Contract of Sale of Real Estate - AUVICRECM012

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BLACK = Old Item/Clause  | RED = New Item/Clause | BLUE = Comments About Change (Not Part of Form) | STRIKEOUT = Wording Deleted

 

22 Apr 2021 v1.8

Additions / Changes:


Item 15

SPECIAL CONDITIONS (if insufficient space attach schedule)

Note: Each special condition should be numbered and each page initialled.

This contract does not include any special conditions unless the words

‘special conditions’ appear in this box:

special conditions

If the contract is subject to ‘special conditions’ then particulars of the special conditions are:

1.

Withholding – Capital Gains


1.

The parties acknowledge (subject to Sub-Clause 2 of this Special Condition), where the purchase price of the Property is seven hundred and fifty thousand dollars ($750,000) or more, the Purchaser will on or before Settlement, in compliance with the foreign resident capital gains withholding payments provisions of Schedule 1 of the Taxation Administration Act 1953 (Cth) (Schedule 1) be required to:



(a)

withhold from the purchase monies a sum equal to 12.5% of the purchase price or such lesser sum as determined in a notice of variation provided in accordance with section 14-235 of Schedule 1; and



(b)

pay the withheld monies to the Australian Taxation Office (ATO) in accordance with Schedule 1 and, in addition;,



(c)

promptly provide evidence of payment made in accordance with Sub-Clause 1(b) of this Special Condition to the Vendor.


2.

Where the Vendor has, not less than 3 Business Days (or such shorter time as the parties may agree) prior to Settlement, provided a clearance certificate from the ATO in accordance with Schedule 1, valid at the time of Settlement, the Purchaser’s obligation under Sub-Clause 1 of this Special Condition will not apply.


2.

(a)

The Purchaser’s obligation under Sub-Clause 1 of this Special Condition will not apply where:



 

(i)

the Vendor provides to the Purchaser, a clearance certificate from the ATO in accordance with Schedule 1, valid at the time of Settlement; or



 

(ii)

the Vendor is a mortgagee exercising a power of sale; and



 

 

(1)

the residue payable to the mortgagee after payment of sale costs and mortgage debt is zero or less than zero; and



 

 

(2)

the mortgagee provides a written declaration to the Purchaser, in accordance with Schedule 1, that the amount to withhold is varied to nil.



(b)

Where the Vendor provides a certificate under Sub-Clause 2(a)(i) of this Special Condition or a declaration under Sub-Clause 2(a)(ii) of this Special Condition, such notice must be provided not less than 3 business days (or such shorter time as the parties may agree) prior to Settlement.

 

15 Oct 2019 v1.7

Additions / Changes:


Item 15

SPECIAL CONDITIONS (if insufficient space attach schedule)

Note: Each special condition should be numbered and each page initialled.

This contract does not include any special conditions unless the words

‘special conditions’ appear in this box:

 

If the contract is subject to ‘special conditions’ then particulars of the special conditions are:

1.

Withholding – Capital Gains


1.

The parties acknowledge (subject to Sub-Clause 2 of this Special Condition) where the pPurchase pPrice of the Property is seven hundred and fifty thousand dollars ($750,000) or more, the Purchaser will on or before Settlement, in compliance with the foreign resident capital gains withholding payments provisions of Schedule 1 of the Taxation Administration Act 1953 (Cth) (Schedule 1) be required to:



(a)

withhold from the purchase monies a sum equal to 12.5% of the pPurchase pPrice or such lesser sum as determined in a notice of variation provided in accordance with section 14-235 of Schedule 1; and



(b)

pay the withheld monies to the Australian Taxation Office (ATO) in accordance with Schedule 1 and, in addition,



(c)

promptly provide evidence of payment made in accordance with Sub-Clause 1(b) of this Special Condition to the Vendor


2.

Where the Vendor has, not less than 3 Business Days (or such shorter time as the parties may agree) prior to Settlement, provided a clearance certificate from the ATO in accordance with Schedule 1, valid at the time of Settlement, the Purchaser’s obligation under Sub-Clause 1 of this Special Condition will not apply.

2.

Settlement – the parties agree Settlement will be by way of Electronic Conveyancing in accordance with the following Special Condition:  E-Conveyance (Electronic Conveyancing).   __ Yes __ No


E-Conveyance (Electronic Conveyancing)


1.

