The Offer of Purchase and Sale agreement is a fundamental legal document used in New Zealand property transactions to formalize property sales between parties. It is typically used when a potential buyer wishes to make a formal offer to purchase a property, whether residential or commercial. The document incorporates all necessary elements required under New Zealand law, including compliance with the Property Law Act 2007, the Real Estate Agents Act 2008, and other relevant legislation. This agreement type is essential in both private and commercial property transactions, providing a structured framework for negotiating and finalizing property sales. It includes crucial details such as property description, purchase price, settlement terms, conditions precedent, warranties, and specific provisions required by New Zealand law. The document serves as the primary reference point throughout the transaction process, from initial offer through to settlement, and can be customized to address specific requirements of different property types and transaction complexities.
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1. Parties: Identifies and provides full legal details of the vendor (seller) and purchaser (buyer)
2. Background: Establishes the context of the sale, including brief property description and parties' intention to enter into the transaction
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpretation
4. Property Description: Detailed description of the property including legal description, certificate of title details, and included fixtures/fittings
5. Purchase Price: Specifies the agreed purchase price, deposit amount, and payment terms
6. Deposit: Details of deposit payment, including amount, timing, and holding arrangements
7. Settlement: Settlement date, time, and process, including requirements for completion
8. Title and Transfer: Provisions regarding transfer of title and requirements for clear title
9. Conditions: Standard conditions that must be satisfied before the agreement becomes unconditional
10. Vendor's Warranties: Standard warranties provided by the vendor regarding the property
11. Purchaser's Warranties: Standard warranties provided by the purchaser regarding their ability to complete the purchase
12. Default: Consequences and remedies in case of default by either party
13. Notices: Process for giving notices under the agreement
14. General Provisions: Standard boilerplate provisions including governing law, entire agreement, and amendments
15. Execution: Signing provisions and execution blocks for all parties
1. Chattels: Detailed provisions regarding moveable items included in the sale, used when specific chattels are being sold with the property
2. GST: GST provisions and requirements, included when either party is GST registered or the transaction is subject to GST
3. Tenancies: Details of existing tenancies and arrangements, included when the property is sold with tenants in place
4. Due Diligence: Specific provisions for buyer's due diligence period, included when buyer requires investigation period
5. Finance Condition: Specific provisions regarding purchaser's finance requirements, included when purchase is subject to financing
6. Building Report: Provisions regarding building inspection requirements, included when purchase is subject to satisfactory building report
7. OIA Consent: Provisions regarding Overseas Investment Act consent, included when purchaser requires OIA approval
8. Development Provisions: Special provisions for properties under development or with development potential, included for development properties
9. Body Corporate: Specific provisions for unit title properties, included when property is part of a body corporate
1. Schedule 1 - Property Details: Detailed description of the property including legal description, title references, and area
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 the vendor
5. Appendix A - Title Documents: Copy of certificate of title and relevant registered documents
6. Appendix B - LIM Report: Land Information Memorandum report (if available)
7. Appendix C - Property Plans: Floor plans, site plans, and other relevant property plans
8. Appendix D - Tenancy Documents: Copies of tenancy agreements and related documents (if applicable)
9. Appendix E - Body Corporate Information: Body corporate rules and related documentation (if applicable)
Relevant legal definitions
Agreement
Business Day
Chattels
Completion
Conditions Date
Deposit
Default Interest Rate
Default
Due Diligence Period
Effective Date
Encumbrance
Fixtures and Fittings
GST
Improvements
Land
LIM Report
Notice
LINZ
Overseas Investment Act
Overseas Person
Parties
Property
Purchase Price
Purchaser
Purchaser's Solicitor
Record of Title
Settlement Date
Settlement
Stakeholder
Title
Transfer
Unit Title
Vendor
Vendor's Solicitor
Warranties
Working Day
Business Day
Chattels
Completion
Conditions Date
Deposit
Default Interest Rate
Default
Due Diligence Period
Effective Date
Encumbrance
Fixtures and Fittings
GST
Improvements
Land
LIM Report
Notice
LINZ
Overseas Investment Act
Overseas Person
Parties
Property
Purchase Price
Purchaser
Purchaser's Solicitor
Record of Title
Settlement Date
Settlement
Stakeholder
Title
Transfer
Unit Title
Vendor
Vendor's Solicitor
Warranties
Working Day
Clauses
Property Description
Purchase Price
Deposit
Settlement
Title Transfer
Due Diligence
Conditions Precedent
Property Inspection
Finance
Insurance
Risk and Possession
Warranties
Representations
Default
Remedies
GST
Land Transfer
Property Access
Chattels
Tenancies
Body Corporate
Overseas Investment
Anti-Money Laundering
Notices
Assignment
Force Majeure
Dispute Resolution
Governing Law
Severability
Entire Agreement
Variation
Costs
Time of Essence
Further Assurance
Counterparts
Purchase Price
Deposit
Settlement
Title Transfer
Due Diligence
Conditions Precedent
Property Inspection
Finance
Insurance
Risk and Possession
Warranties
Representations
Default
Remedies
GST
Land Transfer
Property Access
Chattels
Tenancies
Body Corporate
Overseas Investment
Anti-Money Laundering
Notices
Assignment
Force Majeure
Dispute Resolution
Governing Law
Severability
Entire Agreement
Variation
Costs
Time of Essence
Further Assurance
Counterparts
Relevant Industries
Real Estate
Property Development
Banking and Finance
Legal Services
Construction
Commercial Property
Residential Property
Agriculture (for rural properties)
Retail
Hospitality
Industrial
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Operations
Business Development
Investment
Asset Management
Risk Management
Client Services
Settlements
Conveyancing
Commercial Property
Residential Property
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Manager
Commercial Property Manager
Real Estate Partner
Property Developer
Contract Manager
Legal Counsel
Property Consultant
Business Development Manager
Investment Manager
Asset Manager
Facilities Manager
Real Estate Broker
Settlement Officer
Property Valuer
Mortgage Broker
Banking Manager
Compliance Officer
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