STANDARD
CONTRACT FOR THE SALE OF LAND
The
standard contract for the sale of land has flexible clauses so that
it can be used for the sale of all interests in land. The schedules
at the back allow for a combination of titles and estates. It can be
used for sale by auction or private treaty. The terms and conditions
covered by the contract include:
- subject
matter of the sale
- deposit
- conveyancing
- duties
of the parties
- requisitions.
It
is necessary to have agreement for a valid contract. The agreement in
the standard form contract is that the Seller agrees to sell and the
Buyer agrees to buy the Property for the price set out in the
schedule the terms in the appropriate clauses.
See
clause 1 for definitions and interpretation as used in and for the
standard contract. Some of these definitions refers to the
appropriate legislation. Therefore, to fully understand the contract
it is necessary to refer to the relevant provisions of the building
and town planning acts. A term not otherwise defined has the same
meaning as the Interpretation Act.
Note
particularly the following items:
ACT STANDARD CONTRACT
DATE
OF AGREEMENT
See:
stamp
duty
insurance
SELLER
See:
power
of attorney
legal
capacity of buyer
BUYER:
LEGAL CAPACITY OF BUYER
JOINT
OWNERSHIP
See:
joint
ownership.
LAND
See:
torrens
title
crown
leasehold
description
of land
errors
and misdescriptions.
EXCLUSION
OF REQUISITIONS
NON
COMPLIANCE WITH REQUISITIONS
Clauses
that applys to any rescission by the Seller.
See:
goods
FIXTURES
AND CHATTELS
STAKEHOLDER
APPLICATION
OF THE DEPOSIT
See:
price
cheque
restrictions
on transfer
tenancies
BREACH
OF COVENANT & UNAPPROVED STRUCTURES.
unit
(srata) title.
DATE
OF COMPLETION: COMPLETION/SETTLEMENT
The
Contract must be effected on the Date of Completion in the schedule
or as otherwise determined by the Contract and if not so specified,
within a reasonable time.
DEFAULT
NOTICE
TO COMPLETE AND DEFAULT NOTICE
ESSENTIAL
TERM
DEFAULT
NOTICE
Either
Clause (TERMINATION OF CONTRACT - BUYER’S DEFAULT) or
(TERMINATION OF CONTRACT - SELLER’S DEFAULT) applies where the
party served does not comply with a Notice to Complete or Default
Notice which complies with the Clause.
SELLER
MUST ADVISE CHEQUE DETAILS
PLACE
AND TIME OF SETTLEMENT
SELLER
MUST DELIVER AT SETTLEMENT
See:
apportionment
of outgoings
RELIEF
ANNEXURE
CLAUSES/SPECIAL CONDITIONS INCLUDED IN CONTRACT: SPECIAL CONDITIONS.
OTHER
CONDITIONS
See:
subject
to finance
survey
state
of repair
pest
inspection
asbestos
dispute
resolution clause.
WARRANTIES
BY THE SELLER
SELLER’S
SOLICITORS
BUYER’S
SOLICITORS
SELLER’S
AGENT
NSW STANDARD CONTRACT
See breach of contract for clause 8 vendor's right to rescind and cluase 9 purchaser's default.