Understanding Contract Terms and Key Dates - NSW

Why is it important to review the contract particulars?

The contract particulars contain important details specific to your agreement. These can be found on pages 1 and 3 of the ‘Contract for the sale and purchase of land 2022 edition’ by The Law Society of New South Wales and The Real Estate Institute of New South Wales. This is the contract form used predominantly in property sale and purchase transactions in NSW.

It's important to review the contract particulars carefully to ensure all information is correct and if you notice any inaccuracies, inform relevant parties as soon as possible.

• Purchaser Details
• Vendor Details
• Vendor’s Agent Details
• Settlement Date (Date for Completion)
• Property Details, such as:-
  • Address
  • Lot and plan number
  • Plan type
  • Vacant possession or subject to existing tenancies
  • Improvements
  • Inclusions
  • Exclusions
• Purchase Price, Deposit and Balance Purchase Price

If more than 1 Purchaser — joint tenants or tenants in common;

• If tenants in common in unequal shares — the specific shares for each Purchaser;
• GST application