As Is Real Estate Contract Template for New Zealand

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Key Requirements PROMPT example:

As Is Real Estate Contract

"I need an As Is Real Estate Contract for the sale of a commercial warehouse property in Auckland, New Zealand, with settlement scheduled for March 15, 2025, that includes specific provisions for existing tenant rights and known structural issues."

Document background
The As Is Real Estate Contract is a specialized agreement used in New Zealand property transactions where the buyer agrees to purchase the property in its existing condition, without warranties from the seller regarding the property's state. This type of contract is particularly useful for properties that may require renovation, have known issues, or where the seller wishes to limit their liability for property conditions. The document complies with New Zealand property law requirements while providing clear terms about the nature of the sale, risk allocation, and the limited warranties provided. It's commonly used in situations involving distressed properties, quick sales, or where both parties agree to a transparent transaction acknowledging the property's current condition. The contract includes essential elements required by New Zealand law, such as proper property description, title details, and settlement procedures, while emphasizing the 'as is' nature of the transaction.
Suggested Sections

1. Parties: Identifies and provides full legal details of the vendor and purchaser

2. Background: Establishes the context of the sale, including property ownership and intention to sell/purchase

3. Definitions: Defines key terms used throughout the agreement

4. Property Details: Full legal description of the property, including title details and physical address

5. Purchase Price: States the agreed purchase price and payment terms

6. Deposit: Specifies deposit amount, payment timing, and holding arrangements

7. As Is Condition: Explicitly states that the property is sold 'as is, where is' with no warranties

8. Settlement and Possession: Details the settlement date and possession arrangements

9. Title and Transfer: Outlines requirements for title transfer and registration

10. Risk and Insurance: Addresses property risk transfer and insurance requirements

11. Default: Specifies consequences of default by either party

12. Notices: Details how formal notices between parties should be given

13. General Terms: Standard contract terms including governing law and interpretation

Optional Sections

1. Tenant Rights: Required if the property is sold with existing tenants, outlining their rights and arrangements

2. Chattels: Include when specific chattels are included or excluded from the sale

3. Due Diligence: Optional clause allowing buyer to conduct investigations before proceeding

4. Finance Condition: Include if purchase is subject to buyer obtaining finance

5. Land Information Memorandum: Include if LIM report is to be obtained as a condition

6. Building Report: Include if a building inspection is to be conducted as a condition

7. GST: Required if either party is GST registered or if property is part of a taxable activity

8. Unit Title Provisions: Required if property is a unit title, including body corporate details

9. Overseas Investment: Required if purchaser is an overseas person under the Overseas Investment Act

Suggested Schedules

1. Schedule 1: Property Details: Detailed property description, including certificate of title, legal description, and area

2. Schedule 2: Chattels: Itemized list of chattels included or excluded from the sale

3. Schedule 3: Special Conditions: Any special conditions agreed between the parties

4. Schedule 4: Warranties and Undertakings: Limited warranties given by vendor, if any

5. Schedule 5: Known Defects: List of known defects or issues with the property

6. Appendix A: Title Documents: Copy of certificate of title and relevant instruments

7. Appendix B: Property Plans: Plans, drawings, or surveys of the property

8. Appendix C: Disclosure Information: Required disclosures under New Zealand law

9. Appendix D: Body Corporate Information: Required for unit titles, including body corporate rules and information

Authors

Alex Denne

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

Relevant legal definitions
Relevant Industries

Real Estate

Property Development

Construction

Legal Services

Banking and Finance

Property Management

Insurance

Property Investment

Urban Planning

Architecture

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Risk Management

Operations

Settlements

Commercial Property

Business Development

Documentation

Due Diligence

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Specialist

Property Manager

Real Estate Broker

Commercial Property Director

Legal Counsel

Property Development Manager

Risk Manager

Settlement Officer

Compliance Officer

Property Valuer

Building Inspector

Real Estate Transaction Coordinator

Property Investment Advisor

Industries
Property Law Act 2007: Primary legislation governing real estate transactions in New Zealand, including rules about property transfers, mortgages, and general property rights
Real Estate Agents Act 2008: Regulates real estate agents and their conduct in property transactions, including requirements for professional conduct and client care
Contract and Commercial Law Act 2017: Provides the fundamental legal framework for contract formation, interpretation, and enforcement in New Zealand
Land Transfer Act 2017: Governs the registration and transfer of land titles in New Zealand, including rules about ownership and interests in land
Fair Trading Act 1986: Protects consumers against misleading and deceptive conduct in trade, particularly important for 'as is' sales where condition disclaimers are involved
Consumer Guarantees Act 1993: While generally excluded in 'as is' commercial property sales, this Act may still be relevant for residential sales to consumers and cannot be completely contracted out of in some circumstances
Overseas Investment Act 2005: Relevant if the buyer is an overseas person, governing foreign investment in New Zealand property
Local Government Act 2002: Important for understanding local authority requirements, zoning, and property-related regulations that affect the property's use
Building Act 2004: Relevant for understanding building compliance requirements and potential disclosure obligations regarding building conditions and permits
Resource Management Act 1991: Governs environmental and planning aspects that may affect property use and value, important for disclosure requirements
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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