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BLACK = Old Item/Clause | RED = New Item/Clause | BLUE = Comments About Change (Not Part of Form) | STRIKEOUT = Wording Deleted
14 Oct 2008
AU-QLD-RE-PS-001 v6.4
AU-QLD-RE-PS-002 v7.1
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Clause 19
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The Buyer Seller may inspect the Property and in so doing cause a survey to be made of the Land and fixed and permanent structures thereon and should there be an error or misdescription with respect to the dimensions of the Land or an encroachment onto or from the Land the Buyer may:
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30 Sept 2008
AU-QLD-RE-PS-002 v7.0
Changes to Cover Page / Statement Reversed
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24 Sept 2008
AU-QLD-RE-PS-002 v6.9
Changes made to Cover Page / Statement
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22 Sept 2008
AU-QLD-RE-PS-001 v6.3
AU-QLD-RE-PS-002 v6.8
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Item 7
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Unless otherwise stated in Special Conditions the Purchase Price includes, where applicable, GST. (WARNING: Some property sales may attract GST and require a tax invoice to be issued separate to this Contract. Seek appropriate Professional advice if unsure).
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Item 11
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Pool/ pool fencing to be included in the inspection: Yes / No
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Item 15 Header
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EXCLUDED IMPROVEMENTS
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Item 15
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Fixtures:
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Item 16 Header
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INCLUDED CHATTELS
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Item 16
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Chattels:
Note: includes all Improvements unless excluded in Item (15).
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Item 22
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Special Conditions:
(a) Were inserted under instruction by a party to this Contract; and/or
(b) Precedents used by the Agent as Special Conditions were prepared by an Australian Legal Practitioner, not by the Agent who gives no warranty in respect of same and in accordance with the warning in Item (23), legal advice should be sought as to the meaning and effect of such Special Conditions before signing.
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Item 23
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The parties have been advised to seek legal advice with respect to this Contract, including Special Conditions.
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Clause 1(15)
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Outgoings: All government and local government rates and charges assessed on the Land including land tax, water and sewerage rates, general rates, fire levy and all periodic charges up to and including the Adjustment Date.
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Clause 1(19)
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Settlement: The conveyance of the Property from the Seller to the Buyer.
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Clause 1(19)
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Tenancies: The Residential Tenancies as per Item (17).
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Clause 1(20)
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Settlement Date: The appointed date specified in Item (12) for Settlement to occur.
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Clause 1(21)
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Tenancy Documents: All Tenancy Agreements, residential or otherwise, and documents ancillary thereto.relating to the Residential Tenancies.
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Clause 3.4
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The Buyer may pay the Deposit (in whole or in part) by Bank Bond or Bank Guarantee in a form acceptable to the Seller, in which case on receipt of the Bank Bond the Buyer's obligation to pay the Deposit shall have been satisfied to the extent of the Bank Bond.
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Clause 3.5
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The Deposit is payable to the Seller:
(a)
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on Settlement; or
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(b)
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in case of the Buyers Default, on default
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Clause 3.6
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Should this Contract be properly terminated by the Buyer, the Deposit will be refunded to the Buyer in which case the Buyer shall have no further claim under this Contract unless there has been a breach of the provisions of this Contract by the Seller, giving rise to a claim for damages.
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Clause 3.7
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Investment of Deposit: (Note: see Section 380 of the Property Agents and Motor Dealers Act 2000)
Where the Stakeholder is instructed by the parties to invest the deposit, subject to any legislative requirements, then (except in the case of Bank Bond):
(1)
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the Deposit Holder will invest the Deposit funds paid with in its name as trustee for the Buyer and Seller in an interest bearing account with a Bank, Building Society or Credit Union until the Settlement Date or as otherwise instructed by the parties. in an interest bearing account in both parties names but at the risk of the party who becomes entitled to the Deposit
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(2)
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the parties will supply to the Deposit Holder, prior to the investment of the Deposit, their tax file numbers and acknowledge that if the tax file numbers are not provided then they accept that the interest earned on the Deposit may be taxed at the highest rate allowable.
the interest on the Deposit will be paid to the party who becomes and is entitled to the Deposit
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(3)
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the Deposit and the interest are at the risk of the party who is ultimately entitled to the Deposit
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(3)
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the party who becomes entitled to the income from the invested Deposit will be solely responsible for any tax liabilities on such income. Tax in this context includes Income Tax and G.S.T.
