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Commercial Real Estate Purchase Contract

Commercial Real Estate Purchase Contract Template for New Zealand

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Key Requirements PROMPT example:

Commercial Real Estate Purchase Contract

"I need a Commercial Real Estate Purchase Contract for buying a multi-tenant office building in Auckland CBD, with settlement planned for March 2025; the agreement needs to address existing tenant rights and include specific provisions for property management transition."

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Document background
The Commercial Real Estate Purchase Contract is a crucial legal document used in New Zealand for transactions involving commercial property acquisitions. It serves as the primary agreement between parties when purchasing commercial real estate, whether it's office buildings, retail spaces, industrial facilities, or other commercial properties. This document is essential for ensuring compliance with New Zealand's property laws, including the Property Law Act 2007, Land Transfer Act 2017, and other relevant legislation. It contains comprehensive provisions covering property transfer, payment terms, due diligence requirements, warranties, and settlement procedures, while accommodating specific commercial requirements and local regulatory obligations. The agreement is designed to protect both parties' interests while facilitating a smooth transaction process in the New Zealand commercial property market.
Suggested Sections

1. Parties: Identification and details of the vendor and purchaser, including registration numbers for companies

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

3. Definitions and Interpretation: Defined terms used throughout the agreement and rules of interpretation

4. Agreement to Sell and Purchase: Core agreement terms including property description and purchase price

5. Payment Terms: Purchase price, deposit requirements, and payment schedule

6. Due Diligence: Terms and timeframes for conducting property investigations and due diligence

7. Conditions Precedent: Conditions that must be satisfied before the agreement becomes unconditional

8. Settlement and Possession: Settlement date, possession arrangements, and requirements for completion

9. Title and Transfer: Requirements for clear title and transfer of ownership

10. Warranties and Representations: Vendor's warranties about the property and business representations

11. Risk and Insurance: Allocation of risk and insurance requirements until settlement

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

13. Notices: Requirements for giving notices under the agreement

14. General Provisions: Standard contract clauses including governing law, entire agreement, and amendments

15. Execution: Signing provisions and execution blocks

Optional Sections

1. Tenant Rights and Obligations: Required when the property is sold subject to existing tenancies

2. GST Provisions: Detailed GST treatment where one or both parties are GST registered

3. Development Provisions: Required when the property is under development or requires specific works

4. Environmental Matters: Specific provisions for properties with environmental concerns or requirements

5. Overseas Investment Approval: Required when purchaser needs Overseas Investment Office approval

6. Vendor Finance: Terms of any vendor financing arrangements

7. Property Management: Transition arrangements for property management if applicable

8. Intellectual Property: Required when the sale includes business names or other IP

9. Resource Consent Conditions: Specific provisions relating to resource consent requirements

Suggested Schedules

1. Property Schedule: Detailed description of land, improvements, and title references

2. Purchase Price Allocation: Breakdown of purchase price across different assets

3. Inventory of Chattels: List of included chattels and their condition

4. Tenancy Schedule: Details of existing tenancies, leases, and rental information

5. Due Diligence Checklist: List of required due diligence items and documentation

6. Settlement Requirements: Detailed list of requirements for settlement

7. Disclosure Schedule: Vendor's disclosures regarding the property

8. Building Compliance Schedule: Details of building warrant of fitness and compliance requirements

9. Service Contracts: List of transferable service contracts and maintenance agreements

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Balance Payment
Building
Business Day
Chattels
Completion Date
Conditions Precedent
Consent
Default Interest Rate
Deposit
Due Diligence Period
Effective Date
Encumbrance
Environmental Law
GST
Improvements
Land
Land Transfer Office
LINZ
Local Authority
Material Adverse Effect
Mortgage
Overseas Investment Office
Permitted Encumbrances
Property
Purchase Price
Related Companies
Resource Consent
Settlement Date
Settlement
Solicitor
Tenancies
Tenant
Title
Transaction
Transfer
Utilities
Valuation
Vendor's Works
Warranties
Clauses
Sale and Purchase
Property Description
Purchase Price
Deposit
Due Diligence
Title
Warranties
Conditions Precedent
Settlement
Risk and Insurance
Property Access
Chattels
Tenancies
GST
Default
Remedies
Force Majeure
Assignment
Confidentiality
Environmental Compliance
Building Compliance
Local Authority Requirements
Resource Consent
Property Investigations
Vendor Warranties
Purchaser Warranties
Overseas Investment
Notice
Dispute Resolution
Governing Law
Entire Agreement
Variation
Severability
Further Assurance
Costs
Time of Essence
Survival
Property Management
Service Contracts
Intellectual Property
Relevant Industries

Real Estate

Commercial Property

Retail

Hospitality

Industrial

Manufacturing

Healthcare

Education

Professional Services

Logistics

Warehousing

Office Space

Mixed Use Development

Banking and Finance

Relevant Teams

Legal

Finance

Real Estate

Property Management

Operations

Compliance

Risk Management

Business Development

Facilities Management

Corporate Development

Investment

Asset Management

Relevant Roles

Commercial Property Lawyer

Real Estate Agent

Property Manager

Chief Financial Officer

Business Development Manager

Commercial Director

Investment Manager

Property Valuer

Facilities Manager

Legal Counsel

Contract Manager

Risk Manager

Development Manager

Asset Manager

Compliance Officer

Corporate Lawyer

Property Consultant

Real Estate Broker

Transaction Manager

Industries
Property Law Act 2007: Primary legislation governing real property transactions in New Zealand, including provisions for sale and purchase agreements, mortgages, leases, and property rights
Contract and Commercial Law Act 2017: Regulates formation and enforcement of contracts, including electronic transactions and contractual remedies
Land Transfer Act 2017: Governs the registration of land titles and interests in New Zealand, ensuring secure property rights and transparent ownership
Resource Management Act 1991: Controls land use and development, including zoning requirements and environmental considerations for commercial properties
Building Act 2004: Sets standards for building works and compliance requirements for commercial properties
Real Estate Agents Act 2008: Regulates real estate transactions and agent conduct in property dealings
Local Government Act 2002: Governs local authority requirements affecting commercial properties, including rates and development contributions
Overseas Investment Act 2005: Regulates foreign investment in New Zealand property, including approval requirements for overseas buyers
Fair Trading Act 1986: Ensures fair trading practices in commercial transactions and prevents misleading conduct in property dealings
Goods and Services Tax Act 1985: Governs GST implications in commercial property transactions
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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