The Addendum To Real Estate Purchase And Sale Agreement is a crucial document in New Zealand property transactions when modifications to the original agreement become necessary. It is commonly used when parties need to adjust terms such as purchase price, settlement dates, conditions, or property specifications after the initial agreement has been signed but before settlement. This document must comply with New Zealand's Property Law Act 2007 and related legislation, ensuring all modifications are legally binding and properly documented. The addendum is particularly important in complex property transactions where circumstances may change during the settlement period, requiring formal documentation of any amendments to protect all parties' interests.
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1. Parties: Identification of all parties to the original agreement and addendum, including their legal names and addresses
2. Background: Reference to the original Purchase and Sale Agreement, including its date and any previous addenda, establishing the context for this modification
3. Definitions: Key terms used in the addendum, particularly any new terms not defined in the original agreement
4. Purpose of Addendum: Clear statement of the purpose and scope of the modifications being made to the original agreement
5. Modifications: Detailed description of specific changes being made to the original agreement, with reference to relevant clause numbers
6. Effect on Original Agreement: Statement confirming that all other terms of the original agreement remain in full force and effect
7. Governing Law: Confirmation that the addendum is governed by New Zealand law
8. Execution: Signature blocks for all parties, including dates and witness provisions as required
1. Additional Consideration: Required when the modifications involve changes to the purchase price or other financial terms
2. Conditions Precedent: Used when new conditions must be met before the modifications take effect
3. Time Extensions: Include when modifying settlement dates or other timeframes
4. Property Modifications: Required when changes involve the physical property description or boundaries
5. Due Diligence Modifications: Used when altering due diligence periods or requirements
6. Finance Conditions: Include when modifying finance-related conditions or terms
7. GST Provisions: Required when changes affect GST treatment of the transaction
1. Schedule of Modifications: Detailed listing of all specific changes to clauses in the original agreement
2. Updated Property Description: If modifications affect the property description, boundaries, or included items
3. Revised Payment Schedule: When modifications affect payment terms or purchase price
4. Timeline Amendment: Updated timeline showing revised key dates and deadlines
5. Consent Documents: Any third-party consents required for the modifications
6. Supporting Documentation: Any relevant certificates, permits, or other documents supporting the modifications
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Legal Services
Banking and Finance
Property Management
Construction
Urban Planning
Property Investment
Residential Housing
Commercial Property
Relevant Teams
Legal
Real Estate Sales
Property Management
Conveyancing
Contract Administration
Settlement
Property Development
Commercial Property
Residential Property
Risk and Compliance
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Manager
Real Estate Partner
Legal Executive
Property Development Manager
Settlement Officer
Commercial Property Agent
Real Estate Transaction Coordinator
Property Investment Advisor
Mortgage Broker
Real Estate Operations Manager
Contract Administrator
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