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Warning Page
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Property Address:
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The Vendor agrees to sells and the purchaser agrees to buys the property, being the land and the goods, for the price and on the terms conditions set out in this contract.
The terms of this contract are contained in the:
| • | Particulars of Sale; and |
| • | Special Conditions, if any; and |
and in that order of priority.
The Vendors Statement required by Section 32(1) of the Sale of Land Act 1962 is attached to and forms part of this Contract. The parties should ensure that when they sign the Contract they receive a copy of the Vendors Statement, the General Conditions and any Special Conditions.
WARNING
IMPORTANT NOTICE TO PURCHASERS
Cooling-off period Section 31 Sale of Land Act 1962
You may end this Contract within 3 clear Business Days of the day that you sign the Contract if none of the exceptions listed below applies to you.
You must either give the Vendor or the Vendors agent written notice that you are ending the contract or leave the notice at the address of the Vendor or the Vendors agent to end this Contract within this time in accordance with this cooling-off provision.
You are entitled to a refund of all the money you paid EXCEPT for $100 or 0.2% of the purchase price (whichever is more) if you end the Contract this way.
EXCEPTIONS
The 3-day cooling-off period does not apply if
| • | You bought the property at or within 3 clear business days before or after a publicly advertised auction; or |
| • | You received independent advice from a legal practitioner before signing the contract; |
| • | The property is used primarily mainly for industrial or commercial purposes; or |
| • | The property is more than 20 hectares in size and is used primarily mainly for farming; or |
| • | You and the Vendor have previously signed a contract for the sale of the same land in substantially the same terms property; or |
| • | You are an estate agent or a corporate body |
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Item 6
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PROPERTY ADDRESS
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Item 6
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The Land is described in the table below: (tick where applicable)
Certificate of Title Reference
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Being Lot
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On Plan
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Volume
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Volume
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OR
__ Described in the copy title(s) and plan(s) as attached to the Vendors Statement if no title or plan references are recorded in the table above or if the Land is general law land.
__ in the attached copy title(s):
__________
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__ and Plan(s):
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__ as:
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[insert title particulars]
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The Land and includes all improvements and fixtures.
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Item 7
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PROPERTY ADDRESS
The address of the Land is:
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Item 8
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GOODS SOLD WITH THE LAND (list or attached schedule)
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Item 11
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Settlement is due on:
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unless the land is a lot on an unregistered plan of subdivision, in which case Settlement is due on the later of: above date or 14 days after the Vendor gives notice to the purchaser of registration of the plan, whichever is the later.
| • | 14 days after the Vendor gives notice in writing to the purchaser of registration of the plan of subdivision. |
At Settlement the purchaser is entitled to vacant possession of the property unless the words subject to lease appear in this box, in which case refer to General Condition 1.1.
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If subject to lease then particulars of the lease are:
If this Contract is intended to be a terms contract within the meaning of the Sale of Land Act 1962 then add the words 'terms contract' in this box and refer to General Condition 23 and add any further provisions by was of Special Conditions:
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Item 12
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At Settlement the purchaser is entitled to vacant possession of the property unless the words subject to lease appear in this box, in which case refer to General Condition 1.1.
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If subject to lease then particulars of the lease are:
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Item 13
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If this Contract is intended to be a terms contract within the meaning of the Sale of Land Act 1962 then add the words 'terms contract' in this box and refer to General Condition 23 and add any further provisions by was of Special Conditions:
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Item 12
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This sale is NOT subject to an existing mortgage unless the words subject to existing mortgage appear in this box:
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If the sale is subject to existing mortgage then particulars of the mortgage are:
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Item 15
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This Contract does not include any Special Conditions unless the words
'Special Conditions appear in this box:
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If the Contract is subject to special conditions then particulars of the special conditions are:
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Item 16 Warning
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WARNING: THIS IS A LEGALLY BINDING AGREEMENT. YOU SHOULD READ THIS CONTRACT BEFORE SIGNING IT.
