The Lease Purchase Agreement is a specialized legal instrument used in New Zealand property transactions where a traditional sale or lease arrangement doesn't meet the parties' needs. This document is particularly useful when a potential purchaser wants to secure a property but needs time before completing the purchase, or when a property owner wants to sell but is willing to offer more flexible terms. The agreement includes comprehensive provisions for both the lease period and the purchase option, covering aspects such as rental payments, maintenance responsibilities, purchase price determination, option exercise procedures, and how rental payments may contribute to the final purchase price. It must comply with New Zealand's property and contract law framework, including the Property Law Act 2007 and related legislation. This type of agreement is commonly used in both commercial and residential contexts, offering flexibility while protecting both parties' interests through clear terms and conditions.
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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 property description and purpose of the arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Lease Terms: Details of the lease arrangement including duration, rent amount, payment terms, and maintenance responsibilities
5. Purchase Option: Terms of the purchase option, including purchase price, how and when the option can be exercised
6. Payment Structure: Breakdown of payments, including how lease payments contribute to the purchase price
7. Property Condition and Maintenance: Responsibilities for property maintenance, repairs, and condition requirements
8. Insurance and Risk: Insurance requirements and allocation of risk during the lease period
9. Default and Remedies: Consequences of default by either party and available remedies
10. Assignment and Subletting: Restrictions and conditions on assignment or subletting
11. General Provisions: Standard contractual provisions including notices, governing law, and dispute resolution
1. GST Provisions: Required if either party is GST-registered or if the transaction is subject to GST
2. Body Corporate Provisions: Required for properties subject to body corporate rules or unit titles
3. Guarantees: Required when there are personal or corporate guarantors for the agreement
4. Fitout and Alterations: Required for commercial properties where tenant improvements are contemplated
5. Resource Management Compliance: Required when property use or development requires specific compliance
6. Mortgage Terms: Required if there's vendor financing or specific mortgage arrangements
7. Early Purchase Options: Optional provisions for early exercise of purchase option
8. Property Management: Required for commercial properties or when professional management is involved
1. Property Description: Detailed description of the property including title details and legal description
2. Payment Schedule: Detailed breakdown of all payments including rent, option fees, and purchase price calculations
3. Condition Report: Detailed report on property condition at commencement of lease
4. Maintenance Schedule: Detailed breakdown of maintenance responsibilities and schedules
5. Permitted Use: Detailed description of permitted use of property and any restrictions
6. Option Exercise Notice: Form of notice required to exercise purchase option
7. Insurance Requirements: Detailed insurance requirements and specifications
8. Guarantor Agreements: Forms of guarantee if applicable
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