The Real Estate For Sale By Owner Contract is designed for property owners in New Zealand who choose to sell their property directly without engaging a real estate agent. This approach, while potentially cost-saving, requires a robust legal framework to ensure the transaction meets all regulatory requirements. The document incorporates essential elements required by New Zealand law, including provisions from the Property Law Act 2007, Land Transfer Act 2017, and relevant consumer protection legislation. It provides a comprehensive framework for the sale process, from initial agreement through to settlement, including necessary warranties, conditions, and protections for both parties. This contract type is particularly relevant in the current digital age where more property owners are choosing to manage their own sales process, while still ensuring legal compliance and protection of all parties' interests.
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1. Parties: Identification and details of the vendor (seller) and purchaser (buyer)
2. Background: Context of the sale and brief property description
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive legal description of the property, including title details and physical address
5. Purchase Price: Agreed purchase price and payment terms, including deposit details
6. Settlement and Possession: Settlement date, possession arrangements, and key handover details
7. Title and Transfer: Conditions regarding title transfer and registration requirements
8. Property Inspection: Buyer's rights and timeframes for property inspection
9. Warranties and Undertakings: Seller's warranties about the property's condition and legal status
10. Conditions: Standard conditions that must be met before settlement
11. Risk and Insurance: Responsibility for the property and insurance requirements until settlement
12. Default: Consequences and remedies if either party defaults
13. General Provisions: Standard legal provisions including notices, governing law, and dispute resolution
14. Execution: Signing provisions and date of agreement
1. Chattels: Detailed section listing included/excluded chattels when the property includes significant moveable items
2. Tenancies: Required when the property is sold with existing tenants, detailing arrangements and obligations
3. Body Corporate: Necessary for apartments or units within a body corporate structure
4. GST: Required when either party is GST-registered or the transaction is subject to GST
5. Land Covenants: Include when the property is subject to specific land covenants or restrictions
6. Development Provisions: Necessary when the property has development potential or restrictions
7. Overseas Investment: Required when the purchaser is an overseas person under the Overseas Investment Act
8. Building Condition: Specific provisions regarding building works, repairs, or maintenance requirements
1. Schedule 1 - Property Details: Detailed property description, including certificate of title references and legal boundaries
2. Schedule 2 - Chattels List: Comprehensive list of included and excluded chattels
3. Schedule 3 - Special Conditions: Any special conditions agreed between the parties
4. Schedule 4 - Warranties: Detailed warranties provided by the vendor
5. Appendix A - Title Documents: Copy of certificate of title and relevant registered documents
6. Appendix B - LIM Report: Land Information Memorandum report (if obtained)
7. Appendix C - Property Inspection Report: Building inspection report (if obtained)
8. Appendix D - Plans and Permits: Relevant building plans, permits, and consents
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