This precedent is for use with the 2005 or 2014 edition of the Contract for Sale of Land by the Law Society of NSW and Real Estate of NSW.
This clause is designed for sales of residential property where the purchaser may wish to secure the property by exchanging a contract, perhaps at the agent’s office. The purchaser will pay only 0.25% of the purchase price as the deposit and the balance will be paid at the expiry of the cooling off period under Part 4 Division 8 Conveyancing Act 1919 (NSW).
This precedent may be combined with other precedent special conditions when preparing a contract of sale in NSW.
This precedent has been authored for LexisNexis by Peter Kirsop, Special Counsel, MRM Lawyers and Garry Barnsley OAM.
This document is prepared with the assistance of General Editor Christopher Conolly, Partner, TressCox Lawyers and Specialist Editor, Peter Rosier, Principal, Rosier Partners Lawyers.