The Real Estate Agreement Contract is a fundamental legal document used in New Zealand property transactions to formalize the sale and purchase of real estate. It serves as the primary contract between vendors and purchasers, incorporating essential elements required by New Zealand property law, including the Property Law Act 2007 and Real Estate Agents Act 2008. This document is crucial for both residential and commercial property transactions, containing detailed provisions for property transfer, payment terms, conditions precedent, warranties, and settlement requirements. It includes specific protections and obligations required under New Zealand law, making it suitable for various property transactions while ensuring compliance with local regulatory requirements and market practices.
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1. Parties: Identification and details of the vendor and purchaser, including full legal names, addresses, and any company/trust details
2. Background: Context of the transaction, including property identification and brief transaction overview
3. Definitions: Defined terms used throughout the agreement for clarity and consistency
4. Property Details: Comprehensive description of the property, including legal description, certificate of title details, and included chattels
5. Purchase Price: Agreed purchase price, payment terms, and deposit requirements
6. Settlement: Settlement date, time, and process requirements
7. Title and Transfer: Requirements for title transfer, searches, and registration
8. Warranties and Undertakings: Vendor's warranties about the property and undertakings until settlement
9. Conditions: Standard conditions including finance, building inspection, and LIM report requirements
10. Risk and Insurance: Property risk allocation and insurance requirements until settlement
11. Default: Consequences and remedies for default by either party
12. General Provisions: Standard contract clauses including notices, amendments, and governing law
1. Tenancies: Required when the property is sold with existing tenants, detailing tenancy terms and arrangements
2. GST: Required when the transaction has GST implications, typically for commercial properties
3. Due Diligence: Detailed due diligence provisions for commercial properties or complex residential transactions
4. Development Provisions: Required for properties under development or with future development potential
5. Body Corporate: Required for unit title properties, detailing body corporate rules and obligations
6. Overseas Investment: Required when the purchaser is an overseas person under the Overseas Investment Act
7. Resource Consent: Required when the property use depends on specific resource consents
8. Vendor Finance: Required when the vendor is providing financing arrangements
1. Schedule 1 - Property Details: Detailed description of land, improvements, and included chattels
2. Schedule 2 - Chattels List: Comprehensive list of included and excluded chattels
3. Schedule 3 - Special Conditions: Any special or additional conditions agreed between the parties
4. Schedule 4 - Warranties: Detailed vendor warranties about the property
5. Appendix A - Title Documents: Copy of certificate of title and relevant instruments
6. Appendix B - LIM Report: Land Information Memorandum report if already obtained
7. Appendix C - Property Plans: Property plans, floor plans, and site plans
8. Appendix D - Tenancy Information: Copies of tenancy agreements and related documents if applicable
9. Appendix E - Building Reports: Any existing building inspection reports or certificates
10. Appendix F - Body Corporate Information: Body corporate rules and information for unit title properties
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