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AGREEMENT FOR SALE AND PURCHASE Ninth Edition

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  • AGREEMENT FOR SALE AND PURCHASE Ninth Edition

    Can someone help me with the new S&P ?

    I'm putting in an offer for a house which I'm going to live in.
    Purchase price will be around 200k.
    I'm paying the vendor a deposit, but not settling for about 6 months.
    i will also rent the house off the vendor until I settle.

    Help please. Not sure what to write in the
    - Payment of Purchase Price box
    - Conditions box
    - Tenancies Box ??

    Ok with the rest.

    Any assistance would be much appreciated.

  • #2
    To make your stay there legal I guess you'll also need a fixed term Tenancy agreement (expiring on the date of settlement).

    Other than that it's a standard S&P -
    - vacant posession in the Tenancy box,
    - conditions - Up to you, really. 5 days to confirm Finance? Builder? LIM? Or nothing at all if you're happy to make an unconditional offer.
    - Purchase price $200k with some deposit (10%?) and settlement date in 6 months. Payment by cleared funds, interest rate 10%, don't worry about the GST section (unless you are GST registered).

    Can you negotiate the rent (or part of the rent) to be credited towards the purchase price? After all you're repaying the vendor's mortgage in the meantime However in that case the Purchase price section will be a bit more complicated and will refer to the Further Terms of Sale for details.

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    • #3
      Soundn't your lawyer advise you on this? If you haven't got one better get one sorted before you sign anything.

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      • #4
        You should take help from a lawyer. That would surely help you. It is always better to consult a professional.

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        • #5
          Thanks everyone for the advice. S&P signed, sorted and Lawyer engaged.

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          • #6
            Originally posted by Screenplay View Post
            Thanks everyone for the advice. S&P signed, sorted and Lawyer engaged.
            Great to hear that we helped you. Best of luck.

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            • #7
              hi,
              I am a new member in this forum and i like this post

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