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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
General Condition 2 – LIABILITY OF SIGNATORY
General Condition 3 – GUARANTEE
General Condition 4 – NOMINEE
General Condition 5 – ENCUMBRANCES
General Condition 6 – VENDOR WARRANTIES
General Condition 7 – IDENTITY OF THE LAND
General Condition 8 – SERVICES
General Condition 9 – CONSENTS
General Condition 10 – TRANSFER AND DUTY
General Condition 11 – RELEASE OF SECURITY INTEREST
General Condition 12 – BUILDER WARRANTY INSURANCE
General Condition 13 – GENERAL LAW LAND
General Condition 14 – DEPOSIT
General Condition 15 – DEPOSIT BOND
General Condition 16 – BANK GUARANTEE
General Condition 17 – SETTLEMENT
General Condition 18 – ELECTRONIC SETTLEMENT
General Condition 19 – GST
General Condition 20 – LOAN
General Condition 21 – BUILDING REPORT
General Condition 22 – PEST REPORT
General Condition 23 – ADJUSTMENTS
General Condition 24 – FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING
General Condition 25 – GST WITHHOLDING
General Condition 26 – TIME & CO-OPERATION
General Condition 27 – SERVICE
General Condition 28 – NOTICES
General Condition 29 – INSPECTION
General Condition 30 – TERMS CONTRACT
General Condition 31 – LOSS OR DAMAGE BEFORE SETTLEMENT
General Condition 32 – BREACH
General Condition 33 – INTEREST
General Condition 34 – DEFAULT NOTICE
General Condition 35 – DEFAULT NOT REMEDIED

 

 

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

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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 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 20.2

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General Condition 21 – BUILDING REPORT

General Condition 21.1

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General Condition 21.2

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General Condition 22 – PEST REPORT

General Condition 22.1

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General Condition 23 – ADJUSTMENTS

General Condition 23.1

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General Condition 23.2

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General Condition 23.3

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General Condition 24 – FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING

General Condition 24.1

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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 26.2

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General Condition 26.3

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General Condition 26.4

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General Condition 27 – SERVICE

General Condition 27.1

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General Condition 27.2

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General Condition 27.3

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General Condition 27.4

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General Condition 27.5

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General Condition 28 – NOTICES

General Condition 28.1

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General Condition 28.2

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General Condition 28.3

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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

General Condition 31.1

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General Condition 31.2

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General Condition 31.3

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General Condition 31.4

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General Condition 31.5

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General Condition 31.6

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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

General Condition 35.1

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General Condition 35.2

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General Condition 35.3

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General Condition 35.4

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General Condition 35.5

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How To

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Guides

  • Conveyancing Guide – Buying Real Estate

    When you engage us to complete your conveyancing, the matter will ordinarily proceed as follows: Preliminary - Obtain Pre-Purchase Assistance via our automatic email facility.
  • Conveyancing Guide – Selling Real Estate

    When you engage us to complete your conveyancing, the matter will ordinarily proceed as follows: Pre-Sale Matters, Exchange of Contracts then Completion.
  • Moving Guide – Things To Consider When Moving House

    When you are moving house it is always difficult to remember all of the things that need to be done during the lead-up to THE BIG DAY. Below is a list of "things to do" in the form of our document "Countdown To Moving Day". You can download this list and use it to fill in your calendar so that you will be prompted as moving day approaches.

Testimonials

  • Everything Progressed Smoothly without Stress

    "I wish to express my thanks and gratitude for the services (Lawyers Conveyancing) provided for my recent purchase. This was my first property and I was very ignorant of all "the process" and was most impressed by the friendly, efficient, helpful advice I was given. Nothing was ever a trouble..." JD - Doncaster East
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    “Jack and I can’t enough express our big thanks to you for your kind and friendly handling and settling of our affair. We wish you all the best.” VR & JR, – The Basin
  • Great Experience

    “Excellent. Thanks for that. I didn’t realise it was so quick. I highly recommend your service. I had a great experience with Nicki when I purchased the property, and your efficiency in arrangeing the s 32 on the sale has been outstanding.” Anthony P. – Carlton North, Victoria

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