Purchasers should ensure that prior to signing this Contract, they have received a copy of the full terms of this Contract.
The authority of a person signing:
| • | under power of attorney; or |
| • | as director of a corporation; or |
| • | as an Agent authorised in writing by one of the parties |
must be noted beneath the signature.
Any person whose signature is secured by an estate agent acknowledges being given by the Agent at the time of signing, a copy of the terms of this Contract. this Contract comprising:
| • | Form 1 (Contract of Sale of Real Estate Particulars of Sale); |
| • | Special Conditions, if any; |
| • | Form 2 (Contract of Sale of Real Estate General Conditions); |
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Clause 1.3
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if the particulars of sale provide that the purchaser is taking over an existing mortgage:
(a)
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the purchaser assumes liability for the mortgage; and
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(b)
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the price is satisfied to the extent of any mortgage money owing at Settlement; and
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(c)
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the Vendor must treat any payment made by the purchaser under the mortgage as a payment made to the Vendor under this Contract.
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Clause 3.1
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An omission or mistake in the description, measurements or area of the land property or any deficiency in the area, description or measurements of the land does not invalidate the sale.
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Clause 7
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Release of company charge security interest
The Vendor must provide at Settlement a release of the property from any registered charge lodged under the Corporations Act 2001 (Cth) if requested in writing to do so at least 21 days before Settlement. This obligation does not apply if the charge is the proprietor of a registered mortgage over the land. The Vendor must pay the registration fee if either party requires registration of that release.
7.1
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This General Condition applies if any part of the property is subject to a security interest to which the Personal Property Securities Act 2009 (Cth) applies.
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7.2
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Subject to General Condition 7.3 and 7.4, the Vendor must ensure that at or before Settlement, the purchaser receives:
(a)
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a release from the secured party releasing the security interest in respect of the property; or
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(b)
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a statement in writing in accordance with Section 275(1)(b) of the Personal Property Securities Act 2009 (Cth) setting out that the amount or obligation that is secured is nil at the due date for Settlement; or
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(c)
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a written approval or correction in accordance with Section 275(1)(c) of the Personal Property Securities Act 2009 (Cth) indicating that, on the due date for settlement, the personal property included in the Contract is not or will not be property in which the security interest is granted.
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if the security interest is registered in the Personal Property Securities Register.
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7.3
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The Vendor is not obliged to ensure that the purchaser receives a release, statement, approval or correction in respect of any personal property that is sold in the ordinary course of the Vendors business of selling personal property of that kind unless, in the case of goods that may or must be described by serial number in the Personal Property Securities Register, the purchaser advises the Vendor at least 21 days before the due date for Settlement that the goods are to be held as inventory.
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7.4
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The Vendor is not obliged to ensure that the purchaser receives a release, statement, approval or correction in respect of any personal property that:
(a)
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is not described by a serial number in the Personal Property Securities Register; and
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(b)
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is predominantly used for personal, domestic or household purposes; and
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(c)
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has a market value of not more than $5000 or, if a greater amount has been prescribed for the purposes of section 47(1) of the Personal Property Securities Act 2009 (Cth), not more than that prescribed amount.
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7.5
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A release for the purposes of General Condition 7.2(a) must be in writing and in a form published by the Law Institute of Victoria, Law Council of Australia or the Australian Bankers Association.
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7.6
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If the purchaser receives a release under General Condition 7.2(a), the purchaser must provide the Vendor with a copy of the release at or as soon as practicable after settlement.
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7.7
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In addition to ensuring a release is received under General Condition 7.2(a), the Vendor must ensure that at or before settlement the purchaser receives a written undertaking from a secured party to register a financing change statement to reflect that release if the property being released includes goods of a kind that are described by a serial number in the Personal Property Securities Register.
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7.8
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The purchaser must advise the Vendor of any security interest that the purchaser reasonably requires to be released at least 21 days before the due date for settlement.
