract does not apply. The Buyer shall accept at settlement a stamped, executed Transfer by Direction together with an undertaking from the Seller’s solicitors that the Seller will answer promptly all requisitions which issue from the Department of Natural Resources with respect to the Transfer by Direction.
36. Property being purchased by salesperson and/or salesperson’s associates
The Sellers acknowledge that they have been advised that the Buyers are employees and/or associates of [1] and that no commission shall be due or payable to [1] for having effected the sale.
LEGEND:
[1] name of agency
NOTE:
(i) Where a salesperson, his/her spouse, parents or children, brothers or sisters purchase a property, no commission is payable by the Seller. The following notice must be signed by the Seller prior to signing the Contract.
(ii) Form 28 must be attached to Contract and signed by Seller prior to Contract being signed.
37. Property owned by the salesperson and/or the salesperson’s associates is sold by salesperson
The Buyer acknowledges execution of the From 28 attached hereto prior to execution of the Contract of Sale.
NOTE:
(i) Where a salesperson, his/her spouse, parents or children, brothers or sisters purchase a property, no commission is payable by the Seller. The following notice must be signed by the Seller prior to signing the Contract.
(ii) Form 28 must be attached to Contract and signed by Seller prior to Contract being signed.
38. Property is to be exchanged for another
This Contract is conditional upon the Contract of Sale entered into between [1] with respect to the property situated at [2] settling by a date no later than 5.00 pm on [3]. If the said settlement does not proceed in accordance with the terms of the Contract of Sale then the Buyer may at his option elect to terminate this Contract by written notice to the Seller in which event all monies paid by way of deposit or otherwise shall be refunded in full.
LEGEND:
[1] both parties to other contract
[2] address of other property
[3] date of settlement of other Property Law Act 1974
NOTE: This clause should be contained in both contracts
39. Sunset clause
In consideration of the Seller granting the Buyer time to enter into a Contract for the Sale of the Buyer’s property situated at [1] and notwithstanding special condition clause number [2] of this Contract, the Buyer and the Seller agree that should the Seller receive a more favourable offer to purchase the property hereby sold prior to the Seller receiving written advice from the Buyer that they have entered into a Contract for the sale of their property, then the Seller shall give notice in writing to the Buyer or the Buyer’s solicitors of such an offer together with a photocopy of the written offer. The Buyer upon receipt of the aforesaid notice may elect to declare this Contract unconditional by notice in writing to the Seller or the Seller’s solicitors within three (3) business days from receipt by the Buyer of the Seller’s Notice. Should the Buyer not elect to declare this Contract unconditional and give notice to the Seller in the manner prescribed herein then this Contract shall be at an end and all monies paid by the Buyer to the Seller or the Stakeholder on account of purchase monies shall be refunded to the Buyer without deduction.
LEGEND:
[1] address of Buyer’s property
[2] number of special condition (ie condition that contract is subject to another property being sold)
NOTE: This clause may be adopted to suit any conditional contract such as one subject to finance by changing the first three lines of the clause.
40. Contract signed by Electronic Means
The seller/buyer consents to sending and receiving documents and particulars including the proposed contract, disclosure statement and any other attached documents by electronic transmission pursuant to Sections 11 and 12 of the Electronic Transactions (Queensland) Act 2001.
The seller/buyers consent to having their signatures on documents including the proposed contract, disclosure statement and any other attached documents, and agree that by signing such document a binding contract is entered into pursuant to Section 14 of the Electronic Transactions (Queensland) Act 2001 and they approve the terms thereof
NOTE: This clause should be amended as needed for House and land and unit contract
42. Power of Attorney
The signing clause would therefore be:
“JOE BLOGGS by their duly constituted attorney JOHN SMITH”
43. Seller to shampoo carpets prior to completion
The sellers warrant that they will have the carpet professionally shampooed on or before the date of completion at the Seller’s cost and expense.
44. Subject to development approval
If you require a development approval clause please telephone our office. These clauses vary greatly depending upon the particular circumstances.
45. Rezoning clause
If you require a rezoning clause please telephone our office. These clauses vary greatly depending upon the particular circumstances.
46. Due diligence
This Contract is conditional upon the Buyer conducting a satisfactory investigation of the property within fourteen (14) days from the date of the Contract (“the due date”). If the Buyer is not satisfied with its investigations of the property the Buyer may terminate this Contract by written notice to the Seller at any time before 5.00 pm on the due date whereupon all deposit monies shall be refunded to the Buyer in full. This clause is for the benefit of the Buyer and may be waived at any time.
