1. In my opinion it is a very very good idea to have a prepared From ready with all what I wrote below, you may add to that what you think is important. Please note that this is just my way of doing and represents no legal or any kind of legal advise in a way, shape or form.
2. Very important: Have all your property description details ready. This starts with your 
   VENDOR (SELLERS) YOU! Your Full Name / names / and Residential Address, Your full Name / names / Mailing Address
   Lot Number, Registered Plan Number, Volume, Folio in some state, County, Parish, etc. Often you find your registered property information on your Rates Notice. If not, go to your local council and they will supply it to you free of charge. 
3. Have the Rates Notice handy, you should also know exactly how big your property is in square metres or hectares. 
4. Make sure you know where the Title to your property is. If you own your property you may have the title your self or it is with the solicitor you used when you bought this property. if you still have a mortgage it would be with that bank or Lender. 
5. If you still have a mortgage over the property you are selling, go and see your bank or lender to find out the process to release that mortgage so the buyer will get clear title when the sale completes. You can also tell your solicitor as they will do all for you. 
   
6. BUYERS  Write down All Buyers full Names (ALL NAMES) including middle Names, full address, phone, fax, e-mail address. 
7. SOLICITORS Write down both the name and address, phone, fax, e-mail of the buyers and your solicitors or conveyancing firm.
8. SALE PRICE / PURCHASE PRICE  Write down the agreed sale price, any conditions that may or may not apply to the sale 
9. INCLUDED / EXCLUDED  Write down what is 'Included or Excluded' in the sale, Normally everything that is fixed or screwed down is included like TV antenna, cloth hoist, dishwasher unless is on wheels, curtains & blinds, rain water tanks, pressure pumps if the house is not on mains pressure etc.
   Often curtains in bedrooms are excluded because they match the furniture or are from grand mother or match the kids bedroom decor...or similar. 
   On bigger properties buyers often ask if the Ride on Mower is included... if it is, have it written down plus other things like a pump at the dam or some shade sails or anything that you are willing to include in the sale of your own home. Often people include furniture, tools, shed equipment, workbenches, piano etc etc no matter what you are willing to include or exclude WRITE it down this way there is no disputes later.
10. BUILDING & PEST INSPECTIONS   Ask the buyers if they want a building and pest inspection, either or both. Most buyers want a building and pest inspection to make sure all is ok. This normally  happens in the first 2 weeks of the contract. ( if the building or pest report is not satisfactory to the buyer they have the right to terminate the contract and get a full refund of their deposit.) The buyer has to engage and pay for these inspections. If they want these inspections, write it down so your solicitor knows when he draws the contracts.
11. VENDOR STATEMENT: Some States have a Vendor Statement or similar that goes with the contract of sale. It usually includes copies of rates notice, water and sewage notice, final building approvals from council and the legal description of the property. It is of great importance that if there is anything that you have added to the building that required Local Council Approval but you did not get that approval but just went ahead and did it anyway, that you declare this to the buyers prior to signing a contract with them. Regardless if you built to the building code and council requirements if it is not approved and the buyer finds out, the buyer then can use this against you and RE-NEGOTIATE THE PRICE or even terminate the Contract with you. If you tell them and they are happy with what you have built then you should a special clause in Special Conditions, saying the buyer is aware of such and such and will take it AS IS.
    Again, tell your solicitor so they can write a special clause for you that will not come back to you and byte you...!! Better safe then sorry aeh?
12. SAFETY SWITCH / SMOKE ALARMS   Electrical Safety Switch and Smoke Alarms. Write down if you have a safety switch and smoke alarms fitted. Many older homes where people been living in them for many years do not have them. If you do not please tell the buyer's. In some states it is the law that the buyer within 1 to 3 month after purchasing such a home must install or have them installed. 
13. DEPOSIT   Deposit the purchaser is to pay to secure the property: Write down the agreed deposit the buyer is willing to pay. 
    This can be up to 10% of the purchase price but often is just $500 or $1,000. It is up to you what you are willing to take. You are not allowed to take more then 10% of the purchase price. The deposit needs to go the Vendor, (Seller) s YOUR Solicitor or Conveyancing Firm Trust Account.
14. FINANCE    Finance: This is important, Ask the buyer how they intend to pay for the property? Many buyers have the money and can sign a "cash" contract which means they do not need any finance from a bank or likewise. Many buyers have not got the money to buy your property and will need finance from a bank or lending institution. If this is the case, your Contract has to be SUBJECT TO FINANCE. This subject to finance clause is usually for 2 weeks from the date of the contract like the building and pest inspection is 2 weeks from date of contract. All you have to write down is this:
    The contract is subject to finance, Financier: Suitable Lender, Time for finance to be obtained is: 2 or 3 weeks from date of contract. 
    Some buyers know exactly from whom they will borrow while some others shop around to get the best deal. Many buyers are "pre-approved" meaning they have spoken to a lender and been told that they are ok to buy up to a certain amount.
    Please note; if the buyers can not get the finance they can try with an other lender and ask for a extension of granting finance which you can give or decline.
    In any case, should finance fail the buyers are entitled to a full refund of their deposit from you / your solicitor. Same applies to the building and pest inspection.
15. COOLING OFF  Cooling Off Period; This varies from state to state, some have 5 business days from the date of contract, some have 3 days, some have none and for business sales there often is no cooling off period as is for commercial. Your solicitor will know. However the buyer needs to be aware if he / they terminate the contract under the "cooling off clause" in most states there is a penalty for them, usually around .25 of a percent ( 1 / 4 % )  of the purchase price. This money will come to you the vendor / seller. Even if a contract falls through, you often still get a bill from your solicitor... this penalty will always cover this.
16. RISK OF PROPERTY  Risk of Property: This means that the property will be at the Risk of the Buyer from the next business day or even from the same day as the date of contract.
    This means that it is not a good idea to go and cancel your insurance policy just yet in case the sale falls through. But it means the buyer will have to take out a cover note from a Insurance company to cover the property he / they just bought. Which means the property is insured with two insurance companies.
    If you the vendor want, you can state in the Terms of the Contract that the "Property will remain at the risk of the Vendor until the day of completion of the sale the property in this contract" which means the buyer will not need a cover note until he / they own the property which is the date of settlement. This is totally up to you, the normal thing is that the buyer covers the property from the date the contract is signed. You must make sure they do, because is something happens in that time until settlement your insurance company will find out that the property was under contract and it was supposed to be covered by the buyer but was not.. they can make your claim pretty hard to get. This may never happen but better be safe then sorry. 
17. SETTLEMENT: Settlement: Write down the date for settlement. Allow enough time for you to find an other suitable property or make your move. 30 to 60 days is normal.
    If you have all paper work you can fill it out and get it signed right then and there and take the deposit in the name of your solicitors Trust Account
    Hand the fully signed papers to your solicitor or give them all the above information and your solicitor / conveyancing firm will draw the contract on
    your behalf and forward it to the buyers solicitor for signing by the purchasers. 

FOR YOUR CONVENIENCE I HAVE PREPARED A PRE CONTRACT FORM FOR YOU
YOU CAN DOWNLOAD THIS FORM AND FILL IT OUT SO YOU ARE READY 
WHEN THE BUYER KNOCKS ON YOUR DOOR!

DOWNLOAD THE PRE CONTRACT FORM ( is a Word Document, save to download)