The Holding Deposit Contract serves as a crucial document in New Zealand property transactions, providing security for both parties during the initial stages of a property deal. This contract type is commonly used when a potential buyer or tenant wishes to secure a property while finalizing due diligence, arranging finance, or completing other preliminary requirements. The document typically includes specific details about the property, deposit amount, holding period, and conditions for refund or forfeiture. It must comply with New Zealand's property and contract law framework, including the Contract and Commercial Law Act 2017 and the Property Law Act 2007. The agreement provides clarity on how the deposit will be handled, held in trust, and eventually applied to the purchase price or returned, depending on the outcome of the transaction.
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1. Parties: Identification of all parties to the agreement, including full legal names and addresses
2. Background: Context of the agreement, including brief description of the property and purpose of the holding deposit
3. Definitions: Clear definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including address and legal description
5. Deposit Amount: Specification of the holding deposit amount and payment terms
6. Purpose of Deposit: Clear statement of what the deposit is securing and how it will be applied
7. Duration: Period for which the property will be held and deposit retained
8. Terms and Conditions: Core conditions regarding the holding of the deposit and property
9. Refund Conditions: Circumstances under which the deposit will be refunded
10. Non-refundable Conditions: Circumstances under which the deposit becomes non-refundable
11. Application of Deposit: How the deposit will be applied to the final purchase/lease price
12. Execution: Signature blocks and execution details for all parties
1. GST Provisions: Required when the transaction involves GST-registered parties or commercial property
2. Agent Authority: Include when a real estate agent or other representative is involved in holding the deposit
3. Due Diligence Conditions: Include when the holding deposit is subject to due diligence investigations
4. Finance Conditions: Include when the agreement is conditional on the purchaser obtaining finance
5. Dispute Resolution: Optional but recommended section detailing the process for resolving disputes
6. Assignment: Include when transfer of rights under the agreement might be permitted
7. Multiple Purchasers: Include when there are multiple parties making the deposit
1. Payment Schedule: Details of payment method, timing, and bank account details for the deposit
2. Property Details Schedule: Detailed description of the property including photographs and any specific inclusions/exclusions
3. Condition Report: If relevant, current condition of the property being held
4. Proof of Deposit: Copy of deposit payment receipt or transfer confirmation
5. Agency Agreement: If applicable, agreement with real estate agent regarding holding of deposit
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