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Owner Financed Sales Contract for Australia

Owner Financed Sales Contract Template for Australia

A comprehensive legal agreement used in Australian jurisdictions that combines both a property sale contract and financing arrangement, where the property seller provides direct financing to the buyer instead of the buyer obtaining a traditional mortgage from a financial institution. This document outlines the terms of sale, purchase price, payment schedule, interest rates, security arrangements, and conditions for title transfer, while ensuring compliance with Australian consumer credit protection laws, property laws, and relevant state-specific regulations.

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What is a Owner Financed Sales Contract?

The Owner Financed Sales Contract is a specialized legal instrument used in Australian property transactions where traditional bank financing is either not preferred or not available. This document serves as both a sales agreement and a financing arrangement, typically used in situations where sellers are willing to accept periodic payments from buyers instead of a lump sum payment. The contract must comply with Australian federal and state-specific legislation, including the National Consumer Credit Protection Act 2009 and relevant property laws. It details the property transfer terms, financing conditions, security arrangements, and obligations of both parties throughout the payment period. This type of agreement is particularly relevant in private sales, rural properties, commercial real estate transactions, or situations where buyers may face challenges accessing traditional mortgage financing.

What sections should be included in a Owner Financed Sales Contract?

1. Parties: Identification and details of the Vendor (Owner-Financier) and Purchaser

2. Background: Context of the sale and financing arrangement, including property overview

3. Definitions: Key terms used throughout the agreement

4. Property Details: Comprehensive description of the property being sold including title details

5. Purchase Price and Financing Terms: Total purchase price, down payment, loan amount, interest rate, and payment schedule

6. Payment Terms: Detailed payment obligations including frequency, method, and late payment provisions

7. Security Interest: Details of the vendor's security interest in the property until full payment

8. Title Transfer Conditions: Terms and timing for the transfer of legal title

9. Purchaser's Covenants: Obligations regarding property maintenance, insurance, rates, and taxes

10. Default and Remedies: Consequences of default and available remedies for both parties

11. Insurance Requirements: Required insurance coverage and arrangements

12. Property Maintenance and Use: Requirements for maintaining and using the property during the finance period

13. Costs and Outgoings: Responsibility for various costs, taxes, and fees

14. General Provisions: Standard contract clauses including notices, governing law, and dispute resolution

What sections are optional to include in a Owner Financed Sales Contract?

1. Early Repayment Provisions: Terms for early loan repayment and any associated fees or calculations

2. Property Management: Required when the property is part of a managed facility or complex

3. Foreign Investment Provisions: Required when either party is a foreign person under FIRB regulations

4. GST Provisions: Detailed GST treatment when applicable to the transaction

5. Guarantor Provisions: When a guarantor is required for the purchase

6. Development Conditions: When the property has pending or required development works

7. Tenant Provisions: When the property is sold with existing tenants

8. Business Assets: When the sale includes business assets along with the property

What schedules should be included in a Owner Financed Sales Contract?

1. Property Schedule: Detailed property description, including lot number, title reference, and inclusions/exclusions

2. Payment Schedule: Detailed amortization schedule showing payment breakdowns

3. Special Conditions: Any special conditions or variations to standard terms

4. Certificate of Title: Copy of the current title certificate

5. Property Condition Report: Detailed report on property condition at time of sale

6. Insurance Certificates: Copies of required insurance certificates

7. Property Tax Certificates: Current property tax assessment and payment status

8. Disclosure Statement: Required statutory disclosures for owner-financing arrangements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Australia

Publisher

Ƶ

Sector

Cost

Free to use
Relevant legal definitions





















































Clauses






































Relevant Industries

Real Estate

Property Development

Financial Services

Legal Services

Construction

Agriculture

Commercial Property

Residential Property

Small Business

Relevant Teams

Legal

Real Estate

Finance

Compliance

Risk Management

Property Management

Commercial Operations

Credit Administration

Business Development

Contract Administration

Relevant Roles

Property Lawyer

Real Estate Agent

Property Manager

Financial Controller

Legal Counsel

Conveyancing Manager

Credit Manager

Commercial Director

Property Developer

Business Owner

Finance Manager

Compliance Officer

Risk Manager

Contract Administrator

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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