This Real Estate Sale Contract (Land Only) is used for transactions involving vacant land. This sale contract does not involve a broker and is for use when the buyer is paying cash for the land, the seller is financing the land purchase or buyer is obtaining a new loan or assuming an existing one. This type of contract constitutes a formal offer and creates a binding obligation when signed by the parties. This sale contract contains the customary terms along with contingency provisions regarding financing and inspections. It is imperative that this type of contract be clearly set out in writing. A written Real Estate Sale Contract for Land Only will be useful in the event there are disagreements or misunderstandings between the parties.

This Real Estate Sale Contract (Land Only) contains the following provisions:

• Property To Be Sold: Sets forth the address and the detailed legal description of the vacant land;
• Purchase Price/Payment: Sets forth the total purchase price for the land and the payment terms and arrangements;
• Credit Check: If seller provides financing under this contract, the buyer must agree to a credit check and to provide all relevant financial information;
• Earnest Money: If the earnest money is held by someone other than the seller, this money must be deposited in an insured escrow account;
• Sale Contingencies: If buyer financing is provided by a third party, the buyer agrees to obtain firm commitment for the financing and if financing is not obtained, the contract may be canceled by the buyer;
• Additional Contingencies: Sets forth the contingencies which must be satisfactorily completed prior to closing (i.e., property, contractor, architectural and environmental inspections);
• Physical Condition of Property: Buyer acknowledges that a casual inspection has been made and no physical problems are apparent;
• Utilities: Sets out the utilities which are provided on the vacant land;
• Delivery of Deed: The seller shall deliver marketable title to the land to buyer via warranty deed and take all necessary steps to complete the closing;
• Taxes and Other Prorations: Sets forth that all taxes, rent, interest, insurance and other expenses will be prorated as of the date of closing;
• Closing and Possession: Sets forth the date of closing and that buyer will have immediate possession of the land unless agreed otherwise by the parties;
• Closing Costs: A detailed list of how closing costs will be paid (buyer, seller or both parties to share in the cost);
• Disputes/Pending Litigation: Sets out how any disputes regarding this contract will be resolved (i.e., litigation, mediation or arbitration). Seller also represents that no legal actions are pending against the land;
• Signatures: The seller(s) and buyer(s) must sign and date this sale contract;
• Earnest Money Receipt: A receipt to be signed by the earnest money holder agreeing to hold the funds in escrow and to disburse these funds according to the terms of the sale contract.

Protect Yourself, Your Rights and Your Property by using this accurate and up-to-date form. This lawyer-prepared package includes:

1. Instructions and Checklist
2. General Information
3. Real Estate Sale Contract (Land Only) for use in Australia

Law Compliance: This form complies with the state and territory laws of Australia