Contract of Sale General Conditions
The Contract of Sale of Land, also known as the Contract of Sale of Real Estate, is probably the most important contract in Victoria. In many cases it is the first formal legal document the average consumer will come into contact with. The Contract of Sale brings the ordinary consumer into contact with a number of service providers, including lawyers, conveyancers, PEXA, real estate agents, banks, mortgage brokers, building inspectors, insurers, water authorities, owners corporations and local councils. It may also result in the consumer’s first contact with the State Revenue Office and the Australian Taxation Office.
The standard form Contract of Sale of Land, produced by the Law Institute of Victoria and adopted by the Real Estate Institute of Victoria, is the most common form of contract used for the sale and purchase of real estate in the State of Victoria today. The 35 General Conditions that form the major part of the Contract of Sale of Land can be quite overwhelming and confusing for the average vendor or purchaser. The purpose of this page of the Lawyers Conveyancing website is to provide a layperson’s guide to the General Conditions and the reasoning behind their creation and drafting.
Just click on the number of any particular General Condition below, to be taken to its description and explanation:
General Condition 1 – ELECTRONIC SIGNATURE
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General Condition 2 – LIABILITY OF SIGNATORY
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General Condition 3 – GUARANTEE
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General Condition 4 – NOMINEE
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General Condition 5 – ENCUMBRANCES
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General Condition 6 – VENDOR WARRANTIES
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General Condition 7 – IDENTITY OF THE LAND
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General Condition 8 – SERVICES
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General Condition 9 – CONSENTS
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General Condition 10 – TRANSFER AND DUTY
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General Condition 11 – RELEASE OF SECURITY INTEREST
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General Condition 12 – BUILDER WARRANTY INSURANCE
General Condition 12
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General Condition 13 – GENERAL LAW LAND
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General Condition 14 – DEPOSIT
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General Condition 15 – DEPOSIT BOND
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General Condition 16 – BANK GUARANTEE
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General Condition 17 – SETTLEMENT
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General Condition 17.2
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General Condition 17.3
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General Condition 18 – ELECTRONIC SETTLEMENT
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General Condition 19 – GST
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General Condition 20 – LOAN
General Condition 20.1
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General Condition 21 – BUILDING REPORT
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General Condition 22 – PEST REPORT
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General Condition 23 – ADJUSTMENTS
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General Condition 24 – FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING
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General Condition 24.9
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General Condition 25 – GST WITHHOLDING
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General Condition 26 – TIME & CO-OPERATION
General Condition 26.1
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General Condition 27 – SERVICE
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General Condition 28 – NOTICES
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General Condition 28.2
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General Condition 29 – INSPECTION
General Condition 29
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General Condition 30 – TERMS CONTRACT
General Condition 30.1
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General Condition 30.2
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General Condition 31 – LOSS OR DAMAGE BEFORE SETTLEMENT
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General Condition 32 – BREACH
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General Condition 33 – INTEREST
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General Condition 34 – DEFAULT NOTICE
General Condition 34.1
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General Condition 34.2
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General Condition 35 – DEFAULT NOT REMEDIED
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General Condition 35.5
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