SPECIAL CONDITIONS

We always recommend you speak with your solicitor prior to signing a contract.  We offer this service for free for standard REIQ contracts.

However, to the extent you cannot discuss with a solicitor prior to signing, we have outlined various special conditions that you may wish to consider including in an REIQ contract.

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This Contract is subject to and conditional upon the Seller providing written approval from the Body Corporate within [fourteen (14)] days from the Contract Date that the Buyer may keep [insert nature of pet] of a maximum weight of [insert weight] in the Property. Should approval not be obtained by this date, or relevant extensions agreed upon, the Buyer may elect to waive the benefit of this clause or terminate the Contract and all deposit monies will be refunded to the Buyer in full.

The Buyer acknowledges that the [insert nature of item e.g. shed, carport] does not have Council approval. The Buyer accepts this state of affairs, will take no issue with same, will not make any claim against the Seller for same and enters this Contract in that knowledge.

‘Delay Event’ in Clause 6.2 of the Terms of Contract for Houses and Land is extended to include:

(v) any lock down or order of any Government Agency with respect to the current coronavirus pandemic that requires the quarantine or isolation of any party, or impacts on the business premises or operations of the solicitors for the Buyer, the solicitors for the Seller, any financier releasing a security with respect to the Property, or any financier advancing finance on behalf of the Buyer.

This Contract is subject to and conditional upon the Buyer conducting satisfactory investigations (in the Buyer’s sole discretion) in relation to the Property within [fourteen (14)] days from the date of the Contract (the “Due Diligence Date’”). If the Buyer is not satisfied with these investigations, the Buyer may terminate this Contract by giving written notice to the Seller or Seller’s solicitor at any time before 5.00pm on the Due Diligence Date and all deposit monies must be refunded to the Buyer in full. If the Buyer does not give notice by 5.00pm the last day of the period, then the Seller may terminate this Contract by notice in writing to the Buyer or Buyer’s solicitor and in that event all deposit monies shall be refunded in full to the Buyer. This Special Condition is inserted for the benefit of the Buyer and may be waived by the Buyer at any time.

The Seller agrees to provide early possession to the Buyer for the Property from [date / upon this Contract becoming unconditional in all respects]. This early possession is granted on the same terms as those in Clause 8.5 of the Terms of Contract for Houses and Land with the following additions and amendments:

  1. The Buyer takes early possession of the Property as a Licensee pursuant to the Terms of Contract for Houses and Land at a licence fee of $[xxx.xx] per week, payable weekly in advance to the Seller with the first payment to be made before taking possession and after that weekly in advance from the date of taking possession until completion.
  2. The Buyer will provide a copy of the relevant Certificate of Currency for the insurance to the Seller prior to possession being permitted;
  3. The Buyer indemnifies the Seller against any and all loss, damage, action, claims, suits or demands arising from or through or in connection with the possession of the Property and in particular that which might arise as a result of the injury or death to any person occurring from the time of possession;
  4. The Buyer accepts the Property in the condition that it is in when they take possession and will not make any claims, proceedings, actions or demands against the Seller in relation to the condition of the Property when they take possession;
  5. Title to all chattels and improvements included in the Contract will not pass to the Buyer until completion; and
  6. If settlement does not occur, the Seller will allow the Buyer fourteen (14) days from the termination of the Contract in which to remove its possessions from the Property and will provide the Buyer and its reasonably necessary invitees further access to the Property upon reasonable notice for the purpose of removing these possessions from the Property.

The Seller agrees to provide early possession to the Buyer for the Property from [date / upon this Contract becoming unconditional in all respects]. This early possession is granted on the same terms as those in Clause 8.5 of the Terms of Contract for Houses and Land with the following additions and amendments:

  1. The Buyer will provide a copy of the relevant Certificate of Currency for the insurance to the Seller prior to possession being permitted;
  2. The Buyer indemnifies the Seller against any and all loss, damage, action, claims, suits or demands arising from or through or in connection with the possession of the Property and in particular that which might arise as a result of the injury or death to any person occurring from the time of possession;
  3. The Buyer accepts the Property in the condition that it is in when they take possession and will not make any claims, proceedings, actions or demands against the Seller in relation to the condition of the Property when they take possession; and
  4. Title to all chattels and improvements included in the Contract will not pass to the Buyer until completion.

If settlement does not occur, the Seller will allow the Buyer fourteen (14) days from the termination of the Contract in which to remove its possessions from the Property and will provide the Buyer and its reasonably necessary invitees further access to the Property upon reasonable notice for the purpose of removing these possessions from the Property.

  1. This contract is subject to and conditional upon the Foreign Investment Review Board (“FIRB”) granting approval to this transaction within thirty (30) days of the Contract Date. Should approval not be obtained by this date, or relevant extensions agreed upon, the Contract will be at an end and all deposit monies will be refunded to the Buyer in full.
  2. The Buyer will apply to the FIRB for approval to purchase the Property (the “Application”) at the Contract Date and will comply with all requests for further information and take all steps necessary to pursue the Application.
  3. 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.
  4. The Buyer agrees that it will notify the Seller or the Seller’s solicitor immediately upon becoming aware of the result of the Application.

