Home Contract for New Zealand

Home Contract Template for New Zealand

This document is a comprehensive residential property sale and purchase agreement tailored for the New Zealand legal framework. It complies with New Zealand property law requirements, including the Property Law Act 2007 and related legislation. The contract covers all essential aspects of a residential property transaction, from initial agreement through to settlement, incorporating necessary provisions for property transfer, payment terms, conditions precedent, and warranties. It includes specific protections and obligations relevant to New Zealand property transactions, while maintaining flexibility to accommodate various property types and special conditions.

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What is a Home Contract?

The Home Contract serves as the primary legal instrument for residential property transactions in New Zealand. It is designed to facilitate the sale and purchase of residential properties while ensuring compliance with New Zealand's property law framework, including the Property Law Act 2007, Land Transfer Act 2017, and other relevant legislation. This document is essential when parties are entering into a binding agreement for the sale and purchase of residential property, whether it's a standalone house, apartment, or unit title property. The contract includes provisions for property description, purchase price, settlement terms, conditions precedent, warranties, and risk allocation, along with specific requirements for New Zealand property transactions such as LIM reports and building inspections. It can be customized to accommodate various scenarios while maintaining legal compliance and protecting both parties' interests.

What sections should be included in a Home Contract?

1. Parties: Identification and details of all parties involved in the contract

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

3. Definitions and Interpretation: Definitions of key terms used throughout the contract and rules for interpretation

4. Property Details: Comprehensive description of the property including legal description and boundaries

5. Purchase Price: Agreed purchase price and payment terms including deposit requirements

6. Settlement: Settlement date, process, and requirements

7. Title and Transfer: Details regarding property title and transfer requirements

8. Property Inspection: Rights and processes for property inspection

9. Warranties and Undertakings: Standard warranties from both vendor and purchaser

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

11. Default: Consequences and remedies in case of default by either party

12. General Provisions: Standard contract clauses including notices, amendments, and governing law

13. Execution: Signing provisions and execution requirements

What sections are optional to include in a Home Contract?

1. Chattels: List and conditions of chattels included in the sale, used when specific items are included

2. Building Report: Conditions relating to building inspection, used when purchaser requires a building inspection

3. Finance Condition: Details of finance arrangements, used when purchase is subject to financing

4. Land Information Memorandum: Conditions relating to LIM report, used when LIM report is required

5. Tenancy Provisions: Details of existing tenancies, used when property is sold with tenants

6. GST Provisions: GST-related terms, used when either party is GST registered

7. Construction Warranties: For new builds or recently constructed homes, detailing builder's warranties

8. Body Corporate: Body corporate details and obligations, used for apartments or units

9. Development Provisions: Used when property has future development potential or restrictions

What schedules should be included in a Home Contract?

1. Schedule 1 - Property Details: Detailed property description, certificate of title, and legal boundaries

2. Schedule 2 - Chattels List: Comprehensive list of all chattels included in the sale

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

4. Schedule 4 - Warranties: Detailed warranties provided by both parties

5. Appendix A - Title Documents: Copy of certificate of title and relevant title documents

6. Appendix B - LIM Report: Land Information Memorandum report if obtained

7. Appendix C - Property Inspection Report: Building inspection report if obtained

8. Appendix D - Plans and Permits: Relevant building plans, permits, and consents

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 legal definitions
Clauses
Relevant Industries

Real Estate

Legal Services

Financial Services

Construction

Property Development

Property Management

Insurance

Banking

Public Sector

Professional Services

Relevant Teams

Legal

Real Estate

Property Management

Conveyancing

Settlements

Mortgage Services

Risk and Compliance

Customer Service

Documentation

Advisory Services

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Specialist

Property Manager

Mortgage Broker

Bank Manager

Property Developer

Legal Executive

Settlement Officer

Property Valuer

Building Inspector

Insurance Broker

Property Consultant

Compliance Officer

Title 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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