Lease To Purchase Agreement Template for New Zealand

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Key Requirements PROMPT example:

Lease To Purchase Agreement

"I need a Lease to Purchase Agreement for a commercial warehouse property in Auckland, with a 2-year lease term starting March 2025, including an option to purchase at a pre-agreed price of NZD 2.5M, where 25% of the monthly rent payments will count towards the purchase price."

Document background
The Lease To Purchase Agreement is a specialized legal instrument used in New Zealand real estate transactions where parties wish to combine a leasing arrangement with a future purchase option. This document is particularly useful when potential buyers need time to arrange financing, want to test the property before committing to purchase, or wish to lock in a future purchase price while currently renting. It needs to comply with New Zealand's Property Law Act 2007, Residential Tenancies Act 1986, and other relevant legislation. The agreement typically includes detailed terms about rent payments, maintenance responsibilities, option exercise periods, purchase price calculations, and any rent credits that may apply towards the purchase price. This hybrid agreement provides flexibility for both parties while ensuring legal protection under New Zealand law.
Suggested Sections

1. Parties: Identification of the lessor/vendor and lessee/purchaser with full legal names and addresses

2. Background: Context of the agreement, including property details and purpose of the arrangement

3. Definitions: Key terms used throughout the agreement, including specific financial and property-related terminology

4. Property Details: Complete legal description of the property, including title references and physical address

5. Lease Terms: Duration of lease, rent amount, payment terms, and maintenance responsibilities

6. Purchase Option Terms: Conditions of the purchase option, including purchase price and how/when the option can be exercised

7. Financial Terms: Rent credits towards purchase, deposit requirements, and purchase price calculations

8. Property Maintenance and Insurance: Responsibilities for maintenance, repairs, and insurance during the lease period

9. Default and Remedies: Consequences of default under either lease or purchase provisions

10. Assignment and Subletting: Restrictions on transferring rights under the agreement

11. General Terms: Standard contractual provisions including notices, amendments, and governing law

Optional Sections

1. Vendor Finance: Include when the vendor is providing financing for the purchase

2. Property Management: Include when a property manager will be involved during the lease period

3. GST Provisions: Include when either party is GST-registered or the property is commercial

4. Body Corporate: Include for properties subject to body corporate rules

5. Chattels: Include when specific chattels are included in the lease and subsequent sale

6. Development Rights: Include when the lessee has rights to develop the property during the lease period

7. Early Purchase Options: Include when there are provisions for early exercise of the purchase option

Suggested Schedules

1. Schedule 1 - Property Description: Detailed legal and physical description of the property, including boundaries and easements

2. Schedule 2 - Rental Payment Schedule: Detailed breakdown of rental payments and due dates

3. Schedule 3 - Purchase Price Calculation: Formula for calculating final purchase price, including rent credits

4. Schedule 4 - Chattels List: Inventory of all chattels included in the lease and sale

5. Schedule 5 - Property Condition Report: Detailed report on property condition at lease commencement

6. Appendix A - Property Plans: Floor plans, site plans, and any relevant property drawings

7. Appendix B - Title Documents: Copy of certificate of title and relevant registered documents

8. Appendix C - Body Corporate Rules: If applicable, current body corporate rules and regulations

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

Clauses
Relevant Industries

Real Estate

Property Development

Property Investment

Residential Property

Commercial Property

Agricultural Property

Retail Property

Industrial Property

Property Management

Relevant Teams

Legal

Real Estate

Property Management

Operations

Finance

Investment

Asset Management

Commercial

Acquisitions

Risk Management

Relevant Roles

Property Manager

Real Estate Agent

Property Lawyer

Contract Manager

Legal Counsel

Property Development Manager

Investment Manager

Asset Manager

Commercial Director

Operations Manager

Leasing Manager

Finance Manager

Portfolio Manager

Property Acquisitions Manager

Real Estate Investment Analyst

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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