Document background
The Presale Agreement is a crucial document in New Zealand property transactions, particularly in the context of new developments and off-the-plan purchases. It serves as a legally binding contract between a seller/developer and a buyer, committing both parties to a future property transaction before the property's completion. This document is essential in the New Zealand real estate market as it helps developers secure funding and buyers to lock in future purchases, especially in rapidly developing areas. The agreement must comply with New Zealand property law, including the Property Law Act 2007 and related legislation. It typically includes detailed provisions about the property specifications, payment terms, completion timeframes, and various conditions that must be met before settlement. The document also provides important protections for both parties, including sunset clauses, quality guarantees, and completion assurances.
