Document background
The Seller Financing Purchase Agreement is a specialized legal document used in Australian property transactions where traditional bank financing is either not preferred or not available. This agreement is particularly useful for business sales, rural properties, or situations where buyers seek alternative financing options. The document serves a dual purpose: it establishes the terms of the property sale while simultaneously creating a legally binding credit arrangement where the seller effectively acts as the lender. The agreement must comply with Australian credit laws, including the National Consumer Credit Protection Act 2009, and relevant state-based property legislation. It typically includes detailed provisions about the property transfer, security arrangements, payment terms, default provisions, and both parties' ongoing obligations. This type of agreement requires careful consideration of both property law and credit law aspects to ensure enforceability and protection for all parties involved.
