SPECIAL CONDITIONS of CONTRACT for SALE of LAND - (For Class Discussion Purposes)

SPECIAL CONDITIONS OF CONTRACT FOR SALE OF LAND - (for class discussion purposes)

BETWEEN: ...... (Vendor) AND ...... (Purchaser)

PROPERTY: ......

25. The parties authorise and direct the depositholder to invest the deposit in accordance with clause 2.9 of this contract.

26. The property, including all services, is sold in its present condition and state of repair with all faults latent or patent, subject to fair wear and tear as provided in clause 10.1.4 of this contract. The Purchaser cannot make a claim or requisition or rescind or terminate in relation to any such matters.

27. Attached are copies of:

*Survey Report by ...... dated ...... ; and *Building Certificate issued by ...... Council dated ......

The Purchaser cannot make a claim or requisition or rescind or terminate in respect of anything disclosed or represented in or arising from the Survey Report or the Building Certificate.

28. Fourteen days is agreed by the parties to be reasonable and sufficient notice for a notice to complete under clause 15 of this contract.

29. The Purchaser acknowledges and agrees that the Purchaser is purchasing the property as a result of the Purchaser’s own inspection, investigations and enquiries and that the Vendor has not, nor has anyone on the Vendor’s behalf, given or made any warranty or representation which is not specifically stated in this contract.

30. The Purchaser warrants that the Purchaser was not introduced as purchaser to the property by any agent other than the Vendor’s agent named in this contract. The Purchaser will indemnify and keep indemnified the Vendor against any claim for commission, together with any costs or expenses incurred by the Vendor which may arise as a result of a breach of this warranty by the Purchaser. The benefit of this clause shall not merge on completion but shall continue in force after completion for the benefit of the Vendor.

31. If for any reason, except the neglect or default of the Vendor, completion has not taken place by the completion date the Purchaser shall on completion pay interest at the rate of 9% per annum on the balance of the purchase price from the completion date until the date of actual completion. Such amount is agreed to be a genuine pre-estimate of the Vendor’s loss of interest on the balance of the purchase price and the Vendor’s liability for rates and other periodic outgoings.

32. Should either the Vendor or the Purchaser or if more than one, any of them, prior to completion die or being a company go into liquidation, then the Vendor or the Purchaser may by notice in writing to the other rescind this contract whereupon the provisions of clause 19 of this contract shall apply.

33. The Vendor is not aware of any proceedings pending or concluded that could result in the recording of any writ on the title to the property or in the General Register of Deeds

34. The Parties will immediately notify their Tax File Numbers to the deposit-holder.

......

...... VENDOR PURCHASER