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(4)
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the interest on the Deposit will be paid to the party who becomes, and is, entitled to the Deposit at Settlement and such party will be solely responsible for any tax liability on such monies.
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(5)
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the interest is payable to the party entitled to the Deposit in accordance with Clauses 3.5 and 3.6.
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(5)
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the parties will supply the Deposit Holder with their tax file numbers in order to assist with the investing of the Deposit.
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(6)
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a Stakeholder, being a licensed Agent, may not invest the Deposit if the sale is to be completed on a contractually ascertainable day less more than 60 days after the Deposit is received.
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Clause 4
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4.1
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The Contract is subject to and conditional upon the Buyer obtaining, by the Inspection Date (or such extended date as may be agreed) specified in Item (11), a building and/or pest report, by the date specified in Item (11), satisfactory to the Buyer, excluding Acknowledged Defects / Exclusions.
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4.2
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In compliance with this Clause the Buyer will promptly, after the signing of this Contract by the Seller, take all reasonable steps to obtain the building and/or pest report.
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4.3
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If any inspection report specified in Clause 4.1 is not satisfactory to the Buyer, the Buyer must, promptly upon receipt of the inspection report, may by notice to the Seller terminating this Contract. by 5.00 p.m. on the Inspection Date terminate this Contract. The Buyer may however, waive the benefit of this condition at any time prior to termination of the Contract.
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4.3
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Should the Buyer not notify the Seller in accordance with the provisions of Clause 4.2 the Buyer will be deemed to be satisfied with the Inspections.
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4.4
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The Buyer must at all times act reasonably.
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4.5
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Should the Buyer not give notice to the Seller in accordance with Clause 4.3 by 5.00 p.m. on the Inspection Date the Buyer will be deemed to be satisfied with the Inspections.
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4.5
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This Contract is not terminated until notice is given.
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4.6
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Where the Buyer has given notice of termination in accordance with Clause 4.3 but has failed, when requested by the Seller, to provide a copy of the relevant report, the termination will not take effect until after such copy has been provided to the Seller.
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4.6
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If the Buyer refuses to comply with a request in accordance with Clause 4.5 the Buyer will be deemed to be not acting reasonably.
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4.7
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All monies paid by way of Deposit will be forthwith refunded to the Buyer once this Contract is terminated in accordance with respect to this clause.
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4.8
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In respect of white-ants, risk in itself will not constitute a reason for termination of this Contract.
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4.9
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Inspectors who conduct building inspections for the purposes of this Contract must be specifically licensed as Building Inspectors in accordance with the Queensland Building Services Authority Act 1991.
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Clause 5
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This Clause shall not apply unless all details in Item (10) are completed.
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Clause 5.4
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If the Buyer, through no default on the Buyers part, has not obtained the Finance approval by the Finance Date then the Buyer may by notice to the Seller:
(a)
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terminate this Contract; or
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(b)
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waive the benefit of this condition
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Clause 5.7
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Should the Buyer not obtain Finance Approval by the Finance Date and then subsequently: obtains Finance Approval and notifies the Seller prior to the Seller giving notice to terminate this Contract in accordance with Clause 5.5, then the Buyer will have complied with the requirement to obtain a loan in the Finance Amount.
(a)
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obtains finance approval; or
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(b)
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waives the benefit of Clause 5.1,
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and notifies the Seller prior to the Seller giving notice to terminate this Contract in accordance with Clause 5.5, then the Buyer will have complied with the requirement to obtain a loan in the Finance Amount.
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Clause 6
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6.1
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The Seller is entitled to the Rents and Income profits and is liable for and will make payment of all Outgoings on the Property up to and including the Adjustment Date. Thereafter and after that date the Buyer shall be entitled to the Rents and Income profits and be liable for all Outgoings.
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6.2
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All Outgoings under Clause 6.1 must be apportioned as at on the Adjustment Date.
