The Equity Release Agreement is a specialized financial instrument used in New Zealand when homeowners, typically seniors, wish to access the equity in their property without selling or moving out. This document is essential when structuring reverse mortgages or home reversion schemes, providing a framework that complies with New Zealand's robust consumer protection laws, particularly the Credit Contracts and Consumer Finance Act 2003. It details the rights and obligations of both lender and borrower, including specific provisions for property maintenance, insurance requirements, and circumstances triggering repayment. The agreement includes mandatory consumer safeguards, interest calculation methodologies, and clear disclosure requirements, reflecting New Zealand's commitment to protecting vulnerable consumers in financial transactions.
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1. Parties: Identification of the lender and borrower(s), including full legal names and addresses
2. Background: Context of the agreement, including property details and purpose of the equity release
3. Definitions: Definitions of key terms used throughout the agreement
4. Amount and Purpose: Details of the equity release amount and its intended use
5. Property Details: Comprehensive description of the property subject to the equity release
6. Interest and Fees: Explanation of interest calculation, compound periods, and all applicable fees
7. Term and Repayment: Duration of the agreement and circumstances triggering repayment
8. Security: Details of the mortgage or charge over the property
9. Borrower Obligations: Ongoing obligations including property maintenance and insurance
10. Lender's Rights: Rights of the lender including property inspection and enforcement
11. Default and Enforcement: Events of default and consequences
12. Representations and Warranties: Standard declarations by the borrower about their situation and understanding
13. General Provisions: Standard contract clauses including governing law, notices, and amendments
1. Guarantee: Required when there is a guarantor for the equity release
2. No Negative Equity Guarantee: Optional protection ensuring the debt won't exceed property value
3. Early Repayment: Include when early repayment options are offered
4. Occupancy Rights: Required when other occupants have rights to live in the property
5. Power of Attorney: Include when a power of attorney arrangement exists
6. Additional Borrowing: Include if facility allows for additional drawdowns
7. Moving Home Option: Include if agreement allows transfer to another property
1. Schedule 1 - Property Description: Detailed legal description of the property
2. Schedule 2 - Financial Terms: Detailed breakdown of interest rates, fees, and charges
3. Schedule 3 - Disclosure Statement: Mandatory disclosure under Credit Contracts and Consumer Finance Act
4. Schedule 4 - Insurance Requirements: Specific insurance requirements for the property
5. Appendix A - Independent Legal Advice Certificate: Confirmation that independent legal advice was received
6. Appendix B - Property Valuation: Current market valuation of the property
7. Appendix C - Calculation Examples: Examples showing how interest accumulates and final balance calculations
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