A Purchase Deed is a fundamental legal instrument in New Zealand property transactions, used when transferring ownership of real property from one party to another. This document is essential for both commercial and residential property transactions and must comply with New Zealand legislation, including the Property Law Act 2007 and the Land Transfer Act 2017. The Purchase Deed contains critical information such as party details, property description, purchase price, settlement terms, warranties, and conditions precedent. It serves multiple purposes: documenting the agreement between parties, providing evidence of ownership transfer, and meeting legal requirements for property registration. The document is particularly important as it creates a legally binding obligation and provides protection for both vendors and purchasers by clearly stating all terms and conditions of the sale.
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1. Parties: Identifies and defines all parties to the deed, including full legal names, addresses, and any registration numbers for companies
2. Background: Sets out the context and circumstances leading to the purchase, including brief description of the property and transaction
3. Definitions and Interpretation: Defines key terms used throughout the deed and establishes rules for interpretation
4. Agreement to Sell and Purchase: Core provision stating the seller's agreement to sell and the purchaser's agreement to buy the property
5. Purchase Price: Specifies the purchase price, payment terms, and method of payment
6. Property Description: Detailed description of the property being purchased, including legal description and title references
7. Settlement: Details of the settlement process, including date, time, and place of settlement
8. Title and Transfer: Provisions regarding transfer of title, including warranties about title and requirements for registration
9. Vendor's Warranties: Warranties given by the vendor regarding the property's condition, title, and any encumbrances
10. Risk and Insurance: Allocation of risk and responsibility for insurance before and after settlement
11. Default: Consequences and remedies in case of default by either party
12. Notices: Process for giving notices under the deed
13. General Provisions: Standard legal provisions including governing law, entire agreement, and modification requirements
1. Conditions Precedent: Used when the purchase is subject to specific conditions that must be satisfied before settlement
2. Chattels: Required when the purchase includes specific movable items or fixtures
3. Due Diligence: Included when the purchaser requires a due diligence period to investigate the property
4. GST Provisions: Required when GST applies to the transaction
5. Tenant Provisions: Needed when the property is sold subject to existing tenancies
6. Overseas Investment Provisions: Required when the purchaser is an overseas person under the Overseas Investment Act
7. Development Provisions: Included when the property is part of a development or subdivision
8. Unit Title Provisions: Required for unit title properties under the Unit Titles Act
1. Schedule 1 - Property Details: Detailed description of the property including title references, legal description, and area
2. Schedule 2 - Purchase Price Breakdown: Itemized breakdown of the purchase price including deposits and payment schedule
3. Schedule 3 - Chattels: List and description of all chattels included in the sale
4. Schedule 4 - Special Conditions: Any special conditions or terms specific to this transaction
5. Schedule 5 - Warranties: Detailed warranties given by the vendor
6. Appendix A - Title Documents: Copies of relevant title documents and plans
7. Appendix B - Consent Documents: Copies of any required consents or authorities
8. Appendix C - Property Information: Additional property information including LIM reports, building reports, or compliance documents
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