A Standard Contract For the Sale of Land

What a contract for the sale of land used for?

Under the conveyancing laws of most countries, a written contract is required for the sale of land and this contract has to conform to certain requirements. Whenever a property transaction occurs a solicitor or a licensed conveyancer is needed to perform the legal work in relation to the sale or transaction so that it can be completed effectively.

What is an example of the requirements for a standard contract for the sale of land?

The standard contract for the sale of land in New South Wales, for example, is a document which has a front page that details the land, the address, the agent's details, the vendor's details, the purchaser's details, the purchase price, deposit, contract date, if land tax is included, if the sale is subject to GST and if so, on what basis. The other details included would be if the house is given as vacant possession or with a tenant, what improvements are on the property and what is included or excluded as part of the sale. The contract also specifies a date for completion of the contract and if the purchaser(s) will be acquiring the property as joint tenants, tenants in common or as tenants in unequal shares. The second page of the contract then shows the documents which are included in the contract and various complusory warnings about smoke alarms, disputes, auctions and smoke alarms. Normally, a section 66w certificate is also included and then the 29 standard terms and conditions of the contract follow. After this, the contract normally has special conditions and then the compulsory documents which are required in New South Wales under the conveyancing regulations. These are things such as the title search, the sewer diagram, the deposited plan, the s.149 certificate and if there is a strata title system, the strata title search, plan of the common property, by laws and any other compulsory documents. This is the form of a contract which is used to cover all of the pieces of a contract for the sale of land in New South Wales.