If you're buying or selling property in New South Wales, the Contract for the Sale and Purchase of Land is a legally binding document that outlines the terms of the transaction. The first page contains critical information that defines what’s being sold, who is involved, and on what terms. Here’s what you need to know.

1. Vendor and Agent Details

This section identifies the:

• Vendor’s agent (real estate agency managing the sale)
• Vendor(s) (property owner/s)
• Vendor’s solicitor (legal representative for the vendor)

These contacts are crucial for communication during the sale process.

2. Property Description and Title Details

Includes:

• Street address of the property
• Legal title reference (Lot, DP, and Folio)
• Date for completion (settlement date)

This ensures legal clarity on what land is being transferred.

3. Possession and Property Type

You’ll see whether the property will be delivered as:

• Vacant possession
• Or subject to existing tenancies

The property type (house, home unit, garage, etc.) is also ticked, providing context on what's included in the sale.

4. Inclusions and Exclusions

This section outlines what fixtures and fittings will stay with the property, such as:

• Stove
• Curtains and blinds
• TV antenna
• Light fittings
• Any “other” items (e.g., shelving or wardrobes)

This reduces confusion over what the buyer is getting.

5. Purchaser and Ownership Structure

Includes the buyer’s:

• Name
• Legal representative (purchaser’s solicitor)
• Ownership type: Joint Tenants or Tenants in Common

This affects how the property is held and passed on in case of death.

6. Purchase Price and Deposit

This outlines:

• Total purchase price
• Deposit amount (usually 10%)
• Remaining balance to be paid at settlement

7. GST and Buyer’s Agent

If applicable, this section confirms whether the price includes GST and lists the buyer’s agent (if any).

Why It Matters

The first page sets the foundation for the entire transaction. It’s essential that all details are:

• Accurate
• Clearly agreed upon
• Reviewed by your legal advisor

Frequently Asked Questions (FAQs)

What is the most important part of the first page of a Contract of Sale?
The first page outlines who is involved, what property is being sold, and what is included in the sale—making it a critical summary of the transaction.

Do inclusions have to be listed in the contract?
Yes. Any item not permanently fixed (e.g., blinds, appliances) should be specifically listed under inclusions to avoid disputes after settlement.

What is ‘vacant possession’?
Vacant possession means the property will be empty and available for the buyer to move in on the settlement date.

Can the agent fill out the inclusions section?
Yes. NSW legislation permits licensed real estate agents to complete this part in residential property sales.

Disclaimers

Legal Disclaimer: This content is intended to provide a general overview of the relevant legislation and should not be relied upon as legal advice. Property and planning laws are subject to change and may vary depending on specific site conditions and council policies. For advice tailored to your circumstances, please consult a qualified legal or planning professional.

General Disclaimer: This article is provided for general informational purposes only and does not constitute legal, planning, or environmental advice. While every effort has been made to ensure accuracy, the information may not reflect the most recent changes in law or policy. You should seek advice from a qualified professional or relevant authority before making any property-related decisions.