The Deposit Agreement of Purchase and Sale is a critical document in New Zealand property transactions, used when a purchaser agrees to pay a deposit for a property purchase prior to completing the full sale and purchase agreement. This document is particularly important in both residential and commercial property transactions where parties need to formalize their initial commitment while finalizing the details of the main purchase agreement. It includes specific provisions for deposit amount, payment terms, holding arrangements, and release conditions, all compliant with New Zealand property law and real estate regulations. The agreement provides protection for both parties by clearly defining their rights and obligations regarding the deposit, and ensures compliance with New Zealand's anti-money laundering requirements and real estate practice standards.
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1. Parties: Identification of the vendor and purchaser, including full legal names and addresses
2. Background: Context of the agreement, including brief property description and intention to enter into sale and purchase agreement
3. Definitions: Key terms used throughout the agreement, including 'Deposit', 'Property', 'Settlement Date', etc.
4. Property Details: Full legal description of the property, including title references and physical address
5. Deposit Terms: Amount of deposit, payment method, due date, and holding arrangements
6. Trust Account Details: Specifics of the trust account where the deposit will be held
7. Deposit Release Conditions: Conditions under which the deposit may be released to either party
8. Sale and Purchase Agreement: Commitment to enter into full sale and purchase agreement and timeframe
9. Default Provisions: Consequences of default by either party and remedies available
10. General Terms: Standard contract terms including notices, amendments, and governing law
11. Execution: Signing provisions and attestation requirements
1. GST Provisions: Required when either party is GST registered or the transaction may have GST implications
2. Overseas Investment Conditions: Required when purchaser is an overseas person under the Overseas Investment Act
3. Agent's Details: Included when real estate agents are involved in the transaction
4. Multiple Purchasers: Special provisions for joint ownership arrangements
5. Solicitor's Approval: Condition allowing for solicitor's review and approval of the agreement
6. Finance Condition: Provisions relating to purchaser's finance arrangements if relevant to deposit terms
7. Due Diligence Provisions: When specific investigations are required before proceeding with full purchase
8. Nominee Provision: When purchaser may nominate another party to complete the purchase
1. Property Schedule: Detailed description of the property including boundaries, improvements, and inclusions
2. Deposit Payment Schedule: Payment schedule if deposit is to be paid in installments
3. Title Documents: Copy of title and relevant registered documents
4. Property Information: Additional property information including zoning, rates, and building details
5. ID Verification Forms: Forms for AML compliance and identity verification
6. Agency Agreement: If applicable, copy of agency agreement details
7. Special Conditions: Any special conditions agreed between the parties
Relevant legal definitions
Clauses
Payment Terms
Property Description
Deposit Amount
Trust Account
Release Conditions
Default
Representations and Warranties
GST
Notices
Assignment
Governing Law
Dispute Resolution
Force Majeure
Termination
Amendments
Entire Agreement
Severability
Further Assurance
Costs
Confidentiality
Anti-Money Laundering Compliance
Real Estate Agent Authority
Settlement
Due Diligence
Foreign Investment
Title Transfer
Survival
Time of Essence
Property Description
Deposit Amount
Trust Account
Release Conditions
Default
Representations and Warranties
GST
Notices
Assignment
Governing Law
Dispute Resolution
Force Majeure
Termination
Amendments
Entire Agreement
Severability
Further Assurance
Costs
Confidentiality
Anti-Money Laundering Compliance
Real Estate Agent Authority
Settlement
Due Diligence
Foreign Investment
Title Transfer
Survival
Time of Essence
Relevant Industries
Real Estate
Property Development
Legal Services
Financial Services
Property Management
Construction
Banking
Professional Services
Residential Property
Commercial Property
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Finance
Risk Management
Operations
Administrative Support
Client Services
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Manager
Real Estate Broker
Legal Counsel
Compliance Officer
Trust Account Administrator
Property Developer
Sales Manager
Contract Administrator
Transaction Coordinator
Real Estate Partner
Property Consultant
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