The For Sale On Contract agreement is a crucial document in Australian commercial transactions where assets are sold with payment structured over time. This arrangement allows buyers to take immediate possession of assets while making periodic payments, with the seller maintaining title as security until the full purchase price is paid. The document is particularly useful for high-value transactions where immediate full payment isn't practical or desired. It incorporates provisions required under Australian law, including compliance with the Personal Property Securities Act 2009 (Cth) and relevant state-based legislation. This type of agreement is commonly used in business asset sales, equipment purchases, and similar transactions where security for the seller and payment flexibility for the buyer are key considerations.
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1. Parties: Identifies and provides full details of the seller and purchaser
2. Background: Outlines the context of the sale and the parties' intention to enter into a contract sale arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Sale and Purchase: Details the asset(s) being sold and the agreement to sell/purchase
5. Purchase Price: Specifies the total purchase price and how it was determined
6. Payment Terms: Details the deposit, installment amounts, payment schedule, and interest rates
7. Security Interest: Establishes the seller's security interest in the property until full payment
8. Title and Risk: Specifies when title passes and who bears risk during the contract period
9. Buyer's Obligations: Lists ongoing obligations including maintenance, insurance, and permitted use
10. Default and Termination: Describes events of default and consequences, including termination rights
11. Notices: Specifies how formal notices must be given between parties
12. General Provisions: Contains standard boilerplate clauses including governing law, entire agreement, etc.
1. Condition of Property: Used when selling specific goods where condition is particularly important or where there are known defects
2. Insurance Requirements: Detailed insurance obligations when the asset requires specific insurance coverage
3. Usage Restrictions: Include when there are specific restrictions on how the property can be used during the contract period
4. Assignment: Include if parties want to specifically allow or prohibit the assignment of rights under the contract
5. Third Party Rights: Include when third parties may have rights or interests in the property
6. Guarantee: Include when a guarantor is required to guarantee the buyer's obligations
7. Early Payment Provisions: Include if early payment discounts or terms are offered
1. Property Description Schedule: Detailed description of the property being sold, including serial numbers, specifications, etc.
2. Payment Schedule: Detailed breakdown of payment amounts and due dates
3. Condition Report: Detailed report of the condition of the property at the time of sale
4. Certificate of Title: Copy of the certificate of title or other ownership documentation
5. Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
6. Approved Use Schedule: Details of how the property may be used during the contract period
7. Guarantee Deed: If applicable, the deed of guarantee from any guarantors
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