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Real Estate Offer And Acceptance Contract for New Zealand

Real Estate Offer And Acceptance Contract Template for New Zealand

A standardized legal agreement used in New Zealand for the sale and purchase of real estate property, governed by New Zealand property law including the Property Law Act 2007 and Real Estate Agents Act 2008. This document formalizes the terms and conditions of a property transaction between a vendor and purchaser, including purchase price, settlement details, conditions of sale, and property specifications. It serves as the primary contract document in real estate transactions and must comply with New Zealand's specific requirements for property transfers, including provisions for both residential and commercial properties.

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What is a Real Estate Offer And Acceptance Contract?

The Real Estate Offer And Acceptance Contract is a fundamental document in New Zealand property transactions, essential for both residential and commercial property sales. It is used when a potential buyer wishes to make a formal offer to purchase a property and the seller wishes to accept or negotiate those terms. The document must comply with New Zealand property law requirements, including the Property Law Act 2007, Real Estate Agents Act 2008, and other relevant legislation. It includes crucial information such as property details, purchase price, settlement terms, conditions of sale, and any special conditions agreed between parties. This contract forms the basis of the property transaction and becomes legally binding once signed by both parties, subject to any conditions specified within it. It's particularly important as it provides legal protection for both parties and ensures clarity regarding the terms of the property transfer.

What sections should be included in a Real Estate Offer And Acceptance Contract?

1. Parties: Identification of the vendor (seller) and purchaser (buyer) with full legal names and addresses

2. Background: Brief context of the transaction and property being sold

3. Definitions: Key terms used throughout the agreement defined for clarity

4. Property Details: Full legal description of the property including title references and address

5. Purchase Price: The agreed purchase price and payment structure including deposit details

6. Settlement: Settlement date, time, and process requirements

7. Title and Transfer: Provisions regarding transfer of title and requirements for clear title

8. Property Inspection: Rights and process for property inspection before settlement

9. Risk and Insurance: Allocation of risk and insurance requirements until settlement

10. Default: Consequences and remedies in case of default by either party

11. General Terms: Standard contract terms including notices, time of essence, and governing law

12. Execution: Signing provisions and date of agreement

What sections are optional to include in a Real Estate Offer And Acceptance Contract?

1. Chattels: List of moveable items included/excluded in the sale - used when specific items need to be detailed

2. Tenancies: Details of existing tenancies - required when property is sold with tenants in place

3. GST: GST provisions - required when either party is GST registered or property is part of a taxable activity

4. Due Diligence: Specific due diligence conditions - used for complex properties or commercial purchases

5. Finance Condition: Conditions relating to purchaser obtaining finance - used when purchase is subject to financing

6. Building Report Condition: Conditions relating to satisfactory building inspection - used when purchase is subject to building inspection

7. Overseas Investment Consent: Required when purchaser is an overseas person under the Overseas Investment Act

8. Unit Title Provisions: Additional provisions required for unit title properties

9. Vendor Warranties: Additional warranties given by vendor - used for specific property circumstances

What schedules should be included in a Real Estate Offer And Acceptance Contract?

1. Schedule 1 - Property Details: Detailed property description, including certificate of title, legal description, and any easements or encumbrances

2. Schedule 2 - Chattels List: Comprehensive list of all chattels included and excluded from the sale

3. Schedule 3 - Special Conditions: Any special conditions agreed between the parties

4. Schedule 4 - Warranty Schedule: Detailed vendor warranties about the property

5. Appendix A - Property Title: Copy of the current certificate of title

6. Appendix B - LIM Report: Land Information Memorandum report if already obtained

7. Appendix C - Property Plans: Relevant property plans, boundary marks, or unit plans for apartments

8. Appendix D - Tenancy Agreements: Copies of current tenancy agreements if property is tenanted

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

New Zealand

Cost

Free to use

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