Document background
The Memorandum of Contract of Sale is a fundamental document in Australian property transactions, used whenever real property is bought or sold. This document is essential for both residential and commercial property transactions across all Australian states and territories, though specific requirements may vary by jurisdiction. It contains crucial information including property details, price, settlement terms, conditions of sale, and statutory disclosures. The document must comply with relevant state-specific property legislation and the general principles of contract law. It serves as the primary evidence of the agreement between parties and forms the basis for the property transfer process. The Memorandum of Contract of Sale is typically prepared after initial negotiations and requires careful review by legal professionals to ensure all required elements are properly addressed and both parties' interests are protected.