Settlement including lodgment of transfer documents and payment of balance purchase price, adjusted as provided in this Contract, will proceed electronically in accordance with the Electronic Conveyancing National Law (“ECNL”).


2.

Where an inconsistency exists between this and other general conditions in this contract this special condition will apply.


3.

Where a party, acting reasonably, is not able to proceed with e-conveyance written notice, including advice regarding the reason for such inability must be given as soon as possible prior to due date for settlement and the provisions of special condition 2(10)(b)(ii) will apply with regards to settlement.


4.

Each party must:



(a)

be, or engage a representative who is a Subscriber (as defined in the ECNL) for the purposes of the ECNL; and



(b)

conduct this transaction in accordance with the ECNL and Participation Rules.


5.

Once this contract has become unconditional the vendor must promptly cause an Electronic Workspace (“Workspace”) to be opened and populated with all necessary information and documents to facilitate settlement and advise all relevant parties, including relevant financial institutions, and invite them to join the Workspace.


6.

Upon being invited to join the Workspace the remaining parties together with relevant financial institutions must promptly join the Workspace and cause the Workspace to be populated with all necessary information and documents, to facilitate settlement.


7.

A party will not be in default where it is prevented from complying with an obligation under this special condition due to failure by the other party or a financial institution to comply with an obligation under this special condition.


8.

The parties will confirm through the Workspace a settlement time. Neither party may terminate this contract while the Workspace is locked for Settlement.


9.

Settlement occurs when the Workspace for the e-conveyance records that:



(a)

there has been an exchange of value within an Electronic Lodgement Network between financial institutions in accordance with the parties instructions; or



(b)

if there is no exchange of value, the documents necessary to transfer title have been accepted for electronic lodgment by Land Use Victoria.


10.

Each party must do everything reasonably necessary and in a reasonable timeframe to ensure:



(a)

Settlement (including Financial Settlement) occurs electronically on the Settlement Date; or



(b)

where the parties have complied with general conditions in this contract in respect of Settlement and the provisions of this special condition and Settlement cannot occur by e-conveyance and neither party is in default, Settlement will be completed:



 

(i)

by e-conveyance on the next business day after the due date for settlement; or



 

(ii)

if the parties agree, using a method other than e-conveyance, in which case Settlement must be within 3 business days of the due date for settlement,



 

and in either case, time remains of the essence.


11.

All monies required for e-conveyance Settlement must be cleared funds prior to settlement time.


12.

Where monies have been paid to an incorrect account the parties must take all reasonable steps to recover such monies for payment to the intended recipient.


13.

Each party will be responsible for their own costs in respect to e-conveyance.


14.

On settlement in accordance with the general conditions of the contract the vendor must deliver (or cause to be delivered) to the purchaser (or as directed by the purchaser):



(a)

the instrument of title (if any) and any other documents in the vendor’s possession reasonably required by the purchaser relating to the property.



(b)

all keys and other devices and codes for entry, exit and security.

3.

Foreign Investment Approval


The Purchaser warrants either:


1.

the purchase is not a notifiable action with respect to the Foreign Acquisitions and Takeovers Act 1975 (CTH) (FATA); or


2.

where the purchase is a notifiable action under the FATA the Purchaser has obtained any and all approvals.

 

20 Sep 2018 v1.6

Additions / Changes:


Fax and DX fields removed.


Title

CONTRACT OF SALE OF REAL ESTATE

PARTICULARS OF SALE

Form 1

Estate Agents Act 1980 (Regulation 5(a))

Part 1 of the standard form of contract prescribed by the Estate Agents (Contracts) Regulation 2008

This Contract is prepared by an Australian Legal Practitioner in accordance with section 53A(1)(b)(i) of the Estate Agents Act.

(Note: Where there is insufficient space in any Item place details in an Annexure and refer to the Annexure in the Item - e.g. ‘Refer Additional Expenses Annexure’)


Item 15 Warning

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 section 32 statement required to be given by a vendor under section 32 of the Sale of Land Act 1962 in accordance with Division 2 of Part II of that Act; and

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.

WARNING: By signing this Contract the parties confirm that no legal advice as to the conditions contained herein was provided by the Agent. The parties have been advised to seek legal advice with respect to this Contract.