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7.9
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If the purchaser does not provide an advice under General Condition 7.8, the Vendor may delay settlement until 21 days after the purchaser advises the Vendor of the security interests that the purchaser reasonably requires to be released.
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7.10
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If settlement is delayed under General Condition 7.9, the purchaser must pay the Vendor:
(a)
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interest from the due date for settlement until the date on which settlement occurs or 21 days after the Vendor receives the advice, whichever is the earlier; and
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(b)
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any reasonable costs incurred by the Vendor as a result of the delay
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as though the purchaser was in default.
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7.11
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Words and phrases used in General Condition 7 which are defined in the Personal Property Securities Act 2009 (Cth) have the same meaning in General Condition 7.
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Clause 8
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The Vendor must provide at Settlement details of any current builder warranty insurance warrants that the Vendor will provide at settlement details of any current builder warranty insurance in the Vendors possession relating to the property if requested in writing to do so at least 21 days before Settlement.
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Clause 11.2(b)
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must be paid: to the Vendors estate agent, legal practitioner or conveyancer and held by the estate agent, legal practitioner or conveyancer on trust for the purchaser until the registration of the plan of subdivision.
(i)
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to the Vendor's licensed estate agent or legal practitioner or conveyancer and held by the estate agent or legal practitioner or conveyancer on trust for the purchaser until the registration of the plan of subdivision; or
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(ii)
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if the Vendor directs, into a special purpose account in an authorised deposit-taking institution in Victoria specified by the Vendor in the Contract in the joint names of the purchaser and the Vendor and held in that account until the registration of the plan of subdivision.
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Clause 11.4(b)
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by draft or cheque drawn on an authorised deposit-taking institution; or
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Clause 11.6
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At settlement, the purchaser must pay the fees on up to three cheques drawn on an authorised deposit-taking institution. If the Vendor requests that any additional cheques be drawn on an authorised deposit-taking institution, the Vendor must reimburse the purchaser for the fees incurred.
The purchaser must pay bank fees on up to three bank cheques at Settlement, but the vVndor must pay the bank fees on any additional bank cheques requested by the Vendor.
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Clause 12.1(a)
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the Vendor provides proof, to the reasonable satisfaction particulars, to the satisfaction of the purchaser, that either:
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Clause 12.1(b)
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at least 28 days have elapsed since the day of sale particulars were given to the purchaser under paragraph (a); and
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Clause 12.1(c)
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all conditions of Section 27 of the Sale of Land Act 1962 have been satisfied.
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Clause 13.1(b)
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if the particulars of sale specify that the supply made under this Contract is a farming business and the supply (or a part of it) does not satisfy the requirements of section 38-480 of the GST Act; or
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Clause 13.1(c)
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if the particulars of sale specify that the supply made under this Contract is a going concern and the supply is of a going concern and the supply (or part of it) does not satisfy the requirements of section 38-325 of the GST Act.
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Clause 17.2(c)
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in any manner authorised by law or the Supreme Court for service of documents, including any manner authorised for service on or by a legal practitioner.
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Clause 17.3
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This General Condition applies to the service of any demand, notice or document by or on any party, whether the expression give or serve or any other expression is used.
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Clause 19
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Any signatory for a proprietary limited company purchaser is personally liable for the due performance of the purchaser's obligations as if the signatory were the purchaser in the case of a default by a proprietary limited company purchaser.
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Clause 23.1(a)
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any mortgage affecting the land sold must be discharged as to that land before the purchaser becomes entitled to possession or to the receipt of rents and profits unless the Vendor satisfies sections 6(1) and 6(2) Section 29M of the Sale of Land Act 1962; and
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Clause 27.1
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A party is not entitled to exercise any rights arising from the other party's default, other than the right to receive interest and the right to sue for money owing, until the other party is served given and fails to comply with a written default notice.
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Clause 27.2(b)
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state that it is the offended party's intention to exercise the rights arising from the default unless, within 14 days of service of the notice of the notice being given:
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