JOINT FORM OF GENERAL CONDITIONS FOR THE SALE OF LAND

JOINT FORM OF GENERAL CONDITIONS FOR THE SALE OF LAND

2018 General Conditions JOINT FORM OF GENERAL CONDITIONS FOR THE SALE OF LAND 2018 GENERAL CONDITIONS | 01/18 | 1

Table of contents CLAUSE PAGE CLAUSE PAGE For defined terms see clause 26 6 Possession and Rent 8 Contents 1 Deposit 4 6.1 Entitlement to possession 6.2 Early possession 1.1 Payment 6.3 Principal residence - limited occupation right 1.2 Deposit Holder - Stakeholder 6.4 Damage to Property 1.3 Deposit - Strata Lot 6.5 Keys and security devices 1.4 Deposit - Future Lot Contract 6.6 Rent 1.5 Termination for non-payment 6.7 Rent paid before Settlement 1.6 Terms Contract and other right 6.8 Rent received after Settlement 1.7 Direction to Deposit Holder 6.9 General provisions where property leased 1.8 Investment of Deposit 6.10 1.9 Interest on Deposit 7 Outgoing 9 1.10 1.11 7.1 Seller and Buyer obligation 2 Encumbrance 4 7.2 Apportionment 7.3 Buyer not liable for Land Tax 2.1 Noted Encumbrance 7.4 Settlement Date 30 June 2.2 Benefit of right over Land 7.5 Land Tax - Subdivided Land 2.3 Rate Encumbrance - Unpaid Rate Outgoing 7.6 Land Tax general 2.4 Land sold subject to easement or restrictive covenant 8 Risk 10 2.5 Land sold subject to Title Restriction 2.6 Land sold subject to Remediated Site Memorial 8.1 Passing of risk 2.7 Buyer right to terminate 8.2 Damage or destruction 2.8 Security Interest 8.3 Notice of damage or destruction 8.4 Right of Buyer to terminate 3 Settlement 6 8.5 Right of Seller to terminate 8.6 Termination 3.1 Preparation of Transfer 8.7 Right of Buyer to proceed 3.2 Delivery to Seller 8.8 Reduction of Purchase Price 3.3 Duty 8.9 Variation of Settlement Date 3.4 Place for Settlement 9 Seller Representation and Warranty 11 3.5 Completion of Settlement 3.6 Balance of purchase price 9.1 As at Contract Date and Possession Date 3.7 Foreign Resident Withholding 9.2 Contract Date 3.8 More than 3 Bank Cheques 10 11 3.9 Settlement Cheque dishonoured 10.1 3.10 10.2 3.11 10.3 4 Delay in Settlement 7 10.4 4.1 Buyer delay 10.5 4.2 Seller delay 10.6 4.3 Interest or compensation 10.7 4.4 Seller ready, willing and able 10.8 4.5 Buyer ready, willing and able 11 12 4.6 Dispute - interest or compensation 11.1 4.7 Restriction on right in case of court proceeding 11.2 4.8 Right not affected 11.3 5 Inspection 8 11.4 5.1 Right to inspect 11.5 5.2 Time for inspection 11.6 4 4 4 4 4 4 4 4 4 4 4 Payment of Deposit on Settlement Deduction from Deposit 4 4 4 5 5 5 5 5 6 6 6 6 6 6 6 6 6 7 7 7 7 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 9 10 10 10 10 10 10 10 10 10 10 11 11 11 11 11 12 12 12 12 12 12 12 12 12 12 12 12 Lease Provisions apply Seller obligation on Settlement No duplicate Certificate of Title Strata title When this clause applies Representation and Warranty Indemnity by Seller and right of Buyer Voting Strata company application Apportionment of Strata Special Contribution Property included Interests notified Electricity/Underground Power Land not connected to electricity supply Electricity Scheme Agreement Cost of Electricity Scheme Agreement documentation Underground power Underground power rate payable by Buyer Underground power rate payable by Seller 1.12 Notice of non-payment 4 .

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3.12 7 Electronic conveyancing 7.7 Future Rate Outgoing 10 9.3 Breach or non-satisfaction of warranty 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2018 GENERAL CONDITIONS | 01/18 | 2

CLAUSE PAGE CLAUSE PAGE 12 13 12.1 20 16 12.2 12.3 20.1 13 13 20.2 20.3 13.1 21 16 13.2 13.3 21.1 13.4 21.2 13.5 21.3 Commission 21.4 13.6 21.5 13.7 21.6 13.8 22 17 13.9 23 17 14 14 23.1 14.1 23.2 14.2 23.3 14.3 24 17 14.4 24.1 14.5 24.2 14.6 24.3 14.7 24.4 14.8 24.5 14.9 24.6 14.10 24.7 14.11 24.8 15 15 24.9 15.1 24.10 15.2 24.11 15.3 24.12 15.4 24.13 15.5 24.14 16 16 24.15 24.16 24.17 17 16 24.18 17.1 25 18 17.2 25.1 17.3 25.2 17.4 25.3 18 16 26 18 18.1 26.1 18.2 26.2 18.3 26.3 18.4 26.4 19 16 26.5 19.1 13 13 13 13 13 13 13 13 13 13 14 14 14 14 14 14 14 14 15 15 15 15 15 15 15 15 15 15 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 16 17 17 17 17 17 17 17 17 17 17 17 17 17 17 17 17 17 17 18 18 18 18 18 18 18 18 18 20 20 20 20 Sewer/Septic Tank Subdivision Terms contract Error or Misdescription No requisition on title for freehold land Cost and duty GST Depreciation and Capital Works Deduction Property connected Land not connected Decommissioning of Septic Tank When this clause applies Contract conditional Further condition for subdivision Application and Subdivision Plan Unacceptable condition or requirement imposed by Planning Proposed Strata Lot Strata Lot - obligation to construct development Issue of title - Settlement Date Future Lot Contract When this clause applies Right to pay Purchase Price Right to pay instalment of Purchase Price Obligation to pay balance of Purchase Price Right to pay mortgagee Insurance Insurance - Strata Lot Application of insurance proceeds General obligation - Property and Land Default - Seller may remedy Delivery of Transfer and title Meaning of error or misdescription No termination or delay in Settlement Claim for compensation by Buyer Claim for compensation lost Determination of claim and compensation Legal and other cost Duty Registration fee Default cost Purchase Price does not include GST Margin Scheme GST to be paid on Purchase Price GST on damages Price of Depreciating Asset in Contract Registration Seller to cooperate Landgate requisition Requirements for Notice Service generally Service - Representative Service by facsimile or email Service when Notice posted Change of address Requirement for Default Notice No limit on right to issue further Notice No Default Notice required for repudiation Buyer Default Seller right on default or repudiation Further Seller right on termination Deposit exceeds 10% of Purchase Price Resale Resale within 12 months Terms Contract Interest to Seller Instalment Sale within 12 months Payment after 12 months Finalisation of proceedings Payment after finalisation Seller default Buyer right on default or repudiation Further Buyer right on termination Legal cost on termination Rule in Bain v Fothergill excluded Arbitration Contract takes priority No merger Definitions Strata Titles Act GST Act Citation - 2018 General Conditions Registration of Transfer Notice Time of Essence Default Notice Default General Definition and interpretation 13.10 14 Consequences of termination of Contract 19.2 16 Price of Depreciating Asset not specified in Contract 19.3 16 Capital Works Deduction 26.6 20 Interpretation PPSA .

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