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6.3
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All Outgoings Rents and Income profits received by the Seller in relation to periods subsequent to the Adjustment Settlement Date must be apportioned as at on the Adjustment Date.
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6.4
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Apportionment of Outgoings with respect to those which have been paid will be adjusted on the amount paid and for those assessed but not paid on the non discounted assessment.
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6.5
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All Outgoings paid and, Rents and Income received, including post Settlement reassessments, by either party must be apportioned based on the Adjustment Date. This excludes water rates charges based on usage. Payment must be made within 14 days of monies being received.
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6.6
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Unpaid Rent, as at Settlement, will not be adjusted until paid.
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6.7
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Land tax will be apportioned as if the Land were the Seller's only land in Queensland and the Seller is a natural person resident in Queensland.
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6.8
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(1)
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Should the Commissioner of Land Tax not have issued a Land Tax Clearance Certificate to the Buyer by the Adjustment Date, then in such case the parties agree the Buyer will retain in his Solicitors Trust Account such sum from the settlement monies, as the Commissioner of Land Tax specifies in writing would be prudent to cover any land tax liability outstanding for the period up to and including 30th June immediately preceding the Adjustment Date. And, upon a Land Tax Clearance Certificate issuing, the Buyer undertakes and agrees to direct the Solicitor to pay from the funds held in the Trust Account so much of those funds as may be necessary to obtain for the Buyer a Land Tax Clearance Certificate. Any balance funds remaining shall be paid to the Seller.
This obligation is a continuing obligation and does not lapse at Settlement.
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(2)
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Where the Land, subject to this Contract, forms part of a larger lot and no separate assessment of Land Tax is issued in respect to the Land, Land Tax will be adjusted based on the proportion the area of the Land bears to the area of the whole of the Lot
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6.9
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(1)
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Where Outgoings have not been assessed at the Adjustment Date any apportionment will be based on the sum advised by the relevant authority or where no such information is available, on the latest assessment.
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(2)
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Outgoings on a "per lot" basis shall be adjusted by dividing the total assessment by the number of lots included in the assessment.
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6.10
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Any amount adjustable under this provision which relates to land other than that included in the Property shall be (where no specific assessment is issued) adjusted proportionately based on the area of the whole of the land relative to the area of the Land included in the Property.
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6.11
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Should the Seller be entitled to any discount on Outgoings then, for the purpose of this Clause, the discount shall not be taken into account, unless already received paid.
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6.12
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Adjustments with respect to water usage will be based on the average daily usage for the most recently assessed period before the Adjustment Date.
Adjustments will be made with respect to water rates when the rates charged are based on the average daily usage using the following formula:
Adjustment = TC/RD x AD
Where:
TC =
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Total Usage Charge as at the Adjustment Reading Date
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RD =
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Days between the previous reading and Adjustment Reading Date
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AD =
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Adjustment Days. The number of days between the Adjustment Reading Date and Settlement Date.
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(ie. Settlement Date minus Adjustment Reading Date. The Adjustment Reading Date is the date the water metre was read for the purpose of issue of Local Government water usage assessment)
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6.13
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The Buyer is responsible for;
(1)
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obtaining an accurate water meter reading within a reasonable time period prior to Settlement for the purpose of Clause 6.12
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(2)
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determining an Adjustment amount to be paid in accordance with Clause 6.12
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(3)
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disclosing the information in Clause 6.13 (1) & (2) to the Seller not less than 48 hours prior to the Adjustment Date
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6.14
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The Seller may direct the Buyer to provide on Settlement a cheque payable to the relevant authority for Outgoings assessed but unpaid at the Adjustment Date. It shall be the Buyer's responsibility to forward such cheque to the relevant assessing authority forthwith. This will be an adjustment for purposes of Clause 6.1.
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6.15
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It shall be the Buyer's responsibility to obtain at its own cost all outgoing details from relevant government and local government authorities.
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Clause 7.3
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On payment of the Balance Purchase Price, adjusted as provided in this Contract, by Bank Cheque/s (as directed by the Seller or its Solicitors in writing) and compliance by the Buyer with the conditions of this Contract the Seller must deliver (or cause to be delivered) to the Buyer (or as directed by the Buyer):
(1)
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the instrument of title, if any, for the Land.
