The As Is Property Sale Agreement is a specialized contract used in New Zealand real estate transactions where the property is sold in its existing condition, with the purchaser accepting all known and unknown defects. This document is particularly relevant in situations involving distressed properties, mortgagee sales, estate sales, or when vendors wish to limit their liability for property condition. The agreement complies with New Zealand property law requirements while explicitly stating the 'as is' nature of the sale, incorporating necessary disclosures under the Fair Trading Act 1986 and Property Law Act 2007. It includes comprehensive provisions for property transfer, settlement procedures, and risk allocation, while emphasizing the purchaser's responsibility to conduct thorough due diligence.
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1. Parties: Identification of the vendor and purchaser with full legal names and addresses
2. Background: Context of the sale and acknowledgment that the property is being sold 'as is'
3. Definitions: Key terms used throughout the agreement including 'as is, where is' definition
4. Sale and Purchase: Core agreement to sell and purchase the property in its current condition
5. Purchase Price: Agreed purchase price, payment terms, and deposit requirements
6. Property Description: Legal description of the property and any inclusions/exclusions
7. As Is Condition: Explicit acknowledgment of property condition and purchaser's acceptance
8. Due Diligence: Purchaser's responsibility to investigate property condition
9. Settlement and Possession: Settlement date, key handover, and possession arrangements
10. Title and Transfer: Requirements for title transfer and registration
11. Risk and Insurance: Property risk transfer and insurance requirements
12. Default: Consequences of default by either party
13. Notices: How formal notices between parties should be given
14. General Provisions: Standard contract terms including governing law and assignment
1. Tenancy Provisions: Required if property is sold with existing tenants
2. Body Corporate: Required for unit title properties
3. GST: Required if either party is GST registered
4. Overseas Investment: Required if purchaser is an overseas person
5. Conditions Precedent: Optional conditions that must be satisfied before settlement
6. Property Inspection: Specific terms about pre-settlement inspection rights
7. Sunset Clause: Required for properties under construction or subdivision
8. Vendor Works: If vendor agrees to complete specific works before settlement
9. Real Estate Agent: Required if sale is through an agent
1. Property Schedule: Detailed property description, including title references and legal boundaries
2. Chattels Schedule: List of included and excluded chattels
3. Purchase Price Schedule: Breakdown of purchase price, deposit, and payment terms
4. Disclosure Schedule: Known defects, issues, or material facts about the property
5. Property Inspection Report: Any existing building reports or property inspections
6. Title Documents: Copy of title, easements, and encumbrances
7. LIM Report: Land Information Memorandum if available
8. Photographs: Current dated photographs of property condition
9. Property Information: Council records, permits, and compliance documents
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