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Bush to Beach Legal

Affordable Conveyancing on the Sunshine Coast
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SPECIAL CONDITIONS

Body Corporate Approval

1.1 – This contract is subject to and conditional upon the body corporate approving a motion to:

(a) *allow the Buyer to keep a dog on the Lot,
(b) *allow the Buyer to carry out the renovation works generally in accordance with the attached plans, on terms and conditions which are acceptable to the Buyer on or before the Settlement Date. The Buyer must act honestly and reasonably.

1.2 – The Seller will make application to the body corporate on the Buyer’s behalf, within 7 days from the Contract Date and forward a copy of the body corporate’s decision to the Buyer as soon as it is received.

1.3 – In the event that this special condition is not fulfilled on or before the Settlement Date then the Buyer may terminate this contract and the deposit will be refunded to the Buyer.

1.4 – This special condition is inserted for the benefit of the Buyer and may be waived by the Buyer.

Body Corporate Search

This Contract is subject to and conditional upon the Buyer obtaining satisfactory (Buyers sole discretion) body corporate searches within 14 days of the Contract date, failing which the contract is at an end and all deposit monies shall be refunded in full to the Buyer.

Council Searches

This Contract is subject to and conditional upon the Buyer obtaining satisfactory council searches within 14 days of the Contract date, failing which the contract is at an end and all deposit monies shall be refunded in full to the Buyer.

Due Diligence

1.1 – This contract is subject to and conditional upon the Buyer carrying out due diligence investigations in relation to the Property and being satisfied in all respects with such investigations within 14 days of the Contract Date (“Due Diligence Date“).

1.2 – The Seller agrees to permit the Buyer and its representatives, access to the Property at all reasonable times to carry out the Due Diligence.

1.3 – The Due Diligence undertaken by the Buyer will be at the expense of the Buyer in all respects.

1.4 – The Buyer must ensure that there is no disturbance or annoyances caused to the Property or the use of the Property by reason directly or indirectly of the Due Diligence undertaken by the Buyer.

1.5 – The Buyer must give notice to the Seller that:
(i) it is satisfied with its due diligence investigations and this special condition is either satisfied or waived; or

(ii) it is not satisfied with its due diligence investigations in the Buyer’s absolute discretion, and the Buyer terminates this Contract. If the Buyer provides notice that they are not satisfied with the due diligence enquiries then the Contract is at an end and all deposit monies held will be refunded to the Buyer.

1.6 – The Seller may terminate this Contract by notice to the Buyer if notice is not given under clause (b) by 5pm on the Due Diligence Date, in which case, the deposit is to be refunded to the Buyer. This is the Seller’s only remedy for the Buyer’s failure to give notice.

Family Law Settlement

This Contract is subject to and unconditional upon the settlement of the Buyer’s property settlement and receipt of sufficient funds (buyers’ sole discretion) to complete the purchase within 30 days of the Contract date. If the Buyers family settlement fails to settle for any reason or the funds received are not sufficient to complete the purchase, the Buyer may terminate the Contract, and all deposit monies will be returned to the Buyers in full.

FIRB Approval

  1. The Buyer will apply (“the Application”) to the Foreign Investment Review Board (“FIRB”) for approval to purchase the property within fourteen (14) days of the Contract Date and will comply with all requests for further information and take all steps necessary to pursue the Application.
  2. The Seller will provide the Buyer with all information that is reasonably available to the Seller as may be required by the FIRB for considering the Application.
  3. The Contract is subject to the Buyer notifying the Seller within thirty (30) days of the Contract date that approval has been granted. If the Seller does not receive this notice within that time then the Seller may terminate the Contract.
  4. If no approval is granted the Buyer may terminate the Contract. If the Contract is terminated pursuant to this special condition then all deposit monies refunded to the Buyer.
  5. Settlement shall be the later of thirty (30) days from the Contract Date or fourteen(14) days after the Buyer notifies the Seller that it has FIRB approval.

Insurance – Property Remains at Sellers Risk

Notwithstanding the provisions of Clause 8.1 of the Terms of Contract for Houses and Land, the Seller and Buyer hereby agree that the property shall be at the Seller’s risk up to and until Settlement of the Contract. The Seller is responsible for ensuring the property is adequately insured up until the Settlement Date.

Margin Scheme

The Seller elects to apply the Margin Scheme under Division 75 of the GST Act to calculate the GST payable by the Seller at settlement.

Physical Inspection of Property

This Contract is subject to and condition upon the Buyers conducting a satisfactory (Buyers sole discretion) physical visual inspection of the property within 7 days of the Contract date. If the Buyers are not satisfied with the physical visual inspection, they may terminate the Contract and all deposit monies held will be refunded to the Buyers in full.

Pool Safety Certificate

Notwithstanding anything to the contrary, the Buyer and Seller agree that it is the Seller’s responsibility to obtain a current Pool Safety Certificate prior to settlement of this Contract. Should the Seller fail to obtain the Certificate, the Buyer may terminate this Contract and all moneys paid shall be refunded and the Contract will be at an end. The buyer may waive the benefit of this clause.