The Buyer and Seller agree that despite Clause 4.2 of the Terms of Contract for Houses and Land it is the Seller’s responsibility to obtain a Pool Safety Certificate prior to Settlement of this Contract. Should the Seller fail to obtain the Certificate, the Buyer may terminate this Contract by giving written notice to the Seller or Seller’s solicitor and all moneys paid shall be refunded to the Buyer in full. This Special Condition is inserted for the benefit of the Buyer and may be waived by the Buyer at any time.

This Contract is subject to and conditional upon the Seller, at its own expense, having the property professionally cleaned prior to Settlement. If the Seller does not have these works completed prior to Settlement, the Buyer may deduct a reasonable amount from the balance of purchase price at Settlement, equivalent to the cost of a professional cleaner to clean the property.

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 including the Settlement Date.

  1. The Buyer agrees that after settlement of this matter, the Buyer shall allow the Seller to remain in possession of the property until [insert date] at the weekly rental amount of $[insert amount] and a bond of $[insert bond amount] payable in advance at the time of settlement.
  2. During the period of possession, the Seller agrees to maintain the property in substantially the same condition as at the date of settlement, fair wear and tear excepted.
  3. The parties agreed that no relationship of landlord and tenant shall be created by possession being given to the Seller and that possession is under licence personal to the Seller.
  4. The Seller agrees to insure the property to the Buyer’s satisfaction.
  5. The Seller agrees to indemnify the Buyer against the damages or expenses incurred by the Buyer as a result of the Seller remaining in possession of the property.
  6. The Seller may vacate the property prior to [insert date] by giving at least two (2) weeks’ notice in writing to the Buyer.

This contract is subject to and conditional on the Buyer entering into a Residential Tenancy Agreement pursuant to the Residential Tenancy Act, as landlord, with [insert name] as tenant, prior to Settlement. The Buyer and Seller hereby acknowledge that it is the intention of the parties that the Residential Tenancies Act will apply to this Residential Tenancy Agreement.

The Residential Tenancy Agreement will include the following essential terms:

  1. Term: [insert number] months;
  2. Commencement Date: [insert date];
  3. Rental amount: $[xxx.xx] per week payable weekly in advance;
  4. Bond amount: $[xxxx.xx] (payable to RTA on or before the Commencement Date)

In the event that the Residential Tenancy Agreement is not signed prior to Settlement, the Seller may elect to terminate this Contract and all deposit monies will be refunded to the Buyer in full.

  1. This Contract is subject to and conditional upon the Buyer being satisfied in the Buyer’s absolute discretion with the results of the soil test to be conducted, by the Buyer, on the Property, within [14] days from the Contract Date (the “Soil  Test Date”). If the Buyer is not satisfied, the Buyer may terminate this Contract by giving written notice to the Seller or Seller’s solicitor at any time before 5.00pm on the Soil Test Date and all deposit monies will be refunded in full to the Buyer.
  2. The Seller authorises the Buyer and/or its consultants to enter the Property for the purpose of conducting the soil test.
  3. This Special Condition is inserted for the benefit of the Buyer and may be waived by the Buyer at any time.
  1. This Contract is subject to and conditional upon:
    • (a) The Buyer entering into a Contract for the sale of the Buyer’s property at [Insert Address] (‘Buyer Sale Contract’) within [insert number of days] days of the date of this Contract.
    • (b) The Buyer Sale Contract settling within [insert number of days] days from the date of this Contract.
  1. If the Buyer is unable to comply with any of the above conditions by 5.00pm on the relevant due date then either party may terminate this Contract and in such event any Deposit paid by the Buyer shall be refunded in full to the Buyer. The refund of any Deposit to the Buyer will be the Buyer’s only remedy.
  2. This special condition has been inserted for the benefit of the Buyer and may be waived by the Buyer at any time.
  3. Settlement of this contract shall be contemporaneous with the settlement of the Buyer Sale Contract.

* Consider also including the Sunset Clause to benefit the Seller.

  1. In the event that the Seller receives an offer for the sale and purchase of the Property on terms considered more favourable to the Seller in their absolute discretion prior to satisfaction or waiver of special condition [insert clause reference] (Subject to Sale) by the Buyer then the Seller may give notice to the Buyer of such offer being received (‘Notice’).
  2. If the Buyer does not give written notice to the Seller that the Buyer will proceed unconditionally with the purchase of the Property under this Contract within 3 business days of the Seller giving the Notice, then this Contract will be automatically terminated and any Deposit paid will be refunded in full to the Buyer. The refund of any Deposit to the Buyer will be the Buyer’s only remedy.

This Contract is subject to and conditional on the Buyer completing the Contract of Sale for [Insert Address] dated [Insert date of Contract] made between [Insert name of Seller] as Seller and [Insert name of Buyer] as Buyer (hereinafter referred to as the ‘Prior Contract’) prior to settlement of this Contract. In the event that the Prior Contract does not complete then the Buyer may terminate this Contract by notice to the Seller and this Contract shall be at an end and all deposit monies shall be refunded in full to the Buyer.

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.

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.