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Sell And Buy Agreement Template for New Zealand

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Key Requirements PROMPT example:

Sell And Buy Agreement

"I need a Sale and Purchase Agreement for a commercial property in Auckland, New Zealand, with settlement scheduled for March 2025, including specific provisions for existing tenant rights and GST requirements as both parties are GST-registered."

Document background
The Sale and Purchase Agreement is the primary legal document used in New Zealand for property transactions, whether residential, commercial, or industrial. This document is essential whenever real property is being transferred from one party to another, establishing legally binding obligations for both the vendor and purchaser. It contains detailed provisions covering property description, purchase price, settlement terms, conditions precedent, warranties, and specific requirements under New Zealand law. The agreement must comply with various New Zealand legislation including the Property Law Act 2007, Contract and Commercial Law Act 2017, and Real Estate Agents Act 2008. A properly drafted Sale and Purchase Agreement is crucial for protecting both parties' interests and ensuring a smooth property transaction.
Suggested Sections

1. Parties: Identification of the vendor and purchaser with full legal names and addresses

2. Background: Context of the sale and purchase transaction

3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpretation

4. Property Description: Detailed description of the property including legal description and certificate of title details

5. Purchase Price: The agreed purchase price and payment terms including deposit requirements

6. Settlement: Settlement date, time, and process including requirements for payment and property transfer

7. Title and Transfer: Provisions relating to transfer of title and requirements for registration

8. Warranties and Undertakings: Standard warranties given by both parties regarding the property and transaction

9. Due Diligence: Terms for the purchaser's investigation of the property and related matters

10. Pre-settlement Obligations: Obligations of both parties between agreement signing and settlement

11. Default: Consequences of default by either party and available remedies

12. General Provisions: Standard legal provisions including notices, governing law, and dispute resolution

13. Execution: Signing provisions and execution blocks for all parties

Optional Sections

1. Conditions Precedent: Specific conditions that must be satisfied before the agreement becomes unconditional, used when the purchase is subject to finance, building inspection, or other conditions

2. Chattels: List and terms relating to moveable items included in the sale, used when specific items are being included or excluded

3. Tenancies: Details of existing tenancies and related obligations, used when the property is sold with tenants in place

4. GST Provisions: Detailed GST treatment of the transaction, used when either party is GST registered or the property is part of a taxable activity

5. Unit Title Provisions: Specific provisions required for unit title properties, used for apartments or units under the Unit Titles Act

6. Development Provisions: Special terms for properties under development or recently completed, used for off-plan purchases

7. Overseas Investment Provisions: Additional requirements for foreign buyers, used when purchaser requires OIO consent

Suggested Schedules

1. Property Schedule: Detailed description of the property including boundaries, easements, and encumbrances

2. Chattels Schedule: Itemized list of all chattels included in the sale

3. Warranties Schedule: Detailed vendor warranties about the property's condition and compliance

4. Due Diligence Schedule: Specific requirements and timeframes for due diligence investigations

5. Certificate of Title: Copy of the current title for the property

6. LIM Report: Land Information Memorandum report from the local council if already obtained

7. Tenancy Schedule: Details of existing tenancies including lease terms and current rent

8. Building Report: Any existing building inspection reports or property condition assessments

Authors

Alex Denne

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

Relevant legal definitions











































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Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Commercial Property

Residential Property

Agricultural

Retail Property

Relevant Teams

Legal

Real Estate

Property Management

Corporate Affairs

Acquisitions

Risk Management

Compliance

Finance

Commercial

Operations

Relevant Roles

Property Lawyer

Real Estate Agent

Property Manager

Commercial Property Manager

Legal Counsel

Conveyancing Lawyer

Property Developer

Bank Manager

Mortgage Broker

Property Investment Manager

Corporate Lawyer

Settlement Officer

Due Diligence Manager

Real Estate Transaction Coordinator

Property Investment Advisor

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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