The Simple Commercial Real Estate Purchase Agreement is a fundamental legal document used in New Zealand for facilitating the purchase and sale of commercial properties. This agreement is particularly suitable for straightforward commercial property transactions where the basic terms of sale need to be documented in compliance with New Zealand law. It includes essential elements such as property description, purchase price, settlement terms, due diligence provisions, and standard warranties, while being less complex than agreements used for larger or more complicated commercial property deals. The document ensures compliance with key New Zealand legislation, including the Property Law Act 2007, Land Transfer Act 2017, and Contract and Commercial Law Act 2017, while remaining accessible to business owners and property professionals. It's designed to provide adequate protection for both parties while avoiding unnecessary complexity.
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1. Parties: Identification of the vendor and purchaser with full legal names and addresses
2. Background: Context of the transaction and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including title references
5. Purchase Price: Statement of purchase price and payment terms including deposit details
6. Settlement: Settlement date, requirements, and process
7. Due Diligence: Terms and timeframes for due diligence investigations
8. Title and Transfer: Requirements for clear title and transfer process
9. Warranties: Vendor's warranties regarding the property and business
10. Default: Consequences of default by either party
11. General Terms: Standard contract terms including notices, amendments, and governing law
12. Execution: Signing provisions and date of agreement
1. Tenant Rights: Required if the property is sold subject to existing tenancies
2. GST Provisions: Required if either party is GST registered and the transaction is subject to GST
3. Resource Consent: Required if property development or change of use is contemplated
4. Overseas Investment: Required if purchaser is an overseas person/entity requiring OIO approval
5. Finance Condition: Optional clause if purchase is subject to finance approval
6. Building Inspection: Optional condition for specific building inspection requirements
7. Environmental Matters: Required if there are known environmental issues or contamination
8. Development Rights: Required if specific development rights are being transferred
1. Schedule 1 - Property Details: Detailed description of land, improvements, and included chattels
2. Schedule 2 - Payment Schedule: Breakdown of payment terms, deposits, and settlement payments
3. Schedule 3 - Warranties: Detailed list of vendor warranties
4. Schedule 4 - Disclosed Matters: List of issues, defects, or limitations disclosed by vendor
5. Appendix A - Title Documents: Copy of title and relevant registered documents
6. Appendix B - LIM Report: Land Information Memorandum report details
7. Appendix C - Lease Agreements: Copies of existing lease agreements if applicable
8. Appendix D - Plans and Drawings: Property plans, boundary maps, and building drawings
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Legal Services
Banking and Finance
Property Development
Construction
Insurance
Professional Services
Property Management
Urban Planning
Relevant Teams
Legal
Real Estate
Property Management
Commercial Development
Finance
Facilities
Acquisitions
Asset Management
Risk Management
Compliance
Relevant Roles
Property Lawyer
Real Estate Agent
Commercial Property Manager
Business Owner
Property Developer
Commercial Property Broker
Legal Counsel
Conveyancing Lawyer
Property Consultant
Business Development Manager
Investment Manager
Asset Manager
Property Valuer
Chief Financial Officer
Facilities Manager
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