The House Agreement Contract serves as the primary legal instrument for residential property transactions in New Zealand. This document is essential when transferring ownership of residential property, whether it's a standalone house, apartment, or unit title property. The agreement comprehensively covers all aspects of the property transaction, including precise property details, financial terms, settlement procedures, and legal obligations of all parties involved. It ensures compliance with New Zealand property law, including the Property Law Act 2007, Land Transfer Act 2017, and other relevant legislation. The contract protects both vendors and purchasers by clearly stating all terms and conditions, warranties, and remedies available in case of default. It may also include specific provisions for matters such as existing tenancies, body corporate arrangements, or special conditions related to the property's characteristics or the transaction's nature.
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1. Parties: Identification and details of the vendor and purchaser, including full legal names, addresses, and contact information
2. Background: Context of the agreement, including brief property description and purpose of the transaction
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpreting the document
4. Property Details: Comprehensive description of the property, including legal description, certificate of title details, and included fixtures/fittings
5. Purchase Price: Agreed purchase price, payment terms, deposit requirements, and settlement arrangements
6. Settlement and Possession: Settlement date, possession details, and key handover arrangements
7. Title and Transfer: Requirements for clear title, transfer processes, and land registration details
8. Warranties and Undertakings: Vendor's warranties about the property and undertakings from both parties
9. Property Condition: Current condition of the property, any known defects, and as-is provisions
10. Due Diligence: Buyer's rights and obligations regarding property inspection and verification
11. Default and Remedies: Consequences of breach and available remedies for both parties
12. General Provisions: Standard contract clauses including notices, amendments, governing law, and dispute resolution
1. Tenancy Provisions: Required if the property is sold with existing tenants, detailing arrangements and obligations
2. Body Corporate: Necessary for apartments or units, including body corporate rules and obligations
3. Conditional Terms: Special conditions such as finance, building inspection, or other buyer/seller conditions
4. GST Provisions: Required if either party is GST-registered or if the transaction includes GST
5. Resource Management: Needed if property has specific resource consent requirements or restrictions
6. Construction Warranties: For new builds or recently constructed properties, including builder warranties
7. Chattels Lease: If any chattels are under lease arrangements (e.g., solar panels, heating systems)
8. Development Provisions: For properties with future development potential or restrictions
1. Schedule 1: Property Details: Detailed property description, including certificate of title, legal description, and land area
2. Schedule 2: Chattels List: Comprehensive list of included and excluded chattels with descriptions
3. Schedule 3: Payment Schedule: Detailed breakdown of payment terms, including deposit and settlement payments
4. Schedule 4: Due Diligence Checklist: List of required inspections, reports, and verifications
5. Schedule 5: Property Disclosure: Vendor's disclosure of known issues, modifications, and compliance matters
6. Appendix A: Title Documents: Copy of certificate of title and relevant title documents
7. Appendix B: LIM Report: Land Information Memorandum report details or requirements
8. Appendix C: Property Plans: Floor plans, site plans, and relevant property drawings
9. Appendix D: Compliance Documents: Building consents, code compliance certificates, and other regulatory documents
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