47. Body corporate search
This Contract is conditional upon the Buyer conducting a satisfactory inspection of the body corporate records within seven (7) days from the date of the Contract (“the due date”). If the Buyer is not satisfied with its investigations of the body corporate records the Buyer may terminate this Contract by written notice to the Seller at any time before 5.00 pm on the due date whereupon all deposit monies shall be refunded to the Buyer in full. If the Buyer does not terminate this Contract by 5.00 pm on the due date then this condition shall be deemed to be satisfied.
48. Subdivision Clause
1.1 This Contract is subject to the Seller obtaining an exemption for this transaction from the Provisions of Section 2 of the Land Sales Act 1984 as amended under the provisions of Section 19 of that Act.
1.2 The Seller must forthwith upon formation of this agreement make application for such exemption and do everything reasonably necessary to obtain the exemption. The Seller must notify the Buyer of the decision of the Registrar forthwith upon receipt of that decision.
1.3 The Buyer must join in and consent to the application and sign all documents and do everything reasonably necessary for the purpose of the application.
1.4 The Seller will pay all costs associated with the application for exemption.
1.5 In the event that the application for exemption is refused or is not determined on or before 30 days from the date of this Contract then this Contract will be at an end, the deposit refunded to the Buyer and this sale will be at an end apart from any rights either of the parties will have against the other as a result of any breach of this Contract.
1.6 If at any time during the 30 day period the Local Authority seals the attached plan then this Contract will become unconditional with regard to this special condition.
2. This Contract is subject to the registration in the Office of the Department of Natural Resources of a plan of subdivision in substantially the same form as the plan attached and marked with the letter “A” and registration of the Seller as registered owner of the land sold within 3 months of the date of this Contract failing which this Contract will be at an end and neither party will have any claim against the other.
3. Settlement shall be 10 days after the seller give written notice that the plan referred to in special condition 2 has registered.
49. Nominee Clause
If the Buyer, with the written consent of the Seller on the face of this Contract, has the right to appoint a Nominee to perform the Buyer’s obligations under this Contract (the “Nominee”) then:
1- the Buyer and the Seller agree that the Buyer has a right to appoint a third party as Nominee to take a transfer of the Property in place of the Buyer;
2- the Buyer does not have the right to assign the Contract;
3- any exercise by the Buyer of the right of nomination will not release the Buyer from its obligations under the Contract; and
4- if the Nominee is a corporation, then the Buyer’s nomination will only, at the election of the Seller, be effective and binding on the Seller, upon the Directors and Shareholders of the Nominee and the Nominee entering into a Deed of Guarantee and Indemnity in the Form of Guarantee as delivered by the Sellers Solicitor to the Buyer.
50. Buyer To Shorten Cooling Off Period
THE Buyer must instruct solicitors to prepare a Form 32a Lawyers Certificate shortening the cooling of period to [1] business days from the date of contract and providing same to the Seller within [2] days of the date of contract. The parties agree that this is an essential term of the contract and should the Buyer not provide the form 32a by the due date then the Seller may elect to:-
1- Affirm the contract and proceed;
2- Terminate this contract by way of written notice to the Buyer, in which event the contract shall be at an end and all monies by way of deposit to be refunded to the Buyer; or
3- Exercise such other rights as are contained in the standard terms and conditions of this contract.
Legend
[1] number of days cooling off period is being shortened to.
[2] number of days to provide the Form 32a
51. Vacant Possession
The Buyer and seller confirm that the property sold is subject to a tenancy and that this contract is subject to and conditional upon the following:-
1- the Seller providing written confirmation to the buyer that the tenant has agreed to vacate the property before settlement, on terms satisfactory to the seller, within [1] day(s) of the date of contract; and
2- the property being vacant on or before the date of settlement.
Should the Seller be unable to comply with items 1 or 2 by their due dates then the Buyer may terminate this contract in which event it shall be at an end and all monies by way of deposit shall be refunded to the Buyer. This clause is for the Benefit of the Buyer and may be waived at any time.
Legend
[1] number of days from contract for Seller to provide notice..
52. Other clauses
If the special condition you require is not contained in this manual please telephone Conveyancing Connection and we will be happy to fax an appropriately drafted clause to you. There is no charge for this service.
