The Real Estate Purchase and Sale Agreement is a fundamental legal document used in New Zealand property transactions to formalize the transfer of real estate between parties. This agreement is essential whenever real property is bought or sold in New Zealand, whether for residential, commercial, or industrial purposes. It must comply with New Zealand's property law framework, including the Property Law Act 2007, Land Transfer Act 2017, and other relevant legislation. The document includes crucial details such as party identification, property description, purchase price, settlement terms, conditions precedent, warranties, and specific requirements for different property types. It also addresses contemporary concerns such as anti-money laundering compliance and overseas investment considerations where applicable.
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1. Parties: Identifies and provides full details of the vendor and purchaser
2. Background: Establishes the context of the sale and purchase transaction
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpretation
4. Property Description: Detailed description of the property including legal description, title references, and included chattels
5. Purchase Price: Specifies the purchase price, deposit amount, and payment terms
6. Conditions Precedent: Standard conditions that must be satisfied before the agreement becomes unconditional
7. Settlement and Possession: Details of settlement date, time, and process for transferring possession
8. Title and Transfer: Provisions regarding transfer of title and requirements for title
9. Vendor's Warranties and Undertakings: Standard warranties and undertakings given by the vendor
10. Purchaser's Warranties and Undertakings: Standard warranties and undertakings given by the purchaser
11. Risk and Insurance: Allocation of risk and insurance requirements until settlement
12. Default: Consequences and remedies in case of default by either party
13. General Provisions: Standard contractual provisions including notices, amendment, and governing law
14. Execution: Signing provisions and execution blocks for all parties
1. GST: Required when the transaction is subject to GST, specifying GST treatment and obligations
2. Tenancies: Required when the property is sold subject to existing tenancies
3. Body Corporate: Required for unit title properties, addressing body corporate matters
4. Development or Construction: Required for properties under construction or development
5. Overseas Investment: Required when purchaser is an overseas person under the Overseas Investment Act
6. Contamination and Hazardous Substances: Required when there are known contamination issues or hazardous substances
7. Resource Management: Required when there are specific resource consent or planning issues
8. Vendor Finance: Required when the vendor is providing financing for the purchase
1. Property Schedule: Detailed description of land, improvements, and title details
2. Chattels Schedule: Itemized list of chattels included in the sale
3. Special Conditions Schedule: Any special conditions specific to this transaction
4. Due Diligence Schedule: Requirements and timeframes for due diligence investigations
5. Tenancy Schedule: Details of existing tenancies including terms and conditions
6. Settlement Schedule: Detailed settlement calculations and adjustments
7. Disclosure Schedule: Required disclosures about the property's condition and history
8. Land Information Memorandum: Council information about the property and its compliance status
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Commercial Property
Residential Property
Agricultural Property
Property Investment
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Due Diligence
Commercial
Conveyancing
Investment
Risk Management
Operations
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Manager
Commercial Property Manager
Real Estate Broker
Legal Counsel
Property Developer
Investment Manager
Commercial Director
Real Estate Partner
Property Consultant
Settlement Officer
Compliance Officer
Due Diligence Manager
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