The Real Estate Earnest Money Agreement is a crucial document in Australian property transactions that formalizes the initial stage of a property purchase. It is used when a buyer wishes to demonstrate serious intent to purchase a property by providing a good faith deposit (earnest money) while necessary due diligence, financing arrangements, and other conditions are being satisfied. This agreement protects both parties' interests during the period between initial acceptance and final settlement, specifying the handling of the earnest money deposit, conditions for its refund or forfeiture, and the steps required to proceed to final settlement. The document must comply with Australian property law, state-specific real estate regulations, and consumer protection legislation, making it an essential tool in professional property transactions.
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1. Parties: Identification of the buyer, seller, and their respective legal representatives
2. Background: Context of the transaction and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Full legal description of the property, including lot number, plan, title reference, and address
5. Purchase Price: Total purchase price and payment structure
6. Earnest Money Deposit: Amount of earnest money, payment terms, and holding arrangements
7. Settlement: Settlement date, time, and location details
8. Due Diligence: Buyer's inspection rights and timeline for completing due diligence
9. Conditions Precedent: Conditions that must be satisfied before the agreement becomes unconditional
10. Default and Remedies: Consequences of default by either party and available remedies
11. Notices: How and where notices must be served between parties
12. Governing Law: Specification of Australian law and jurisdiction governing the agreement
13. Execution: Signature blocks and execution requirements
1. Foreign Investment Review Board Approval: Required when the buyer is a foreign person requiring FIRB approval
2. Finance Condition: Included when the purchase is subject to the buyer obtaining finance approval
3. Building and Pest Inspection: Details of inspection requirements when these are conditions of the purchase
4. Existing Tenancies: Required when the property is sold subject to existing tenancies
5. Swimming Pool Compliance: Included when the property includes a swimming pool requiring certification
6. GST Provisions: Required when the transaction may have GST implications
7. Special Conditions: Any additional conditions specific to the transaction
1. Property Schedule: Detailed description of the property, including fixtures and fittings
2. Payment Schedule: Breakdown of the purchase price, deposit, and payment milestones
3. Due Diligence Checklist: List of inspections and searches to be conducted
4. Disclosure Statement: Statutory disclosures required under state legislation
5. Special Conditions Schedule: Detailed special conditions applicable to the transaction
6. Existing Tenancy Details: Details of any existing leases or tenancy agreements
7. Title Search: Current title search showing encumbrances and interests on title
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