Terms and Conditions Title

Form 2

 

Estate Agents Act 1980 (Regulation 5(a))

Part 2 of the standard form of contract prescribed by the Estate Agents (Contracts) Regulations 2008


Terms and Conditions Heading

Contract of Sale of Real Estate - General Conditions (GC) being Form 2 of the former Estate Agents (Contracts) Regulations 2008


Clause 2.1

The vendor warrants that these general conditions 1 to 28 are identical to the general conditions 1 to 28 in the standard form of contract of sale of real estate prescribed by the former Estate Agents (Contracts) Regulations 2008 for the purposes of section 53A of the Estate Agents Act 1980.

 

 

07 May 2018 v1.5

Additions / Changes:


Title

CONTRACT OF SALE OF REAL ESTATE

PARTICULARS OF SALE

Form 1

Estate Agents Act 1980 (Regulation 5(a))

Part 1 of the standard form of contract prescribed by the Estate Agents (Contracts) Regulation 2008

(Note: Where there is insufficient space in any Item place details in an Annexure and refer to the Annexure in the Item - e.g. ‘Refer Additional Expenses Annexure’)


Item 15

SPECIAL CONDITIONS (if insufficient space attach schedule)

Note: Each special condition should be numbered and each page initialled.

This contract does not include any special conditions unless the words

‘special conditions’ appear in this box:

 

If the contract is subject to ‘special conditions’ then particulars of the special conditions are:

1.

Withholding – Capital Gains


1.

The parties acknowledge (subject to Sub-Clause 2 of this Special Condition) where the Purchase Price of the Property is seven hundred and fifty thousand dollars ($750,000) or more, the Purchaser will on or before Settlement, in compliance with the foreign resident capital gains withholding payments provisions of Schedule 1 of the Taxation Administration Act 1953 (Cth) (Schedule 1) be required to:



(a)

withhold from the purchase monies a sum equal to 12.5% of the Purchase Price or such lesser sum as determined in a notice of variation provided in accordance with section 14-235 of Schedule 1; and



(b)

pay the withheld monies to the Australian Taxation Office (ATO) in accordance with Schedule 1 and, in addition,



(c)

promptly provide evidence of payment made in accordance with Sub-Clause 1(b) of this Special Condition to the Vendor


2.

Where the Vendor has, not less than 3 Business Days (or such shorter time as the parties may agree) prior to Settlement, provided a clearance certificate from the ATO in accordance with Schedule 1, valid at the time of Settlement, the Purchaser’s obligation under Sub-Clause 1 of this Special Condition will not apply.

 

11 Jun 2015 v1.4

Copyright statement updated.

 

01 Oct 2014 v1.3

Additions / Changes:


Changes made as a result of Estate Agents (Contracts) Amendment Regulations 2014

 

11 Nov 2013 v1.2

Additions / Changes:


Optional Initialling Feature Added

 

01 Mar 2012 v1.1

Additions / Changes:


Warning Page

Property Address: ……………………………………………………………………………………................

                            .……………………………………………………………………………………...............

 

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

General Conditions; and

Vendor’s Statement

and in that order of priority.

 

The Vendor’s 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 Vendor’s 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 Vendor’s agent written notice that you are ending the contract or leave the notice at the address of the Vendor or the Vendor’s 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


Item 6

PROPERTY ADDRESS

…………………….…………………………………………………………………………………………………

…………………….…………………………………………………………………………………………………


Item 6

The Land is described in the table below: (tick where applicable)

Certificate of Title Reference

Being Lot

On Plan

Volume ………........………….   Folio: …………........………….



Volume …………........……….   Folio: …………........………….



OR

__ Described in the copy title(s) and plan(s) as attached to the Vendor’s 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): ………………__________………………………………____………………

__ and Plan(s): …………………………………………………………………………….__…………………….

__ as: …….…[insert title particulars]………………………………………………….………………………….

The Land and includes all improvements and fixtures.


Item 7

PROPERTY ADDRESS

The address of the Land is:

…………………….………………………………………………………………………………………………….

…………………….………………………………………………………………………………………………….


Item 8

GOODS SOLD WITH THE LAND (list or attached schedule)


Item 11

Settlement is due on: ……./……./…….

 

unless the land is a lot on an unregistered plan of subdivision, in which case Settlement is due on the later of: