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Personal Property Purchase Agreement
"I need a Personal Property Purchase Agreement for selling my manufacturing equipment (three CNC machines) to a commercial buyer in Auckland, with payment to be made in three installments and final delivery scheduled for March 2025."
1. Parties: Identifies and provides full details of the seller and purchaser
2. Background: Sets out the context of the sale and brief description of the property being sold
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules of interpretation
4. Sale and Purchase: Core agreement to sell and purchase the property, including basic description and confirmation of ownership transfer
5. Purchase Price: Specifies the agreed purchase price, payment method, and payment schedule
6. GST: Addresses GST status and implications of the transaction
7. Conditions: Lists any conditions that must be satisfied before the agreement becomes unconditional
8. Settlement: Details the settlement process, timing, and obligations of each party
9. Property Condition: Describes the condition in which the property will be delivered and any warranties about its condition
10. Risk and Insurance: Specifies when risk passes to the purchaser and insurance requirements
11. Default: Outlines consequences of default by either party
12. General Provisions: Standard contract clauses including notices, amendments, governing law, and dispute resolution
1. Intellectual Property: Required when the personal property includes intellectual property rights or associated licenses
2. Third Party Consents: Needed when the sale requires approval or consent from third parties
3. Training and Handover: Relevant for complex equipment or systems requiring operational training
4. Maintenance History: Important for vehicles, machinery, or equipment with maintenance requirements
5. Security Interests: Required when there are existing securities over the property that need to be discharged
6. Import/Export Requirements: Necessary for internationally sourced goods or items that may be exported
7. Warranties and Service Agreements: Required when existing warranties or service contracts are being transferred
8. Installation Requirements: Needed for property requiring professional installation or specific setup
1. Schedule 1 - Property Description: Detailed description of the property including specifications, serial numbers, and identifying features
2. Schedule 2 - Purchase Price Breakdown: Itemized breakdown of the purchase price if multiple items or components are involved
3. Schedule 3 - Condition Report: Detailed report on the current condition of the property, including any known defects or issues
4. Schedule 4 - Existing Encumbrances: List of any existing securities, liens, or encumbrances affecting the property
5. Appendix A - Photographs: Visual documentation of the property's condition at time of sale
6. Appendix B - Maintenance Records: Copies of relevant maintenance history and documentation
7. Appendix C - Warranties: Copies of existing warranties or guarantees that will transfer with the property
8. Appendix D - Certificates: Relevant certificates of authenticity, compliance, or safety documentation
Authors
Business Day
Completion Date
Condition Precedent
Encumbrance
GST
GST Act
Intellectual Property Rights
Liability
Payment Terms
Personal Property
PPSA
Purchase Price
Purchaser
Related Company
Security Interest
Seller
Settlement
Settlement Date
Specifications
Title
Transfer Date
Warranties
Working Hours
Default Event
Deposit
Due Diligence Period
Force Majeure Event
Maintenance Records
Material Adverse Change
Permitted Use
Property Condition Report
Representative
Serial Number
Tax Invoice
Definitions
Sale and Purchase
Purchase Price
Payment Terms
GST
Conditions Precedent
Due Diligence
Title Transfer
Risk and Insurance
Warranties
Property Condition
Delivery
Settlement
Default
Security Interests
Representations
Inspection Rights
Maintenance Records
Assignment
Force Majeure
Notices
Dispute Resolution
Governing Law
Entire Agreement
Amendments
Severability
Further Assurance
Costs
Confidentiality
Third Party Rights
Termination
Indemnification
Time of Essence
Survival
Retail
Manufacturing
Automotive
Agriculture
Technology
Construction
Mining
Transport and Logistics
Marine
Aviation
Professional Services
Education
Healthcare
Hospitality
Entertainment
Legal
Procurement
Finance
Operations
Risk and Compliance
Asset Management
Commercial
Sales
Business Development
Administration
Procurement Manager
Legal Counsel
Business Owner
Finance Manager
Operations Manager
Asset Manager
Commercial Manager
Contract Administrator
Risk Manager
Compliance Officer
Chief Financial Officer
Property Manager
Fleet Manager
Equipment Manager
Sales Manager
Business Development Manager
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