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For Sale By Owner Purchase Agreement Template for Australia

A For Sale By Owner Purchase Agreement is a legally binding document used in Australian property transactions where the owner sells their property directly without the involvement of a real estate agent. This agreement, governed by Australian property law and state-specific legislation, outlines all essential terms and conditions of the property sale, including property details, purchase price, settlement terms, and both parties' obligations. It incorporates necessary consumer protection provisions and compliance requirements specific to Australian jurisdiction, while providing a comprehensive framework for direct property transactions between sellers and buyers.

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What is a For Sale By Owner Purchase Agreement?

The For Sale By Owner Purchase Agreement is designed for use in Australian property transactions where property owners choose to sell their property directly to buyers without engaging a real estate agent. This approach has become increasingly popular as it can reduce transaction costs while maintaining legal compliance. The document must comply with Australian federal property laws and state-specific real estate legislation, incorporating all necessary elements for a valid property sale contract. It includes comprehensive sections covering property details, purchase price, settlement terms, conditions precedent, and both parties' rights and obligations. This agreement is particularly relevant in today's market where digital platforms and legal resources make direct property sales more accessible, while still ensuring all legal requirements and protections are met.

What sections should be included in a For Sale By Owner Purchase Agreement?

1. Parties: Identifies and provides full legal details of the seller and buyer

2. Background: Brief context of the sale and property overview

3. Definitions: Defines key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including lot number, title details, and address

5. Purchase Price: States the agreed purchase price and payment terms

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

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

8. Property Inspection: Terms regarding property inspection rights and conditions

9. Condition of Property: Description of the property's condition and any included/excluded fixtures and fittings

10. Title and Transfer: Requirements for clear title and transfer of ownership

11. Adjustments: How rates, taxes, and other outgoings will be adjusted between parties

12. Default: Consequences of default by either party

13. Notices: How formal notices between parties should be given

14. Governing Law: Specifies that Australian law governs the agreement

15. Execution: Formal signing section with witness requirements

What sections are optional to include in a For Sale By Owner Purchase Agreement?

1. Finance Condition: Used when the purchase is subject to the buyer obtaining finance approval

2. Building and Pest Inspection: Include when the sale is conditional on satisfactory building and pest inspections

3. Swimming Pool Compliance: Required if the property includes a swimming pool

4. Tenancy Details: Include if the property is sold subject to an existing tenancy

5. Foreign Investment Approval: Required if the buyer is a foreign person requiring FIRB approval

6. GST Provisions: Include if the sale is subject to GST

7. Special Conditions: Any additional conditions specific to this sale

8. Vendor Finance: Include if the seller is providing financing to the buyer

What schedules should be included in a For Sale By Owner Purchase Agreement?

1. Schedule 1 - Property Inventory: Detailed list of included fixtures, fittings, and chattels

2. Schedule 2 - Title Documents: Copy of title and any registered encumbrances

3. Schedule 3 - Disclosure Statement: Required property disclosures under state law

4. Schedule 4 - Special Conditions: Detailed special conditions if applicable

5. Appendix A - Property Plans: Floor plans, land survey, or other property diagrams

6. Appendix B - Certificates: Relevant certificates including building certificates, compliance certificates

7. Appendix C - Tenancy Documents: Copies of lease agreements if property is tenanted

8. Appendix D - Property Inspection Reports: Any existing building, pest, or other property reports

Authors

Alex Denne

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

Jurisdiction

Australia

Publisher

Genie AI

Cost

Free to use

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