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(2)
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Transfer Documents free of un-notified Encumbrances executed by the Seller in a form capable of immediate registration (save for stamping) in accordance with the Land Title Act 1994.
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(3)
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all the Sellers keys and other devices and codes for entry, exit and security unless an alternative time and place for delivery is agreed to in writing.
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(4)
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all Tenancy Documentsation, including all documents and forms required to transfers of Bond, to give effect to and comply with the provisions of the Residential Tenancies Act 1994 including Bond transfers and notice to Tenants advising of the sale, provided however Section 117 of the Property Law Act 1974 does not apply.
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(5)
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a properly completed property transfer information form in accordance with the Fire and Rescue Service Amendment Act 2006.
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(6)
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title to any chattel forming part of the Property including assignable warranties and documentation relating thereto to which the Buyer may be reasonably entitled. such other assignment of the Property, including assignable warranties, to which the Buyer may be reasonably entitled.
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(7)
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documents in the Sellers possession reasonably required by the Buyer relating to the Property, in particular those relating to tenancies, licenses, warranties and any unregistered dealings.
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Clause 9.2(1)
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claim forfeiture of the Deposit or call up any Bank Bond or Bank Guarantee provided in accordance with Clause 3.4; and/ or
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Clause 10
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Sellers Warranties / Buyer's Right to Rescind
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Clause 10.1
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The Seller warrants, unless otherwise disclosed in this Contract, that at the time of Settlement:
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Clause 10.1(6)
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there are no outstanding or unsatisfied Notices, Orders or demands at the Date of Contract with respect to any Act, Regulation or By-Law, required to be complied with by the Seller pursuant to Clause 31.1, which have not been fully complied with or which may adversely affect the Property Land and Improvements, or the Sellers ability to complete this Contract, unless disclosed in Item (19).
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Clause 10.1(9)
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any Improvements to the Property not excluded in Item (15) will not have not been removed by the Seller. Any claim by the Buyer to the contrary must be directed to the Seller.
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Clause 10.1(10)
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in the case of vacant land, the Property has the Buyer may terminate this Contract if the Property has not been provided with a separate sewerage connection, unless otherwise disclosed in Item (22) (Special Conditions). This clause shall not apply to Property where other disposal systems are required and permissible by the local authority or council.
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Clause 10.3
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If a warranty set out in Clause 10.1 is incorrect or is breached by the Seller, the Buyer may:
(a)
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where the Buyer is materially prejudiced, by notice to the Seller, given not later than 5pm on the Business Day immediately preceding the Settlement Date (except in the case of matters disclosed in Item (19) with relation to Clause 10.1 (6) or disclosed in Item (22)), rescind this Contract; or
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(b)
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elect to complete the Contract and reserve its rights to claim compensation damages providing notice to this effect has been given to the Seller in writing at or prior to Settlement.
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Clause 10.4
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Any notice given to the Seller under Clause 10.3 must set out clearly, details of the incorrect or breached warranty.
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Clause 12.3
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If consent is not obtained by the Settlement Date, providing neither party is in default, either party may by written notice to the other party terminate this Contract.
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Clause 15
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On the giving of reasonable notice to the Seller, the Buyer, or designated representative, may at reasonable times, prior to Settlement, inspect the Property for the purposes of:
(1)
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Inspections in accordance with as per Clause 4
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(2)
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valuation, if required (under Clause 5 or otherwise)
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(3)
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reading of the water meter
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(4)
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one pre-settlement inspection in addition to Clauses 15 (1) & 15 (2).
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Clause 16
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Any monies payable under this Contract (or any Judgement given in respect of this Contract) not paid when due, will attract Interest, from the due date, to the date of payment, at the rate prescribed in Item (21) and the party, to whom those monies are owed, when such monies are paid, may recover the interest thereon from the other party as liquidated damages.
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Clause 17.6
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Occupation of the Property shall be at the Buyers risk. The Buyer will adequately insure the Property in both the Buyers and Sellers name.
