Qld Contract Example

Modified on Wed, 06 Mar 2024 at 05:55 PM



TABLE OF CONTENTS


Access the Contract Template

Contract templates can be found in your REA Forms login.



The template you use will depend on whether the property is part of a Community Title Scheme or not.


Seller's Details


Enter the seller's information here. You can add more sellers by clicking the blue Add Seller button. 


If the property owner is an entity such as a company or a trust, you should enter the full name of the company including its ACN or ABN details or, if a Trust, the full name of the Trustee and ther Trust as reflected in the Title Search.


Please note: The name of the seller/s should be exactly what is noted on the Title Search and your PO Form 6. Where an entity may be the owner (company, trust, Super Fund etc.) you should be verifying who must legally sign on behalf of the said entity. If more than one signatory is required for an entity you should make sure that the entity is entered enough times with the different email addresses for the signatories.



The seller's agent details will be what is noted in your PO Form 6.



You will need to enter the seller's conveyancers details if known.



Buyer's Details


Enter the buyer's information here. You can add more buyers by clicking the blue Add Buyer button. 


If the buyer is an entity, you can enter the entity's details instead of the individuals details.


Where an entity may be the buyer (company, trust, Super Fund etc.) you should be verifying who must legally sign on behalf said entity. If more than one signatory is required for an entity you should make sure that the entity is entered enough times with the different email addresses for the signatories. 



You will need to enter the buyer's lawyer's/conveyancer's details if known.




Property's Details


Be sure to include the property's legal information such as the Title Reference & Real Description (Lot & Plan Number) - an alternative here could be to say - Be sure to include the property's legal information as provided in the Title Search


Any moveable items that will be included in the sale should be added to the Inclusions section, and any items that will not be included in the sale should be added to the Exclusions section.




Purchase Price & Deposit


In the Deposit Holder section you should enter '@realty Pty Ltd Trust Account' and in the Bank field you can enter 'BPAY instructions to be sent'.





The deposit amount should be a figure. The balance deposit can be left blank if there is not a second deposit due.



GST Conditions


Most standard sales will not be GST applicable, therefore in most instances the answer to Question 1 will be YES and Questions 2 & 3 can be left blank.



In most instances, the Buyer will not be purchasing the land for creditable purposes. A creditable purpose defined as the carrying on of a business enterprise. For example, a building company buying vacant land from a land developer to build a house and on-sell it.


Unless the seller is a foreign entity, the Buyer should not be required to make a payment to the ATO for withholding CGT. You can learn more here: 


https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/foreign-residents-and-capital-gains-tax/foreign-resident-capital-gains-withholding/capital-gains-withholding-a-guide-for-conveyancers#ato-Vendors 




Finance Condition


If the contract will be subject to finance, then you will need to complete the finance section.


The amount can be a figure or 'Sufficient to complete transaction'


The financier can be chosen bank or 'A Financial Institution' or 'Buyer's financial institution of choice'


The finance date can be a set date or 'X days from the contract date'


Update below example to match with above amended text



The finance clause will also need to be enabled in the Special Conditions section of the contract.



Building & Pest Condition


If the contract is subject to Building and/or Pest Conditions, you will need to tick the relevant boxes. Then enter the required dates in the text field.



You will also need to enable the Inspection Clause in the Additional Terms section of the contract (the text field can be left blank). 




Matters Affecting the Property


Enter any encumbrances, otherwise tick NO. 


If the property is tenanted, fully complete the tenancy and managing agent sections, otherwise tick NO.




Answer the questions about pool safety. You can search for safety certificates on the QBCC website here:


 https://my.qbcc.qld.gov.au/s/pool-register



Identify if the property has an Approved Safety Switch and Smoke Alarms installed at the property.



Identify if there are any Neighbourhood Disputes.



Body Corporate Information


This section is only applicable for properties that are part of a Community Title Scheme.


This information should be obtained from the Body Corporate Manager and information gathered from the CMS & BCCM Section 206 - Disclosure Statement.




Settlement Date & Place


Select the appropriate settlement timeframes. You can enter PEXA or [city of settlement e.g. Brisbane] as the settlement place.


Additional Clauses & Special Conditions


Waiver of Extension of Settlement Clause


If you want to remove the 'Extension of Settlement Date' clause, you can do so by enabling the waiver of the clause in the Special Conditions section.



This will remove the following from the General Conditions. 




Subject to the sale of the Buyer's Property


If the contract needs to be subject to the sale of the Buyer's property, you can enable this clause in the Special Conditions.



Other conditions or clauses


You can select clauses from a library of clauses by clicking the blue Select or Create Clauses button.



Signing


Select how you would like the parties to sign, in person (hard copy signing) or by electronic signature.



Be sure to tick that the Buyer acknowledges receipt of Contract and all related documents.












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