The Land Purchase Option Agreement is a crucial legal instrument in New Zealand real estate transactions, providing a structured framework for property acquisition rights. It is commonly used when a potential purchaser needs time to conduct due diligence, arrange financing, or obtain necessary approvals before committing to a full purchase. The agreement must comply with New Zealand property law, including the Property Law Act 2007 and Land Transfer Act 2017, and typically includes essential elements such as option period, purchase price, exercise conditions, and due diligence rights. This document is particularly valuable in development projects, large-scale property investments, or situations where staged property acquisition is desired. It offers protection to both the option grantor and holder while maintaining flexibility in the transaction timeline.
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1. Parties: Identification of the Option Grantor (property owner) and Option Holder, including full legal names and addresses
2. Background: Context of the agreement, including brief property description and parties' intention to enter into an option arrangement
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpreting the agreement
4. Grant of Option: Core terms of the option grant, including exclusivity and duration
5. Option Fee: Amount, payment terms, and status of the option fee (whether refundable or applied to purchase price)
6. Exercise of Option: Process and requirements for exercising the option, including notice requirements
7. Purchase Price: Agreed purchase price or mechanism for determining the purchase price when option is exercised
8. Property Access: Terms for the Option Holder's access to the property for inspection and due diligence
9. Option Period: Duration of the option period, including start and end dates
10. Conditions: Any conditions that must be satisfied before the option can be exercised
11. Default and Termination: Consequences of default and circumstances for termination
12. General Provisions: Standard contractual provisions including governing law, notices, and amendment procedures
1. Due Diligence: Detailed provisions for conducting due diligence investigations, used when the option holder requires specific investigation rights
2. Development Conditions: Include when the option is contingent on obtaining specific development approvals or permits
3. Subdivision Provisions: Required when the option relates to land that needs to be subdivided
4. Overseas Investment Approval: Include when the option holder is an overseas person requiring OIO approval
5. Existing Tenancies: Include when the property has existing tenants and arrangements for dealing with tenancies
6. GST Provisions: Detailed GST treatment when either party is GST-registered or the transaction has specific GST implications
7. Finance Conditions: Include when the option exercise is subject to the holder obtaining finance
8. Assignment Rights: Specific provisions for assigning the option rights, if permitted
1. Property Description: Detailed legal description of the property including title references and area
2. Option Exercise Notice: Template notice for exercising the option
3. Purchase Price Calculation: Formula or methodology for calculating the purchase price, if not fixed
4. Due Diligence Requirements: Specific requirements and checklist for due diligence investigations
5. Permitted Encumbrances: List of permitted encumbrances that will remain on the title
6. Development Conditions: Detailed development requirements or conditions if applicable
7. Title Search: Current title search showing existing interests in the land
8. Site Plan: Property boundaries and any relevant features
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