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Clause 17.7
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The Buyer indemnifies the Seller against any loss or damage the Seller may incur arising from the Buyers occupancy of the Property.
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Clause 17.8
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The Buyer will insure the Property, in a sum and on terms approved by the Seller, in both the Buyers and Sellers names.
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Clause 18
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Should there be outstanding Notices at the Date of Contract under:
(a)
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Sections 4.3.9 (show cause notice) or 4.3.11 (enforcement notice) of the Integrated Planning Act 1997; or
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(b)
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Sections 247 (show cause notice) or 248 (enforcement notice) of the Building Act 1975.
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The Buyer may terminate the Contract by written notice to the Seller.
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Clause 19
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Property Survey Description
The Seller may inspect believes the Property to be correctly described. The Buyer may and in so doing cause a survey to be made of the Land and fixed and permanent structures thereon and should there be an error or misdescription with respect to the dimensions of the Land in this Contract or an encroachment onto or from the Land the Buyer may:
(a)
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in the case of an material error, misdescription or encroachment, any one of which is of an material nature, elect (in writing to the Seller) to complete this Contract or terminate before Settlement; or
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(b)
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in the case of an immaterial error, or mis-description or encroachment, any one of which is of an immaterial nature, disclosed by survey or otherwise, the Buyer must complete the purchase in accordance with the terms of this Contract.
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Clause 20
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In the case of a material or immaterial error or misdescription of the Property, including the Sellers title thereto, the Buyer may:
(a)
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in the case of an error or misdescription, either of which are material, elect (in writing to the Seller) to complete this Contract or terminate before Settlement.
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(b)
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in the case of an error or misdescription, either of which are immaterial, the Buyer must complete the purchase in accordance with the terms of the Contract
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Clause 21
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Where the Buyer elects to complete under Clause 19(a) or 20(a) or must complete under Clause 19(b) or 20(b):
(a)
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The Buyer shall only be entitled to claim compensation if notice of such claim is given at or before Settlement and such notice clearly details the error, misdescription or encroachment giving rise to such claim. Any claim for compensation shall be limited to monetary compensation only.
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(b)
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Any such claim for compensation does not entitle the Buyer to delay Settlement or withhold any of the purchase monies.
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Clause 22
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22.1
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The Seller must, prior to Settlement, provide to the Buyer current copies of all relevant documents in the Sellers possession reasonably required by the Buyer relating to the Property, in particular those relating to tenancies, licences, warranties, and any unregistered dealings.
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22.2
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The Seller by this Contract consents to and authorises the Buyer to inspect the records of relevant authorities relating to the Land and Improvements.
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Clause 23.2(c)
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compliance with or application of any Government or local Government requirements or proposals, statutory or otherwise (including Transport Infrastructure), with respect to the Land or adjoining land will materially adversely affect the Property; or
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Clause 31
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31.1
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(1)
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The Seller must, by Settlement, fully comply with any Work Orders or Notices issued by a competent authority, pursuant to Clause 10.1 (6), made on, or before or subsequent to the Date of Contract that require compliance by Settlement. and the Buyer shall comply with any Work Orders or Notices issued subsequent to the Date of Contract.
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(2)
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Provided however, should the Buyer direct the Seller not to carry out the works, the Buyer will indemnify the Seller against any claims in respect of such Work Orders or Notices.
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31.2
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The Buyer must comply with any Work Orders or Notices issued by a competent authority subsequent to the Date of Contract that require compliance after Settlement.
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31.2
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The Seller will comply with Work Orders or Notices issued subsequent to the Date of Contract which are to be complied with before the Settlement Date unless otherwise directed by the Buyer in which case the Buyer will indemnify the Seller against any claims in respect of Work Orders or Notices.
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31.3
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The Costs incurred by one party in complying with of any Work Order or Notice complied with by one party which, under Clause 31.1, is the responsibility of the other party shall be, to the extent of such costs, an Adjustment to the Purchase Price in favour of the party who has incurred the costs.
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31.4
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The Buyer shall bear all costs towards construction or repair of any dividing fences between the Land and any adjoining land, unless a Notice served under the provisions of the Dividing Fences Act 1953, Section 8, is in force as at the date of this Contract, in which case such Notice shall be treated in the same manner as a Notice referred to in Clauses 31.1and 31.3.