Property Remains at Sellers Risk Until Settlement

Notwithstanding the provisions of clause 8.1 of the Contract, the Seller and Buyer hereby agree that the property shall remain at the Sellers risk until settlement.

Seller Rent Back After Settlement

1.1 – The Buyers agree to allow the Seller to remain in possession of the property after settlement until (insert date) at a weekly rent amount ($) which is payable weekly in advance [bond: and the Seller agrees to pay a bond in the amount of ($) by way of an adjustment at settlement.

1.2 – During the possession the Sellers agree to maintain the property in substantially the same condition as at the date of settlement, fair wear and tear excepted.

1.3 – The Buyers and Sellers agree that no relationship of landlord and tenant is created by the possession of the Seller under this special condition and that possession will be granted under a licence to occupy the property to the Seller.

1.4 – The Sellers agree to insure the property, for full replacement value (satisfactory to the Buyer) for the period of possession under this special condition and the Seller agrees to note the buyers interest on the insurance policy and provide a Certificate of currency to the Buyers as evidence of the same.

1.5 – The Sellers agree to indemnify the Buyers against any damages or expenses incurred by the Buyers as a result of the Sellers remaining in possession of the property.

1.6 – The Sellers may vacate prior to the date noted in special condition 1.1 by way of giving at least two (2) weeks notice in writing to the Buyers.

Solar Panels

The Buyers acknowledge that there are solar panels installed on the roof of the dwelling on the property and agree as follows:

(i) – Whether or not any benefits currently provided to the Seller by agreement with the current energy supplier with respect to feed in tariffs is a matter for the Buyer to conduct their own investigations into the same:

(ii) – The Buyer agrees they will negotiate with the electricity provider / supplier of their own choice directly;

(iii) – The Seller makes no representations or warranties with respect to the solar panels in relation to their condition, state of repair, fitness for the purposes for which they are installed, rate of feed in tariffs or any benefits arising from any electricity generated by the solar panels.

Subject to Buyer Inspection

1.1 – This Contract is subject to and conditional upon the Buyer carrying out a satisfactory inspection of the Property within 7 days of the Contract Date.

1.2 – The Seller will allow the Buyer reasonable access to the Property for the purposes of fulfilling this condition. The Buyer will access the Property at the Buyer’s risk.

1.3 – Should the inspection not be satisfactory to the Buyer, the Buyer may terminate this Contract and all deposit monies held will be refunded in full to the Buyer.

Subject to Sale

1.1 – This contract is subject to and conditional upon the Buyers entering into a contract, on terms satisfactory to the Buyers, for the sale the Buyer’s property at [property address] on or before [number of days} days from the date hereof (hereinafter referred to as “the prior contract”). In the event that the Buyers do not enter into a prior contract by this date, or relevant extensions agreed upon, the Buyers may terminate this Contract by notice to the Seller given in accordance with the Terms of Contract, and this Contract shall be at an end and all deposit monies refunded to the Buyer.

1.2 – In the event that special condition 1.1 is satisfied, then this contract is also subject to and conditional upon the prior contract becoming unconditional within [number of days] days of the date of the prior contract. In the event that the prior contract does not become unconditional as required herein, the Buyers may terminate this Contract by notice to the Seller given in accordance with the Terms of Contract, and this contract shall be at an end and all deposit monies refunded to the Buyer.

1.3 – In the event that special conditions 1.1 and 1.2 are satisfied, then this contract is also subject to and conditional upon the settlement of the prior contract on or before [number of days] days from the date of the prior contract. In the event that the prior sale does not settle for any reason, the Buyers may terminate by notice to the Seller given in accordance with the Terms of Contract, and this contract shall be at an end and all deposit monies refunded to the Buyer.

Sunset Clause (Standard)

In the event that the Seller gives the Buyer written notice that the Seller has received another offer to purchase the subject property, which is in the opinion of the Seller a better offer, the Buyer shall within three (3) business days of receipt of such notice advise the Seller whether the Buyer agrees to the waiving of all conditions to the Contract of Sale. Should the Buyer not give the Seller the notice referred to above, this Contract shall be deemed to be at an end and all deposit monies refunded to the Buyer in full.

Termination of Prior Contract

This Contract is subject to and conditional on the contract for the sale of [insert street address of property] between [insert name] as Seller and [insert name] as Buyer (“the Prior Contract”) being terminated by 5.00 pm on [insert date]. In the event the Prior Contract is not so terminated then the Seller must notify the Buyer in writing and this Contract shall be at an end and all deposit monies shall be refunded to the Buyer in full.

Vacant Possession

Despite the fact that the contract discloses a tenancy, the Seller will provide vacant possession at settlement. Should the Seller fail to provide vacant possession this contract is at an end, failing any agreement to extend settlement, and the Buyers damages shall be limited to the deposit paid herein and shall be refunded without deduction.

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