The Intent To Purchase Agreement (Real Estate) is a crucial preliminary document in New Zealand property transactions, typically used when a potential purchaser wishes to formally express their interest in acquiring a property while reserving the right to conduct due diligence. This document is particularly relevant in situations where detailed investigation of the property is required before proceeding to a full Sale and Purchase Agreement, or where complex commercial or residential properties are involved. The agreement includes essential terms such as the proposed purchase price, due diligence requirements, timeframes, and any exclusivity periods, while complying with New Zealand property law requirements. It provides protection for both parties during the negotiation phase and sets clear expectations for the potential transaction process.
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1. Parties: Identification of the potential purchaser and property owner, including full legal names and addresses
2. Background: Context of the agreement, including brief property description and parties' intention to enter into a purchase agreement
3. Definitions: Key terms used throughout the agreement, including Property, Purchase Price, Settlement Date, and Due Diligence Period
4. Intent to Purchase: Clear statement of the purchaser's intention to buy the property subject to conditions
5. Property Details: Comprehensive description of the property, including legal description, certificate of title details, and included fixtures/fittings
6. Purchase Price: Proposed purchase price, deposit amount, and payment terms
7. Due Diligence: Terms and timeframe for conducting due diligence investigations
8. Conditions: Standard conditions that must be satisfied before proceeding to a formal sale and purchase agreement
9. Timeframes: Key dates and deadlines, including due diligence period and intended settlement date
10. Good Faith Obligations: Parties' obligations to act in good faith during negotiations
11. Exclusivity: Any exclusive negotiation period granted to the potential purchaser
12. Costs: Each party's responsibility for costs associated with the agreement and subsequent transaction
13. Execution: Signing provisions and date of agreement
1. Property Access: Terms for accessing the property for inspections and valuations - include when physical access is required for due diligence
2. Confidentiality: Confidentiality obligations - include when sensitive commercial information will be shared
3. GST Provisions: GST status and implications - include when either party is GST-registered or property is commercial
4. Vendor Disclosure: Specific disclosures about the property - include when there are known issues or material facts to disclose
5. Real Estate Agent: Agent's details and commission arrangements - include when a real estate agent is involved
6. Foreign Investment: Overseas Investment Office requirements - include when purchaser is an overseas person
7. Company Approval: Corporate approval requirements - include when either party is a company requiring board approval
1. Property Schedule: Detailed property description, including lot number, title references, and area
2. Due Diligence Checklist: List of required investigations and documents to be reviewed
3. Proposed Terms Schedule: Key commercial terms proposed for the final sale and purchase agreement
4. Disclosure Schedule: Known issues or material facts about the property
5. Timeline Schedule: Detailed timeline of key dates and deadlines
6. Property Inspection Report: Initial property condition assessment (if already completed)
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Commercial Property
Legal Services
Property Development
Property Investment
Banking and Finance
Property Management
Construction
Relevant Teams
Legal
Real Estate
Property Management
Acquisitions
Investment
Due Diligence
Commercial
Corporate Development
Risk Management
Compliance
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Developer
Investment Manager
Property Manager
Legal Counsel
Commercial Director
Acquisition Manager
Development Manager
Real Estate Broker
Property Consultant
Trust Manager
Corporate Lawyer
Due Diligence Manager
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