The Formal Sales and Purchase Agreement is a crucial legal document used in New Zealand property transactions, serving as the primary contract between parties engaging in property sales. This document is essential for both residential and commercial property transactions, providing a comprehensive framework that ensures compliance with New Zealand property law and regulations. The agreement includes detailed specifications about the property, payment terms, conditions precedent, warranties, and settlement requirements. It is designed to protect both vendors' and purchasers' interests while ensuring compliance with relevant legislation such as the Property Law Act 2007, Contract and Commercial Law Act 2017, and other applicable regulations. The document is particularly important as it serves as the binding agreement that governs the entire transaction process from initial agreement through to settlement.
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1. Parties: Identification and details of the vendor and purchaser, including full legal names, addresses, and company details if applicable
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpretation
4. Agreement to Sell and Purchase: Core agreement clause stating the vendor's agreement to sell and purchaser's agreement to buy
5. Property Description: Detailed description of the property including title details, legal description, and included chattels
6. Purchase Price: Specified purchase price, payment structure, and deposit requirements
7. Title and Title Requirements: Details about the title, transfer requirements, and any encumbrances
8. Conditions: Standard conditions precedent including due diligence, finance, and regulatory approvals
9. Settlement and Possession: Settlement date, possession arrangements, and completion requirements
10. Risk and Insurance: Assignment of risk and insurance requirements until settlement
11. Warranties and Undertakings: Standard warranties from both parties regarding the property and transaction
12. Default: Consequences and remedies in case of default by either party
13. General Provisions: Standard boilerplate clauses including notices, governing law, and dispute resolution
1. GST Provisions: Required when either party is GST registered or the transaction has GST implications
2. Tenancy Provisions: Required when the property is sold with existing tenants or lease arrangements
3. Overseas Investment Provisions: Required when the purchaser is an overseas person under the Overseas Investment Act
4. Building Warranty: Required for newly constructed properties or recent renovations
5. Development Provisions: Required when the property is part of an ongoing development or subdivision
6. Body Corporate Provisions: Required for unit title properties
7. Vendor Finance: Required when the vendor is providing financing arrangements
8. Property Sharing Arrangements: Required when multiple purchasers are involved with specific sharing arrangements
1. Schedule 1 - Property Details: Detailed description of land, improvements, and included chattels
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms and milestone payments if applicable
3. Schedule 3 - Warranties: Comprehensive list of vendor warranties regarding the property
4. Schedule 4 - Conditions Precedent: Detailed description of all conditions and their fulfillment requirements
5. Schedule 5 - Disclosed Encumbrances: List of all encumbrances, easements, and restrictions on title
6. Appendix A - Title Documents: Copy of title and relevant title documents
7. Appendix B - Property Plans: Plans, drawings, and surveys of the property
8. Appendix C - Tenant Information: Details of existing tenancies if applicable
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Commercial Property
Residential Property
Retail
Industrial
Agriculture
Hospitality
Professional Services
Banking and Finance
Relevant Teams
Legal
Real Estate
Property Management
Acquisitions
Sales
Compliance
Due Diligence
Settlement
Finance
Business Development
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancer
Property Manager
Commercial Property Director
Legal Counsel
Property Development Manager
Acquisitions Manager
Due Diligence Officer
Settlement Officer
Compliance Manager
Real Estate Partner
Property Valuer
Sales Manager
Business Development Manager
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