The Preliminary Agreement For Sale And Purchase is a fundamental document in New Zealand property transactions, typically used at the initial stage of a property sale when a buyer wishes to formalize their interest in purchasing a property. This agreement sets out the basic terms of the transaction while allowing for due diligence and various conditions to be satisfied before the sale becomes unconditional. It includes essential information such as party details, property description, purchase price, settlement date, and any specific conditions that must be met. The document is designed to comply with New Zealand property law requirements and provides protection for both parties during the conditional period of the sale. It serves as a stepping stone to the final sale and purchase agreement, while being legally binding in its own right, subject to any conditions being satisfied.
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1. Parties: Identification of the vendor and purchaser with full legal names and addresses
2. Background: Context of the agreement and brief description of the property transaction
3. Definitions: Key terms used throughout the agreement
4. Property Details: Complete legal description of the property including title references and physical address
5. Purchase Price: Agreed purchase price and payment terms including deposit requirements
6. Due Diligence: Terms and conditions for the purchaser's investigation period
7. Conditions Precedent: Essential conditions that must be satisfied before the agreement becomes unconditional
8. Settlement: Settlement date, process, and requirements
9. Warranties: Standard warranties provided by the vendor regarding the property
10. Default: Consequences of default by either party
11. General Provisions: Standard contract clauses including notices, amendments, and governing law
1. Chattels: List of moveable items included in the sale, used when specific chattels are being included
2. Tenancies: Details of existing tenancies, required when the property is sold with tenants in place
3. GST: GST treatment of the transaction, required when either party is GST registered
4. Building Conditions: Specific conditions related to building inspections or reports, used for properties with potential building issues
5. Finance Condition: Conditions related to purchaser obtaining finance, used when purchase is subject to finance
6. Land Covenant Provisions: Special conditions relating to land covenants, used for properties subject to covenants
7. Resource Consent Requirements: Conditions related to obtaining necessary resource consents, used for properties requiring development or modification
8. Body Corporate Provisions: Specific provisions for unit title properties, used for apartments or units
1. Schedule 1 - Property Details: Detailed description of the property including certificate of title, legal description, and area
2. Schedule 2 - Chattels List: Comprehensive list of all chattels included in the sale
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment terms including deposit and settlement payments
4. Schedule 4 - Special Conditions: Any special conditions agreed between the parties
5. Appendix A - Title Documents: Copy of certificate of title and relevant title documents
6. Appendix B - LIM Report Requirements: Specifications for required Land Information Memorandum report
7. Appendix C - Property Inspection Requirements: Requirements and standards for property inspections
8. Appendix D - Due Diligence Checklist: Checklist of items to be reviewed during due diligence period
Relevant legal definitions
Agreement
Business Day
Chattels
Conditions Date
Default Rate
Deposit
Due Diligence Period
Encumbrance
GST
Land
LIM Report
LINZ
Possession Date
Property
Purchase Price
Purchaser
Record of Title
Settlement
Settlement Date
Solicitor
Tenant
Title
Unit Title
Vendor
Working Day
Certificate of Title
Warranties
Default
Notice
Permitted Encumbrances
Requisitions
Settlement Statement
Transfer
Unconditional Date
Variation
Business Day
Chattels
Conditions Date
Default Rate
Deposit
Due Diligence Period
Encumbrance
GST
Land
LIM Report
LINZ
Possession Date
Property
Purchase Price
Purchaser
Record of Title
Settlement
Settlement Date
Solicitor
Tenant
Title
Unit Title
Vendor
Working Day
Certificate of Title
Warranties
Default
Notice
Permitted Encumbrances
Requisitions
Settlement Statement
Transfer
Unconditional Date
Variation
Clauses
Property Description
Purchase Price
Deposit
Due Diligence
Title Review
Property Inspection
Finance Condition
Settlement
Risk and Insurance
Warranties
Default
Property Access
Representations
Conditions Precedent
GST
Land Covenants
Resource Consents
Building Compliance
Chattels
Vacant Possession
Tenancies
Body Corporate
Title Transfer
Notice
Amendments
Assignment
Governing Law
Dispute Resolution
Force Majeure
Entire Agreement
Purchase Price
Deposit
Due Diligence
Title Review
Property Inspection
Finance Condition
Settlement
Risk and Insurance
Warranties
Default
Property Access
Representations
Conditions Precedent
GST
Land Covenants
Resource Consents
Building Compliance
Chattels
Vacant Possession
Tenancies
Body Corporate
Title Transfer
Notice
Amendments
Assignment
Governing Law
Dispute Resolution
Force Majeure
Entire Agreement
Relevant Industries
Real Estate
Legal Services
Financial Services
Property Development
Construction
Property Management
Banking
Insurance
Professional Services
Property Investment
Relevant Teams
Legal
Real Estate
Property Management
Conveyancing
Commercial Property
Residential Property
Risk Management
Compliance
Due Diligence
Property Development
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Manager
Commercial Property Agent
Legal Counsel
Property Valuer
Mortgage Broker
Bank Manager
Property Developer
Investment Manager
Chief Legal Officer
Real Estate Partner
Property Consultant
Due Diligence Officer
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