This precedent is a special condition 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 suitable for use in situations where the purchaser is entering the contract as a trustee.
Practitioners acting for purchaser clients should be aware of the stamp duty consequences as this clause may be deemed a declaration of trust over the property and so liable to ad valorum duty as well as duty on the actual purchase.
This precedent has been authored for Lexis Nexis by Daniela Terruso, Director, Intelmar and Peter Kirsop, Special Counsel, MRM Lawyers.
This document is prepared with the assistance of General Editor Christopher Conolly, Partner, TressCox Lawyers and Specialist Editor, Peter Rosier, Principal, Rosier Partners Lawyers.