The Agreement For Sale of Flat is a crucial legal document used in New Zealand property transactions specifically for the purchase and sale of apartments or flats under unit title ownership. This document is essential when transferring ownership of a flat, incorporating provisions that address the unique aspects of unit title property ownership, including body corporate obligations, shared facilities, and maintenance responsibilities. It ensures compliance with New Zealand property law requirements, particularly the Property Law Act 2007 and Unit Titles Act 2010, while protecting both parties' interests through clear terms, conditions, and warranties. The agreement is typically used in residential property transactions but may also apply to commercial unit titles, requiring careful consideration of body corporate rules, existing tenancies, and specific building requirements.
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1. Parties: Identifies and provides full details of the vendor and purchaser
2. Background: Establishes the context of the sale and confirms the vendor's ownership and right to sell
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules of interpretation
4. Agreement to Sell and Purchase: Core agreement section stating the vendor's agreement to sell and purchaser's agreement to buy the property
5. Property Description: Detailed description of the flat, including unit number, floor level, and share in common property
6. Purchase Price and Payment Terms: Specifies the purchase price, deposit amount, and payment schedule
7. Settlement and Possession: Details of settlement date, key handover, and possession arrangements
8. Title and Transfer: Requirements for title transfer and handling of unit title documentation
9. Body Corporate: Details regarding body corporate rules, obligations, and fees
10. Vendor's Warranties: Warranties provided by the vendor regarding the property's condition and compliance
11. Purchaser's Warranties: Warranties and confirmations provided by the purchaser
12. Risk and Insurance: Allocation of risk and insurance requirements until settlement
13. Default: Consequences and remedies in case of default by either party
14. General Provisions: Standard contractual provisions including notices, amendments, and governing law
1. Existing Tenancies: Required if the flat is currently tenanted, detailing tenant rights and obligations
2. Chattels: Included when specific chattels are included or excluded from the sale
3. Condition of Property: Added when specific property condition issues need to be addressed
4. Pre-settlement Inspection: Details of any pre-settlement inspection rights and procedures
5. GST: Required if GST is applicable to the transaction
6. Overseas Investment Act Provisions: Required if the purchaser is an overseas person
7. Finance Condition: Included if the purchase is subject to finance approval
8. Due Diligence: Added when a due diligence period is required
9. Renovation/Alteration Requirements: Included if specific renovations or alterations are agreed as part of the sale
1. Schedule 1 - Property Details: Detailed description of the flat, including unit plan and specifications
2. Schedule 2 - Chattels List: Comprehensive list of chattels included in the sale
3. Schedule 3 - Body Corporate Information: Details of body corporate rules, fees, and maintenance plans
4. Schedule 4 - Title Documents: Copies of relevant title documents and unit plan
5. Schedule 5 - Warranty Schedule: Detailed list of vendor warranties
6. Appendix A - LIM Report: Land Information Memorandum report details
7. Appendix B - Building Report: Building inspection report if available
8. Appendix C - Body Corporate Minutes: Recent body corporate meeting minutes and financial statements
9. Appendix D - Maintenance Plans: Current and proposed maintenance plans for the building
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Relevant legal definitions
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Relevant Industries
Real Estate
Legal Services
Financial Services
Property Management
Construction
Insurance
Property Development
Professional Services
Relevant Teams
Legal
Real Estate
Property Management
Conveyancing
Compliance
Risk Management
Due Diligence
Settlement
Property Services
Document Control
Relevant Roles
Property Lawyer
Real Estate Agent
Property Manager
Conveyancing Specialist
Legal Executive
Mortgage Broker
Property Valuer
Building Inspector
Body Corporate Manager
Settlement Officer
Real Estate Partner
Property Law Associate
Compliance Officer
Due Diligence Specialist
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