Real Estate Agreement for New Zealand

Real Estate Agreement Template for New Zealand

A New Zealand Real Estate Agreement is a legally binding document that governs the sale and purchase of real property within New Zealand's jurisdiction. The agreement complies with New Zealand property law, particularly the Property Law Act 2007 and the Real Estate Agents Act 2008, and incorporates all essential elements required for a valid property transaction in New Zealand. It details the terms and conditions of the sale, including property description, purchase price, settlement arrangements, warranties, and any specific conditions that must be met before the sale becomes unconditional.

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What is a Real Estate Agreement?

The Real Estate Agreement is the primary legal instrument used for property transactions in New Zealand. It is essential for documenting the terms and conditions of property sales, whether residential or commercial. The agreement must comply with New Zealand's property law framework, including the Property Law Act 2007, Real Estate Agents Act 2008, and other relevant legislation. It typically includes details about the property, purchase price, settlement terms, conditions precedent (such as finance and due diligence), warranties, and risk allocation. The document is crucial for protecting both parties' interests and ensuring a clear understanding of their obligations. It can be customized to address specific requirements while maintaining compliance with New Zealand legal requirements and market practices.

What sections should be included in a Real Estate Agreement?

1. Parties: Identification of the vendor and purchaser, including full legal names, addresses, and any relevant company/trust details

2. Background: Context of the transaction, including brief property description and purpose of the agreement

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpretation

4. Property Details: Comprehensive description of the property, including legal description, certificate of title details, and included chattels

5. Purchase Price: Specified purchase price, payment structure, and deposit requirements

6. Settlement and Possession: Settlement date, possession arrangements, and key timelines

7. Title and Transfer: Requirements for title transfer, including any requisitions and objections process

8. Vendor's Warranties: Standard warranties about the property's condition, title, and compliance with laws

9. Purchaser's Warranties: Confirmations regarding financing, due diligence, and authority to purchase

10. Risk and Insurance: Allocation of risk and insurance requirements until settlement

11. Default: Consequences of default by either party and available remedies

12. General Provisions: Standard contract clauses including notices, amendment process, and governing law

13. Execution: Signing provisions and attestation requirements

What sections are optional to include in a Real Estate Agreement?

1. Due Diligence Condition: Used when purchaser requires a due diligence period to investigate the property

2. Finance Condition: Included when the purchase is subject to the purchaser obtaining satisfactory financing

3. Land Information Memorandum Condition: When the agreement is conditional on reviewing the LIM report

4. Building Report Condition: Used when a building inspection is required as a condition

5. Tenancy Provisions: Required when the property is sold with existing tenants

6. GST Provisions: Included when either party is GST registered or the transaction involves GST

7. Unit Title Provisions: Required for unit title properties, including body corporate details

8. Overseas Investment Office Approval: Required when the purchaser needs OIO approval

9. Development Provisions: Used when the property has development potential or restrictions

10. Subdivision Provisions: Included when the agreement relates to a property being subdivided

What schedules should be included in a Real Estate Agreement?

1. Schedule 1 - Property Details: Detailed description of land, improvements, and included chattels

2. Schedule 2 - Chattels List: Itemized list of all chattels included in the sale

3. Schedule 3 - Special Conditions: Any special conditions agreed between the parties

4. Appendix A - Title Documents: Copy of certificate of title and relevant instruments

5. Appendix B - LIM Report: Land Information Memorandum report when obtained

6. Appendix C - Property Plans: Floor plans, site plans, and other relevant property plans

7. Appendix D - Tenancy Information: Details of existing tenancies if applicable

8. Appendix E - Body Corporate Information: Body corporate rules and information for unit titles

9. Appendix F - Property Inspection Reports: Any building, methamphetamine, or other inspection reports

10. Appendix G - Photographs: Photographs of the property and chattels as at agreement date

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

Jurisdiction

New Zealand

Publisher

Genie AI

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Property Investment

Residential Housing

Commercial Property

Agriculture (for rural properties)

Hospitality (for commercial properties)

Retail (for commercial properties)

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Risk Management

Finance

Operations

Business Development

Administrative Support

Investment

Due Diligence

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Specialist

Property Manager

Commercial Property Director

Real Estate Transaction Coordinator

Property Development Manager

Investment Manager

Legal Counsel

Compliance Officer

Risk Manager

Chief Financial Officer

Operations Manager

Business Development Manager

Settlement Officer

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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