Bellco Law Special Conditions

Special Conditions - Residential Conveyancing

Note: These special conditions are provided as guides only. Please contact us so that we may tailor a condition specific to your situation.

Property at Seller's risk until settlement date

Clause 8.1 of the Terms of Contract shall not apply to this Contract and the Property shall remain at (and be at) the risk of the Seller until settlement of the Contract has occurred, or possession of the Property has been taken by the Buyer (whichever occurs earliest).

Pool Safety Certificate to be provided by Seller

1.1 The Buyer requires that the Seller obtain, pays for and provides to the Buyer a current Pool Safety Certificate prior to Settlement Date.

1.2 In the event that the Seller is unable to provide a current Pool Safety Certificate prior to Settlement Date, the Buyer may terminate the Contract by notice given to the Seller and this Contract shall be at an end and the Deposit must be promptly refunded to the Buyer.

1.3 The Seller acknowledges that this special condition is for the benefit of the Buyer only and may be waived or exercised by the Buyer.

Due diligence

1.1 In this special condition:

(a) “Due Diligence Date” means the day [insert number] days from Contract Date;

(b) “Due Diligence Period” means the period from Contract Date to the Due Diligence Date.

1.2 This Contract is subject to and conditional upon the Buyer at its sole discretion being satisfied in relation to all matters it considers relevant to the Property including but not limited to:

(a) the Seller’s title to the Property;

(b) the accuracy of the description of the Property;

(d) the physical state and condition of the Property and equipment, services, fixtures, fittings and fencing on the Property;

(e) the results of searches completed on the Property;

(f) the value of the Property; and

(g) the permitted use of the Property.

1.3 The Buyer must provide written notice to the Seller that either:

(a) the Buyer is not satisfied with its investigations under special condition 1 and this Contract is terminated;

(b) the Buyer is satisfied with its investigations under special condition 1 and special condition 1 is satisfied;

1.4 If the Buyer does not provide the Seller with notice under special condition 1.3 on or before 5.00pm on the Due Diligence Date then the Seller may terminate this Contract by notice in writing to the Buyer (and that will be the Seller’s only right).

1.5 If the Buyer terminates the contract under special condition 1.3 or the Seller terminates the Contract under special condition 1.4 the Deposit will be refunded to the Buyer in full.

1.6 The Seller will allow the Buyer and its consultants and agents access to the Property throughout the Due Diligence Period for the purpose of completing its due diligence investigations upon the Buyer given prior notice to the Seller

FIRB approval

1.1 This Contract is subject to and conditional upon the Buyer receiving Foreign Investment Review Board approval for the purchase of the Property.

1.2 In the event that such approval is not granted before the (insert date) then this Contract shall be at an immediate end, and the Deposit will be refunded to the Buyer in full.

Sale subject to bank release of mortgage

1.1 The Seller hereby discloses and the Buyer acknowledges that the sale price is insufficient to pay out the Seller’s mortgage with respect to this Property.

1.2 This Contract is subject to and conditional upon the Seller obtaining written confirmation, within (insert number of days) from Contract Date, that the mortgagee will release the mortgage at settlement, on terms and conditions satisfactory to the Seller.

1.3 If the Seller is unable to obtain written consent within (insert number of days) from Contract Date, then the Seller may terminate this Contract by notice given in writing to the Buyer and the Deposit will be refunded to the Buyer in full.

Access by Buyer prior to settlement (storage)

1.1 The Seller has agreed to allow the Buyer access to the Property prior to Settlement Date on and from (insert date) to store goods (at the property/inside the dwelling/shed only/garage only).

1.2 The Buyer will provide a copy of the relevant Certificate of Currency for the insurance to the Seller prior to possession to the Property being permitted.

1.3 All goods stored by the Buyer at the Property are stored at the sole risk of the Buyer, and the Buyer indemnifies the Seller against any and all loss, damage, action, claims, suits or demands arising from or through or in connection with the access to Property.

Electrical Inspection

1.1 This Contract is conditional upon the Buyer obtaining a satisfactory report from a licensed electrician as to the condition and state of the electrical wiring, safety switches, switchboard and electrical fittings and fixtures of the Property within [insert date] from Contract Date ("Due Date").

1.2 The Buyer must give notice to the Seller in writing on or before 5.00pm on the Due Date that:

(a) the report is not satisfactory to the Buyer and the Buyer terminates this Contract; or

(b) this special condition has either been satisfied or waived by the Buyer.

1.3 If the Buyer does not provide the Seller with notice under special condition 1.2 on or before 5.00pm on the Due Date then the Seller may terminate this Contract by notice in writing to the Buyer (and that will be the Seller’s only right).

1.4 If the Buyer terminates the contract under special condition 1.2(a) or the Seller terminates the Contract under special condition 1.3 the Deposit will be refunded to the Buyer in full.

Inspection of the property

This Contract is subject to the Buyer (or their nominated agent) undertaking a physical inspection of the property within 7 days from Contract Date and being satisfied in all respects with the results of such inspection. In the event that the Buyer is not satisfied with the inspection, the Buyer may terminate the Contract, and the Deposit will be refunded to the Buyer in full.