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31.5
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In accordance with Clause 31.1 the Seller will forthwith provide the Buyer with copies of all Work Orders and Notices (including those under the Dividing Fences Act 1953) received after the Date of Contract and will not carry out any work without written consent of the Buyer which consent will not be unreasonably withheld.
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31.6
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Should the Contract not settle other than through default of the Buyer, the Seller will reimburse to the Buyer any monies reasonably expended by the Buyer in accordance with matters disclosed in Item (19).
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Clause 32
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If an Agent has been appointed by the Seller as outlined in Item (2) to sell the Property for the Seller, authority vested in the Agent by the Seller shall be deemed to be vested in the Agents authorised employees.
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Clause 33.3
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A facsimile notice shall be deemed to have been served when transmitted to the facsimile number, agreed upon by the recipient, at the time of the facsimile transmission in accordance with Section 24 of the Electronic Transactions (Queensland) Act 2001 and otherwise complies with legislation.
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Clause 33.5
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A Sellers Agent shall, for the purpose of this Clause, be recognised as a party and may receive Notices in accordance with Clause 33.1 on the Sellers behalf if authorised by the Seller. Where notice cannot otherwise be served on the Seller in accordance with this Clause, notice may be served on the Sellers Agent.
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Clause 34
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34.1
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The laws of Queensland are the laws applicable to this Contract.
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34.2
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A solicitor appointed by a party shall have full authority to act on behalf of such party with respect to all matters relating to this Contract.
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Clause 35
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35.1
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By signing this Contract all parties agree to having given prior approval, in accordance with the Electronic Transactions (Queensland) Act 2001, for electronic transmission of this Contract and any other related contracts, for signing purposes or otherwise, as far as such means of communication have been indicated in this document (ie. Facsimile numbers & email addresses).
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35.2
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This Contract may be executed in any number of counterparts. Together all counterparts make up one instrument.
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35.3
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This Contract may be entered into by and becomes binding on the parties by one party signing the Contract that has been signed by the other (or a photocopy or facsimile of that Contract) and transmitting a facsimile of it to the other or to the other partys Agent or Solicitor.
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04 Feb 2008
AU-QLD-RE-PS-002 v6.7
Changes to attached PAMD 30c as per Office of Fair Trading
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28 May 2007
AU-QLD-RE-PS-001 v5.8
AU-QLD-RE-PS-002 v6.3
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Cover Page
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Cover Page added to 'Contract for Sale of House and Land' (AUQLDREPS001)
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Item 13
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(From 1 September 2002 Electricity Amendment Regulation (No. 3) 2002 The Electrical Safety Regulation 2002 requires the transferor of land on which a domestic residence is constructed to give notice of whether a safety switch has been installed. If one is not installed, then within 90 days from the date of possession, the new owner of the land must install a safety switch.) A licensed Electrician can advise in relation to this requirement.
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Clause 17.7
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The Seller will on or before the date of possession, give the Buyer a properly completed property transfer information form in accordance with the Fire and Rescue Service Amendment Act 2006.
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Clause 24
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If Settlement does not take place by the Settlement Date in Item (12) due to delay by the Seller, the Buyer may require the Seller shall to pay to the Buyer, as liquidated damages on Settlement, Interest on the Balance Purchase Price at the rate set out in Item (21).
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11 May 2007
AU-QLD-RE-PS-001 v5.7
AU-QLD-RE-PS-002 v6.2
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Item 14
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Smoke alarms are/are not installed on the Property.
{From the 1st July 2007 owners of all houses and units (domestic dwellings) in Queensland must install and maintain smoke alarms in compliance with the Fire and Rescue Service Act 1990 as amended.}
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Clause 7.3(5)
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a properly completed property transfer information form in accordance with the Fire and Rescue Service Amendment Act 2006.
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Clause 10.1(11)
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the Seller has complied with the Fire and Rescue Service Amendment Act 2006 with respect to smoke alarms.
