Assignment Contract (Real Estate) for New Zealand

Assignment Contract (Real Estate) Template for New Zealand

A Real Estate Assignment Contract is a legal document used in New Zealand that facilitates the transfer of rights and obligations under an existing property sale and purchase agreement from one party (the assignor) to another party (the assignee). This document is governed by New Zealand property law, particularly the Property Law Act 2007 and the Contract and Commercial Law Act 2017. It includes detailed provisions for the transfer of property rights, consideration payment, settlement procedures, and necessary warranties, while ensuring compliance with local regulatory requirements including GST and anti-money laundering legislation.

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What is a Assignment Contract (Real Estate)?

The Assignment Contract (Real Estate) is a crucial legal instrument in New Zealand's property market that enables the transfer of property purchase rights from one party to another before settlement. This document is typically used when an original purchaser wishes to transfer their rights under a sale and purchase agreement to a new buyer, often in off-the-plan purchases or when circumstances prevent the original purchaser from completing the transaction. The contract must comply with New Zealand's Property Law Act 2007 and related legislation, including requirements for vendor consent where applicable. It contains comprehensive details about the original agreement, property specifications, assignment terms, consideration, and settlement procedures. The document is particularly relevant in property development projects, investment transactions, and situations where market conditions or personal circumstances necessitate a transfer of purchase rights.

What sections should be included in a Assignment Contract (Real Estate)?

1. Parties: Identifies all parties: Assignor (original purchaser), Assignee (new purchaser), and Vendor's consent (if required)

2. Background: Outlines the original sale and purchase agreement details, property description, and reason for assignment

3. Definitions: Defines key terms used throughout the agreement including Property, Original Agreement, Settlement Date, etc.

4. Assignment: Core clause transferring all rights and obligations under the original agreement to the assignee

5. Consideration: Details of the assignment price and payment terms between assignor and assignee

6. Settlement and Completion: Procedures and requirements for completing the assignment transaction

7. Assignor's Warranties: Warranties regarding the original agreement, property, and assignor's right to assign

8. Assignee's Acknowledgments: Assignee's confirmation of understanding and acceptance of all original agreement terms

9. GST Provisions: GST status and obligations of the parties regarding the assignment

10. Costs: Allocation of legal costs, registration fees, and other expenses

11. General Provisions: Standard contract clauses including governing law, notices, and execution requirements

What sections are optional to include in a Assignment Contract (Real Estate)?

1. Vendor's Consent: Required when the original agreement requires vendor's consent for assignment

2. Deposit Assignment: Used when transferring the original deposit from assignor to assignee

3. Real Estate Agent Commission: Include when real estate agents are involved in the assignment transaction

4. Overseas Investment Conditions: Required when the assignee is an overseas person under the Overseas Investment Act

5. Conditions Precedent: Include when assignment is subject to specific conditions being met

6. Existing Tenancies: Required when property is subject to existing tenancy agreements

7. Body Corporate Provisions: Include for assignments involving units in a body corporate

8. Development Provisions: Used when property is part of an ongoing development project

What schedules should be included in a Assignment Contract (Real Estate)?

1. Schedule 1: Property Details: Comprehensive description of the property including title details and legal description

2. Schedule 2: Original Agreement: Copy of the original sale and purchase agreement being assigned

3. Schedule 3: Assignment Consideration: Detailed breakdown of assignment price and payment terms

4. Schedule 4: Vendor's Consent Form: Form of vendor's consent to the assignment (if required)

5. Appendix A: Due Diligence Results: Summary of any due diligence undertaken on the property

6. Appendix B: Property Information: Relevant property documents, LIM report, title documents

7. Appendix C: AML Documentation: Required AML verification documents for all parties

8. Appendix D: Special Conditions: Any special conditions or variations from standard terms

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

Jurisdiction

New Zealand

Publisher

Genie AI

Document Type

Agreement Contract

Cost

Free to use
Relevant Industries

Real Estate

Property Development

Legal Services

Banking and Finance

Property Management

Construction

Commercial Property

Residential Property

Property Investment

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Finance

Investment

Development

Sales

Operations

Risk Management

Documentation

Relevant Roles

Property Lawyer

Real Estate Agent

Property Developer

Legal Counsel

Conveyancing Manager

Property Investment Manager

Commercial Property Manager

Real Estate Broker

Property Consultant

Contract Administrator

Legal Executive

Settlement Officer

Development Manager

Investment Advisor

Compliance 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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