The Condominium Sale and Purchase Agreement is a crucial legal document used in New Zealand for transferring ownership of unit title properties. It is specifically designed to comply with New Zealand's property law framework, including the Unit Titles Act 2010, Property Law Act 2007, and other relevant legislation. This agreement is essential when selling or purchasing a unit title property (condominium), as it addresses unique aspects of unit title ownership such as body corporate rules, shared facilities, and maintenance responsibilities. The document includes mandatory disclosures, warranties, and specific provisions relating to body corporate matters, making it distinct from standard property sale agreements. It protects both vendors and purchasers by clearly defining their rights, obligations, and the terms of the transaction, while ensuring compliance with all relevant legal requirements for unit title property transfers in New Zealand.
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1. Parties: Identification of the vendor and purchaser with full legal names and addresses
2. Background: Context of the sale 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 unit title property including unit number, floor area, and associated common property rights
5. Purchase Price: The agreed purchase price and payment structure, including deposit details
6. Settlement and Possession: Settlement date, key handover, and possession arrangements
7. Title and Registration: Details about the unit title, any encumbrances, and registration requirements
8. Body Corporate: Information about body corporate rules, fees, and obligations
9. Warranties and Undertakings: Vendor's warranties about the property and undertakings by both parties
10. Due Diligence: Purchaser's rights to conduct property inspections and review documentation
11. Default and Remedies: Consequences of default by either party and available remedies
12. General Terms: Standard contract terms including notices, amendments, and governing law
13. Execution: Signing provisions and date of agreement
1. Tenant Rights and Obligations: Required if the property is currently tenanted, addressing existing tenancy agreements and transition arrangements
2. Chattels: Required if specific chattels are included in the sale, listing all items included/excluded
3. Development or Renovation Provisions: Required if there are pending developments or renovations affecting the unit or building
4. GST Provisions: Required if either party is GST-registered and the transaction includes GST considerations
5. Overseas Investment Provisions: Required if the purchaser is an overseas person under the Overseas Investment Act
6. Mortgage Finance Condition: Optional clause for purchaser to obtain mortgage finance
7. Pre-settlement Inspection: Optional clause detailing the right to conduct a final inspection before settlement
8. Building Report Condition: Optional clause allowing for a building inspection and report
1. Schedule 1: Property Details: Detailed unit title information, including unit plan, accessories, and common property rights
2. Schedule 2: Chattels List: Comprehensive list of chattels included in the sale
3. Schedule 3: Body Corporate Information: Body corporate rules, maintenance plans, and financial statements
4. Schedule 4: Unit Title Documents: Pre-contract disclosure statement and additional disclosure statements
5. Schedule 5: Outstanding Works: List of any incomplete works or maintenance issues
6. Appendix A: Unit Plan: Copy of the registered unit plan showing the unit and common areas
7. Appendix B: Title Documents: Copy of certificate of title and relevant encumbrances
8. Appendix C: LIM Report: Land Information Memorandum report if obtained
9. Appendix D: Body Corporate Minutes: Recent body corporate meeting minutes and resolutions
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Relevant Teams
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Relevant Roles
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