When it comes to selling or buying property in New South Wales (NSW), having a clear and legally binding contract is essential. A contract for sale outlines the terms and conditions of the sale, including the price, settlement date, and any specific conditions agreed upon by both parties.
Here is an example of a contract for sale in NSW:
[Insert Header]
This Contract for Sale is made on [insert date] between [insert vendor`s name] (the Vendor) and [insert purchaser`s name] (the Purchaser).
The Property
The Vendor agrees to sell and the Purchaser agrees to purchase the property known as [insert address of property] (the Property) on the following terms and conditions:
Purchase Price
The purchase price for the sale of the Property is [insert purchase price] (the Purchase Price). The Purchaser agrees to pay the Purchase Price in the following manner:
[Insert payment terms, including deposit amount and payment schedule]
Settlement
The settlement date for the sale of the Property is [insert settlement date]. The Purchaser agrees to complete the sale on the settlement date by paying the remaining Purchase Price and taking possession of the Property.
Special Conditions
The following special conditions have been agreed upon by both the Vendor and the Purchaser:
[Insert any specific conditions agreed upon]
Warranties
The Vendor warrants that:
– They are the legal owner of the Property and have the right to sell it.
– The Property is not subject to any encumbrances or mortgages, except for any agreed upon by the Purchaser.
– There are no outstanding disputes or legal actions regarding the Property.
The Purchaser acknowledges that they have inspected the Property and are satisfied with its condition.
Governing Law
This Contract for Sale is governed by the laws of NSW.
Conclusion
A contract for sale is a crucial component of any property transaction in NSW. By using this example, both the Vendor and Purchaser can have a clear understanding of the terms and conditions of the sale, ensuring a smooth and legally binding transaction. It is also recommended to seek legal advice when drafting or reviewing a contract for sale.