Contract of Sale of Real Estate

A property transaction is deemed to be entered into when both the vendor and purchaser have signed a contract of sale agreement.

A typical contract of sale must be in writing and contain the following:

  • A signed Vendor’s statement (generally called section 32 statement in Victoria)

  • Particulars of the property being sold or purchased

  • Particulars of the vendor(s) and purchaser(s)

  • Particulars of selling agent (if any)

  • Particulars of legal practitioners or conveyancers of both the Vendor and Purchaser

  • Finance approval date (if any)

  • Settlement date

  • General conditions

  • Special conditions (if any)

  • Purchase price including or excluding GST and where GST is included how the amount will be calculated

  • Particulars of deposit paid

  • Particulars of balance owing at settlement

This article is general in nature and does not constitute a legal advice. If you require assistance with any of the topics dealt with in this article we strongly recommend you seek legal advice or contact our office to speak with our experts.