The Apartment Sale And Purchase Contract is a specialized legal document designed for property transactions involving apartments and unit titles in New Zealand. It is essential for any transfer of apartment ownership, incorporating specific provisions required under New Zealand's Unit Titles Act 2010 and related property legislation. This contract type is particularly important as it addresses unique aspects of apartment ownership, including body corporate responsibilities, shared facilities, and unit plan specifications. The document is used when selling or purchasing apartments, whether in existing buildings or off-the-plan developments, and includes comprehensive provisions for protecting both parties' interests, ensuring compliance with local regulations, and facilitating smooth property transfers. It differs from standard house sale agreements due to its specific focus on unit title properties and associated legal requirements.
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1. Parties: Identification of the vendor and purchaser, including full legal names, addresses, and contact details
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the apartment, including unit number, floor level, legal description, and certificate of title details
5. Purchase Price: Agreed purchase price, deposit amount, and payment terms
6. Settlement and Possession: Settlement date, possession arrangements, and key handover process
7. Title and Registration: Requirements for title transfer and registration of ownership
8. Unit Title Provisions: Specific provisions relating to unit title ownership, body corporate rules, and obligations
9. Warranties and Undertakings: Vendor's warranties about the property and undertakings from both parties
10. Pre-settlement Obligations: Obligations of both parties before settlement, including maintenance and insurance
11. Default: Consequences of default by either party and available remedies
12. General Terms: Standard contract terms including notices, amendments, and governing law
1. Mortgage Finance Condition: Conditional clause if purchaser requires mortgage financing to complete the purchase
2. Due Diligence: Provision for purchaser's due diligence period and requirements, if applicable
3. Sale of Purchaser's Property: Condition relating to the sale of purchaser's existing property
4. Overseas Investment Consent: Required when purchaser needs Overseas Investment Office consent
5. Tenancy Provisions: Required if the property is sold with existing tenants
6. GST Provisions: Required if either party is GST registered and the transaction includes GST
7. Development Provisions: Required for off-the-plan purchases or properties under development
8. Chattels Lease: Required if any chattels are subject to lease arrangements
1. Property Schedule: Detailed description of the property including boundaries, improvements, and included chattels
2. Body Corporate Information: Details of body corporate rules, fees, maintenance plans, and financial statements
3. Unit Plan: Copy of the unit plan showing the apartment location and common areas
4. Title Documents: Copy of certificate of title and relevant encumbrances
5. LIM Report: Land Information Memorandum report from the local council
6. Pre-settlement Inspection Checklist: Checklist for final inspection before settlement
7. Chattels List: Detailed list of all chattels included in the sale
8. Building Report: Technical report on the building's condition, if obtained
9. Insurance Certificates: Copies of relevant insurance certificates including body corporate insurance
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