The Mortgage Sales Agreement is a crucial legal document used in New Zealand property transactions where a mortgaged property is being sold. This agreement is essential when transferring property ownership while ensuring proper handling of existing mortgage obligations. It combines elements of a standard property sale agreement with specific provisions addressing mortgage arrangements, making it particularly important in scenarios involving financed properties. The document must comply with New Zealand legislation, including the Property Law Act 2007 and related financial regulations. It typically includes comprehensive details about the property, existing mortgage terms, settlement conditions, and the responsibilities of all parties involved in the transaction. This agreement is commonly used in both residential and commercial property sales where there is an existing mortgage on the property being transferred.
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1. Parties: Identification of all parties involved in the agreement, including the seller, purchaser, and any relevant financial institutions
2. Background: Context of the transaction, including brief property history and existing mortgage arrangements
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including legal description, title details, and any easements or encumbrances
5. Purchase Price and Payment Terms: Details of the purchase price, deposit requirements, and payment structure
6. Existing Mortgage Details: Information about the current mortgage, including outstanding balance and lender details
7. Settlement and Completion: Process and requirements for settlement, including timing and conditions
8. Vendor's Warranties: Warranties provided by the vendor regarding the property and mortgage status
9. Purchaser's Warranties: Warranties provided by the purchaser regarding financial capacity and compliance
10. Default and Remedies: Consequences of default and available remedies for both parties
11. General Provisions: Standard contract terms including governing law, notices, and amendment procedures
1. Tenant Provisions: Required if the property is currently tenanted, addressing existing tenancy agreements and arrangements
2. Body Corporate: Required for apartments or units under body corporate management
3. GST Provisions: Required if either party is GST registered and the transaction includes GST considerations
4. Development Provisions: Required if the property is part of an ongoing development or has pending construction
5. Overseas Investment Provisions: Required if the purchaser is an overseas person under the Overseas Investment Act
6. Mortgage Assumption Terms: Required if the purchaser is assuming the existing mortgage rather than establishing new financing
1. Property Schedule: Detailed property description, including boundaries, improvements, and fixtures
2. Title Documents: Copy of the certificate of title and relevant title documents
3. Existing Mortgage Documentation: Copies of current mortgage documents and related correspondence
4. Payment Schedule: Detailed breakdown of payment terms, including deposit and settlement payments
5. Due Diligence Checklist: List of required due diligence items and completion status
6. Property Disclosure Statement: Vendor's disclosures about property condition and known issues
7. Settlement Requirements Checklist: Detailed list of items required for settlement completion
Relevant legal definitions
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Real Estate
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Property Development
Property Investment
Mortgage Lending
Construction
Professional Services
Relevant Teams
Legal
Real Estate
Property Management
Mortgage Services
Compliance
Finance
Risk Management
Customer Relations
Settlement Operations
Document Processing
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Solicitor
Mortgage Broker
Bank Manager
Property Manager
Legal Counsel
Compliance Officer
Property Developer
Financial Advisor
Settlement Officer
Title Officer
Real Estate Transaction Coordinator
Property Investment Manager
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