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Clause 17.7
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The Seller will on or before the date of possession, give the Buyer a properly completed property transfer information form in accordance with the Fire and Rescue Service Amendment Act 2006.
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22 Nov 2006
AU-QLD-RE-PS-001 v5.6
AU-QLD-RE-PS-002 v6.1
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Clause 1(13)
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Land Tax Clearance Certificate: A certificate issued by the Commissioner of Land Tax that describes the land charged, and showing whether or not any land tax remains unpaid on the land described in the application and where land tax remains unpaid, the amount thereof. stating that there are arrears of land tax payable in respect thereof in accordance with (Section 37 (1A) of the Land Tax Act 1915)
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Clause 1(15)
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Property: The Land described in Item (6) together with and Improvements described in Clause 1 (12), Item (6) of the Item Schedule and the included chattels described in Item (15) of the Item Schedule.
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Clause 3.5
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Investment of Deposit: (Note: see Section 380 of the Property Agents and Motor Dealers Act 2000)
Where the Stakeholder is instructed by the parties to invest the deposit, subject to any legislative requirements, If the Deposit is to be invested then (except in the case of Bank Bond):
(1)
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the Deposit Holder will invest the funds paid with a Bank, Building Society or Credit Union in an interest bearing account in both parties name but at the risk of the party who becomes entitled to the Deposit.
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(2)
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the interest on the Deposit will be paid to the party who becomes, and is entitled, to the Deposit.
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(3)
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the party who becomes entitled to the income from the invested Deposit will be solely responsible for any tax liabilities on such income. Tax in this context includes Income Tax and GST.
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(4)
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all costs in relation to this investment will be borne by the party referred to in Clause 3.5(3).
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(5)
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the parties will supply to the Deposit Holder at the Date of Contract, with their tax file numbers in order to assist with the investing of the Deposit.
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(6)
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a Stakeholder may invest the Deposit if the sale is to be completed on a contractually ascertainable day more than 60 days after the Deposit is received.
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Clause 5.8
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Should the Buyer obtain Finance Approval on a date subsequent to the Finance Date or waive the benefit of Clause 5.1 and notify the Seller prior to the Seller giving notice terminating the Contract, the Buyer will have complied with the requirement request to obtain a loan in the Finance Amount.
Should the Buyer not obtain Finance Approval by the Finance Date and then subsequently:
(a)
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obtains finance approval; or
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(b)
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waives the benefit of Clause 5.1,
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And notifies the Seller prior to the Seller giving notice to terminate this Contract in accordance with Clause 5.5, then the Buyer will have complied with the requirement to obtain a loan in the Finance Amount.
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Clause 6.2
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No Adjustment will be made at Settlement for unpaid rent.
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Clause 7.1
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Settlement shall take place (Subject to Clause 7.3) on the Settlement Date specified in Item (12) (or if the Settlement Date is not a Business Day on the next Business Day following) between 10.00am and 5.00 pm:
(a)
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at the Settlement office of the Sellers mortgagee or solicitor; or
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(b)
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as otherwise agreed upon by the parties; or
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(c)
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failing agreement, at the nearest office, to the nominated place for Settlement, at which land title documents may be lodged for registration.
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Clause 7.3
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The Seller will have provided to the Buyer no later than 3:00pm on the day prior to the Settlement Date, details of all cheques required for payment of the Balance Purchase Price. Should such details not have been provided in that time the Buyer has the right upon request, given no later than 5:00pm on that day, to a 24-hour extension of the Settlement Date.
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Clause 8
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The Seller must hand over the Property at Settlement without damage or loss to the condition, as at the Date of Contract (fair wear and tear excepted). Should there be damage or loss to the condition of the Property the Buyer may not delay Settlement or withhold monies. However, the Buyer may claim the reasonable costs of effecting rectification from the Seller as liquidated damages notwithstanding Settlement may have taken place. The Buyer must however notify the Seller, prior to Settlement, of its intention to make a claim.
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Clause 10.3
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If a warranty set out in Clause 10.1 is incorrect or is breached by the Seller, the Buyer may: rescind this Contract. {Note: except in the case of matters disclosed in Item (19) with relation to Clause 10.1 (6) or otherwise in Item (21)}.
