Real Estate Contract for New Zealand

Real Estate Contract Template for New Zealand

This is a comprehensive legal agreement for the sale and purchase of real estate in New Zealand, governed by New Zealand law including the Property Law Act 2007 and the Real Estate Agents Act 2008. The document facilitates the transfer of property ownership from vendor to purchaser, outlining all essential terms and conditions of the sale, including property details, purchase price, settlement arrangements, warranties, and specific conditions precedent. It incorporates necessary provisions for compliance with New Zealand property law requirements, anti-money laundering regulations, and where applicable, overseas investment considerations.

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What is a Real Estate Contract?

The Real Estate Contract serves as the primary legal instrument for property transactions in New Zealand, establishing the rights and obligations of both vendors and purchasers in real estate transfers. This document is essential for any property sale or purchase, whether residential, commercial, or industrial, and must comply with New Zealand's property law framework, including the Property Law Act 2007, Land Transfer Act 2017, and other relevant legislation. It includes crucial details such as property description, purchase price, settlement terms, conditions precedent, warranties, and specific requirements for different property types (e.g., unit titles or rural land). The contract should be used whenever a property transfer is being negotiated and can be customized to address specific requirements while maintaining compliance with New Zealand legal standards.

What sections should be included in a Real Estate Contract?

1. Parties: Identification of the vendor(s) and purchaser(s) including full legal names and addresses

2. Background: Context of the transaction and property identification details

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

4. Property Details: Full legal description of the property, including title references and physical address

5. Purchase Price: The agreed purchase price and payment terms, including deposit details

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

7. Title and Land Transfer: Requirements for clear title and transfer of ownership

8. Warranties and Undertakings: Vendor's warranties about the property and undertakings until settlement

9. Due Diligence: Purchaser's rights to investigate the property and related conditions

10. Property Inspection: Rights and arrangements for property inspection before settlement

11. Conditions: Standard conditions that must be satisfied before the agreement becomes unconditional

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

13. Default: Consequences and remedies if either party defaults on their obligations

14. General Provisions: Standard contract clauses including notices, amendments, and governing law

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

1. Tenancy Provisions: Required when the property is sold with existing tenants or tenancy agreements

2. GST Provisions: Required when either party is GST registered or the transaction has GST implications

3. Unit Title Provisions: Required for apartments or units under the Unit Titles Act 2010

4. Overseas Investment Provisions: Required when the purchaser is an overseas person under the Overseas Investment Act

5. Development Provisions: Required for properties under development or off-the-plan purchases

6. Building Condition and Work Requirements: Required when specific building work or repairs are agreed as part of the sale

7. Vendor Finance: Required when the vendor is providing financing arrangements

8. Property Sharing Arrangements: Required for multiple purchasers with specific sharing arrangements

What schedules should be included in a Real Estate Contract?

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

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms, including deposit and settlement payments

3. Schedule 3 - Warranties: Comprehensive list of vendor warranties about the property

4. Schedule 4 - Conditions: Detailed conditions precedent and subsequent

5. Appendix A - Title Documents: Copy of title and relevant registered documents

6. Appendix B - LIM Report: Land Information Memorandum report from the local council

7. Appendix C - Property Inspection Report: Building inspection report if obtained

8. Appendix D - Tenancy Details: Copies of existing tenancy agreements and related documents if applicable

9. Appendix E - Body Corporate Rules: For unit titles, copies of body corporate rules and related documents

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

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions
Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Insurance

Local Government

Property Investment

Urban Planning

Relevant Teams

Legal

Real Estate Sales

Property Management

Compliance

Finance

Risk Management

Operations

Customer Service

Business Development

Settlement Administration

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Lawyer

Property Manager

Bank Manager

Mortgage Broker

Property Developer

Legal Counsel

Compliance Officer

Property Valuer

Real Estate Branch Manager

Settlement Officer

Property Investment Advisor

Building Inspector

Sales Manager

Contract Administrator

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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