The Agreement Of Purchase And Sale Condominium is a crucial legal document used in Australian property transactions for the transfer of strata title properties. It serves as the primary contract between a vendor and purchaser, establishing legally binding terms for the sale of a condominium unit. This agreement is specifically tailored to address the unique aspects of strata title ownership under Australian law, including rights to common property, participation in the owners corporation, and compliance with strata schemes management requirements. The document incorporates mandatory consumer protection provisions, disclosure requirements, and state-specific regulations for property transfers. It is commonly used in residential and investment property transactions where the property is part of a strata scheme, requiring specific attention to by-laws, levies, and shared facility arrangements.
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1. Parties: Identification of the Vendor and Purchaser, including full legal names, addresses, and ACN/ABN if applicable
2. Background: Context of the transaction, brief description of the property, and purpose of the agreement
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpreting the document
4. Property Description: Detailed description of the condominium unit, including lot number, strata plan number, and included fixtures and fittings
5. Purchase Price: Agreed purchase price, deposit amount, and payment terms
6. Deposit: Details of deposit payment, holding arrangements, and conditions for release
7. Settlement: Settlement date, requirements, and procedures
8. Title and Transfer: Provisions regarding transfer of title, searches, and registration requirements
9. Vendor's Warranties: Warranties provided by the vendor regarding the property and title
10. Purchaser's Warranties: Warranties and acknowledgments provided by the purchaser
11. Strata Specific Provisions: Provisions relating to strata title, common property, and owners corporation
12. Adjustments: Provisions for adjusting rates, taxes, and other outgoings
13. Default: Consequences and remedies in case of default by either party
14. Notices: Requirements for giving notices under the agreement
15. General Provisions: Standard contract provisions including governing law, entire agreement, and variation
1. Foreign Investment: Required when purchaser is a foreign person under FIRB regulations
2. GST Provisions: Required when the sale is subject to GST
3. Building Inspection: Optional condition for purchaser to obtain satisfactory building inspection
4. Finance Condition: Optional condition for purchaser to obtain finance approval
5. Swimming Pool Compliance: Required when the strata scheme includes a swimming pool
6. Pet Approval: Required when purchaser has pets that need strata approval
7. Parking Space: Required when separate car space is included in the sale
8. Storage Unit: Required when separate storage unit is included in the sale
1. Schedule 1 - Property Details: Detailed description of the property including lot number, plan number, and title reference
2. Schedule 2 - Included Chattels: List of included fixtures, fittings, and personal property
3. Schedule 3 - Special Conditions: Any special conditions agreed between the parties
4. Schedule 4 - Strata Information: Required disclosures about the strata scheme, including by-laws and levies
5. Appendix A - Strata Plan: Copy of registered strata plan showing the lot and common property
6. Appendix B - Title Search: Current title search showing encumbrances and restrictions
7. Appendix C - Vendor's Disclosure Statement: Mandatory disclosure statement under relevant state legislation
8. Appendix D - Building Management Statement: If applicable, details of building management arrangements
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