(1)
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by notice to the Seller, (except in the case of matters disclosed in Item (18) with relation to Clause 10.1 (6) or disclosed in Item (21)), rescind this Contract.
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(2)
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elect to complete the Contract and reserve its right to claim damages providing notice to this effect has been given to the Seller prior to Settlement.
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Clause 13
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The Property is sold free of Encumbrances and Tenancies except as notified other than those included in Items (16) and (19) (But subject to all reservations in favour of the Crown).
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Clause 19.1
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The Seller must, prior to Settlement, provide to the Buyer current copies of all relevant documents in the Sellers procession reasonably required by the Buyer relating to the Property, in particular those relating to Tenancies, licences, warranties, and any unregistered dealings.
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Clause 6.3
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All rents and profits received by the Seller relating to periods subsequent to the Settlement Date must be apportioned on the Adjustment Date.
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Clause 6.4
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Unpaid rent, as at Settlement, will not be adjusted until paid.
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Clause 29.3
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A facsimile notice shall be deemed to have been served when transmitted to the facsimile number, agreed upon by the recipient, at the time of the facsimile transmission in accordance with Section 24 of the Electronic Transactions (Queensland) Act 2001 and otherwise complies with legislation.
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06 Sept 2006 v5.3
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Item 18
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1.
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Local Government /
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.......................................................................
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Date:
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.../.../...
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Statutory Authorities:
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.......................................................................
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Date:
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.../.../...
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2.
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Dividing Fences:
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.......................................................................
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Date:
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.../.../...
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3.
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.................................
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.......................................................................
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Date:
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.../.../...
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Clause 4.2
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If any inspection report specified in Clause 4.1 is not satisfactory to the Buyer, the Buyer may by notice to the Seller by 5.00 p.m. on the Inspection Date or as specified in Clause 29.2, terminate this Contract.
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Clause 4.4
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This Contract is not terminated until notice is given.
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Clause 5.5
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Should the Buyer not give notice to the Seller in accordance with Clause 5.4 (a) or (b) by 5.00p.m.on the Finance Date or as specified in Clause 29.2, the Seller may, by notice, terminate this Contract.
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Clause 5.8
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Should the Buyer obtain Finance Approval on a date subsequent to the Finance Date or waive the benefit of Clause 5.1 and notify the Seller prior to the Seller giving notice terminating the Contract, the Buyer will have complied with the request to obtain a loan in the Finance Amount.
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Clause 7.3
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The Seller will have provided to the Buyer no later than 3:00pm on the day prior to the Settlement Date, details of all cheques required for payment of the Balance Purchase Price. Should such details not have been provided in that time the Buyer has the right upon request by notice, given no later than 5:00pm on that day, to a 24-hour extension of the Settlement Date.
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Clause 7.10
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The Seller will, prior to Settlement, remove all chattels and other property not included in the sale, and repair all or any damage, if any, caused by such removal. Should the Seller fail to carry out such repairs the Buyer may do so and recover the cost of such repairs as liquidated damages from the Seller notwithstanding Settlement may have taken place.
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Clause 10.3
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If a warranty set out in Clause 10.1 is incorrect or is breached by the Seller, the Buyer may:
(1)
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by notice to the Seller, rescind this Contract - except in the case of matters disclosed in Item (19) with relation to Clause 10.1 (6) or otherwise in Item (21).
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(2)
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elect to complete the Contract and reserve its right to claim damages providing notice to this effect has been given to the Seller prior to Settlement.
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Clause 29.2
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Where the Seller is not represented by a solicitor, service of a notice upon the Seller for the purposes of Finance (Item 10) and Inspections (Item 11) may be affected by posting the notice to the Seller's address (Item 2) by Registered Post before 5:00pm on the next Business Day after the date specified in the relevant item.
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Clause 3.5(5)
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The parties will supply to the Deposit Holder at the Date of Contract, their tax file numbers in order to assist with the investing of the Deposit.
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Clause 4.9
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Inspectors who conduct building inspections for the purposes of this Contract must be specifically licensed as Building Inspectors in accordance with the Queensland Building Services Authority Act 1999.
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