The Preliminary Sale and Purchase Agreement is a crucial document in New Zealand property transactions, typically used in the initial stages of property negotiations to formalize the parties' intentions and establish key terms. This document serves as a stepping stone towards the final sale and purchase agreement, allowing parties to outline essential terms while maintaining conditions that need to be satisfied before the sale becomes unconditional. It includes important details such as property description, purchase price, deposit requirements, due diligence conditions, and settlement terms. The agreement must comply with New Zealand property law requirements and is particularly useful in complex transactions where parties need to secure basic terms while conducting further investigations or securing financing. This preliminary agreement provides a structured framework for negotiation while offering legal protection to both parties during the conditional period.
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1. Parties: Identifies and provides full details of the vendor and purchaser
2. Background: Explains the context of the agreement and the parties' intentions
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed description of the property including address, legal description, and included chattels
5. Purchase Price: States the purchase price and payment terms including deposit requirements
6. Conditions Precedent: Lists the standard conditions that must be satisfied before the agreement becomes unconditional
7. Due Diligence: Outlines the purchaser's right to conduct property investigations and timeframes
8. Settlement: Details the settlement process, timing, and requirements
9. Risk and Insurance: Addresses property risk allocation and insurance requirements until settlement
10. Default: Specifies consequences of default by either party
11. General Provisions: Contains standard contract clauses including notices, amendments, and governing law
1. GST Provisions: Required when either party is GST registered or the property is part of a taxable activity
2. Tenant Provisions: Include when the property is sold with existing tenancies
3. Building Warranty: Required for newly constructed properties or recent renovations
4. Overseas Investment Condition: Include when the purchaser may be an overseas person requiring OIO consent
5. Development Provisions: Include when the property is part of an ongoing development or subdivision
6. Body Corporate: Required for unit title properties to address body corporate matters
1. Property Schedule: Detailed description of land, improvements, and legal identifiers
2. Chattels Schedule: Itemized list of chattels included in the sale
3. Special Conditions: Lists any special conditions agreed between the parties
4. Due Diligence Checklist: Outlines specific items to be investigated during due diligence
5. Tenant Schedule: Details of existing tenancies if property is tenanted
6. Warranties Schedule: Specific warranties provided by the vendor about the property
Relevant legal definitions
Agreement
Business Day
Chattels
Completion Date
Conditions Date
Deposit
Due Diligence Period
Effective Date
Encumbrances
GST
Land
Property
Purchase Price
Settlement Date
Settlement
Title
Transfer
Vendor's Solicitor
Purchaser's Solicitor
Working Day
Default Interest Rate
Due Diligence Material
Improvements
Land Information Memorandum
Possession Date
Settlement Statement
Tenancies
Title Transfer Documents
Unconditional Date
Warranties
Business Day
Chattels
Completion Date
Conditions Date
Deposit
Due Diligence Period
Effective Date
Encumbrances
GST
Land
Property
Purchase Price
Settlement Date
Settlement
Title
Transfer
Vendor's Solicitor
Purchaser's Solicitor
Working Day
Default Interest Rate
Due Diligence Material
Improvements
Land Information Memorandum
Possession Date
Settlement Statement
Tenancies
Title Transfer Documents
Unconditional Date
Warranties
Clauses
Property Description
Purchase Price
Deposit
Due Diligence
Conditions Precedent
Settlement
Title Transfer
Warranties
Risk and Insurance
Default
Chattels
Possession
Tenancies
GST
Land Information
Building Inspection
Finance Condition
Solicitor's Approval
Overseas Investment
Property Access
Insurance
Title Review
Settlement Obligations
Vendor Warranties
Property Disclosure
Termination
Time of Essence
Notices
Assignment
Governing Law
Purchase Price
Deposit
Due Diligence
Conditions Precedent
Settlement
Title Transfer
Warranties
Risk and Insurance
Default
Chattels
Possession
Tenancies
GST
Land Information
Building Inspection
Finance Condition
Solicitor's Approval
Overseas Investment
Property Access
Insurance
Title Review
Settlement Obligations
Vendor Warranties
Property Disclosure
Termination
Time of Essence
Notices
Assignment
Governing Law
Relevant Industries
Real Estate
Commercial Property
Residential Property
Property Development
Legal Services
Banking and Finance
Construction
Property Investment
Agricultural Real Estate
Retail Property
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Commercial Property
Transactions
Due Diligence
Risk Management
Contract Administration
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Manager
Real Estate Partner
Legal Counsel
Property Development Manager
Commercial Property Manager
Real Estate Transaction Manager
Compliance Officer
Real Estate Portfolio Manager
Property Consultant
Sales Director
Real Estate Broker
Legal Associate
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