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Option And Purchase Agreement

Option And Purchase Agreement Template for New Zealand

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Key Requirements PROMPT example:

Option And Purchase Agreement

"I need an Option and Purchase Agreement for a commercial property development site in Auckland, with a 6-month initial option period starting January 2025 and the ability to extend for two additional 3-month periods, including development consent conditions and staged settlement provisions."

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Document background
The Option and Purchase Agreement is a crucial document in New Zealand property transactions where a potential purchaser wishes to secure the right to buy a property without immediate commitment to purchase. This agreement type is commonly used in property development, commercial real estate, and strategic property acquisitions. It provides the option holder with exclusive rights while allowing time for due diligence, finance arrangement, or obtaining necessary consents. The document must comply with New Zealand property law and commercial legislation, including the Property Law Act 2007 and Contract and Commercial Law Act 2017. It typically includes comprehensive terms covering the option period, exercise mechanics, purchase conditions, and settlement requirements, making it essential for complex property transactions where immediate purchase is not desired or possible.
Suggested Sections

1. Parties: Identification and details of all parties to the agreement

2. Background: Context of the agreement and brief description of the property and transaction

3. Definitions and Interpretation: Definitions of key terms and interpretation rules

4. Grant of Option: Terms of the option grant, including exclusivity and duration

5. Option Fee: Amount, payment terms, and status of the option fee

6. Exercise of Option: Process and requirements for exercising the option

7. Purchase Price: Purchase price, payment structure, and any adjustments

8. Deposit: Deposit amount, payment terms, and handling

9. Due Diligence: Due diligence rights, process, and timeframes

10. Conditions: Standard conditions precedent to settlement

11. Settlement: Settlement process, obligations, and timing

12. Title and Transfer: Title requirements and transfer process

13. Warranties: Standard warranties from both parties

14. Default: Consequences of default by either party

15. General Provisions: Standard boilerplate clauses including notices, governing law, etc.

Optional Sections

1. Development Conditions: Used when the property requires development or resource consent

2. Multiple Option Periods: Used when the option can be extended for multiple periods

3. Vendor Assistance: Used when vendor must assist with permits or consents

4. GST: Detailed GST provisions when either party is GST registered

5. Tenant Provisions: Used when property is tenanted

6. Staged Settlement: Used for large transactions with multiple settlement dates

7. Environmental Warranties: Used for industrial properties or when contamination is a concern

8. Overseas Investment Approval: Used when purchaser requires OIO approval

Suggested Schedules

1. Property Schedule: Detailed description of the property including title references

2. Purchase Price Calculation: Detailed breakdown of purchase price components

3. Due Diligence Requirements: List of required due diligence items and documentation

4. Form of Option Exercise Notice: Template notice for exercising the option

5. Warranties Schedule: Detailed vendor warranties about the property

6. Permitted Encumbrances: List of permitted encumbrances on the title

7. Settlement Requirements: Detailed list of settlement deliverables

8. Development Plans: Plans and specifications if development is contemplated

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses







































Relevant Industries

Real Estate

Property Development

Commercial Property

Residential Property

Industrial Property

Agriculture

Retail

Hospitality

Investment

Construction

Legal Services

Financial Services

Relevant Teams

Legal

Real Estate

Property Development

Commercial

Finance

Compliance

Risk Management

Business Development

Project Management

Executive Leadership

Relevant Roles

Property Lawyer

Real Estate Agent

Property Developer

Investment Manager

Commercial Director

Property Manager

Legal Counsel

Conveyancing Lawyer

Business Development Manager

Finance Manager

Project Manager

Compliance Officer

Risk Manager

Chief Executive Officer

Chief Financial Officer

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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