The Real Estate Reservation Agreement is a crucial preliminary document in New Zealand property transactions, typically used when a potential buyer needs time to conduct due diligence or arrange financing before committing to a full sale and purchase agreement. This document provides security for both parties during the negotiation phase, with the seller agreeing not to sell to other parties during the reservation period in exchange for a reservation fee from the potential buyer. The agreement must comply with New Zealand's property law framework, including the Property Law Act 2007 and Real Estate Agents Act 2008. It includes essential details such as property information, reservation period duration, fee amount, conditions for refund or forfeiture, and the process for proceeding to a full sale and purchase agreement. This type of agreement is particularly relevant in competitive property markets or for complex transactions where buyers need additional time for due diligence.
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1. Parties: Identification of the seller, potential buyer, and any real estate agents involved
2. Background: Context of the agreement, including property listing and buyer's interest in reserving the property
3. Definitions: Key terms used throughout the agreement including Property, Reservation Period, Reservation Fee, etc.
4. Property Details: Specific details of the property being reserved, including legal description and address
5. Reservation Terms: Duration of the reservation period and exclusivity provisions
6. Reservation Fee: Amount of the reservation fee, payment terms, and conditions for refund or forfeiture
7. Rights and Obligations: Specific rights and obligations of both parties during the reservation period
8. Due Diligence: Buyer's rights to conduct property investigations and access requirements
9. Sale and Purchase Agreement: Terms regarding the preparation and execution of the final sale and purchase agreement
10. Termination: Circumstances under which the agreement can be terminated by either party
11. General Provisions: Standard contractual provisions including notices, governing law, and entire agreement
1. Multiple Buyers: Additional provisions when there are multiple potential buyers, defining their relationships and obligations
2. Special Conditions: Any unique terms or conditions specific to the property or circumstances
3. Agency Provisions: Additional terms when real estate agents are involved in the transaction
4. Overseas Investment: Special provisions required when the potential buyer is an overseas person under the Overseas Investment Act
5. Development Conditions: Additional terms for properties under development or pending subdivision
6. Existing Tenancies: Provisions relating to any existing tenancies on the property
1. Schedule 1 - Property Details: Detailed description of the property including title references, area, and improvements
2. Schedule 2 - Reservation Fee Details: Payment details including amount, payment method, and holding arrangements
3. Schedule 3 - Due Diligence Requirements: Specific requirements and timeframes for due diligence activities
4. Appendix A - Property Plans: Relevant property plans, drawings, or survey documents
5. Appendix B - Special Conditions: Detailed special conditions if applicable
6. Appendix C - Property Disclosure Statement: Seller's disclosure of known property issues or material facts
Relevant legal definitions
Agreement
Business Day
Completion Date
Deposit
Due Diligence Period
Effective Date
GST
Land
Notice
Overseas Person
Parties
Property
Purchase Price
Real Estate Agent
Reservation Fee
Reservation Period
Sale and Purchase Agreement
Seller
Settlement Date
Title
Working Day
Potential Purchaser
Permitted Use
Property Documents
Related Documents
Solicitor
Termination Date
Transaction
Business Day
Completion Date
Deposit
Due Diligence Period
Effective Date
GST
Land
Notice
Overseas Person
Parties
Property
Purchase Price
Real Estate Agent
Reservation Fee
Reservation Period
Sale and Purchase Agreement
Seller
Settlement Date
Title
Working Day
Potential Purchaser
Permitted Use
Property Documents
Related Documents
Solicitor
Termination Date
Transaction
Clauses
Interpretation
Reservation Rights
Property Description
Payment Terms
Reservation Period
Due Diligence
Seller's Obligations
Buyer's Obligations
Property Access
Confidentiality
Title Matters
GST
Assignment
Force Majeure
Termination
Default and Remedies
Notices
Governing Law
Dispute Resolution
Entire Agreement
Severability
Costs
Further Assurance
Variations
Good Faith
Time of Essence
Relationship of Parties
Agency
Warranties
Reservation Rights
Property Description
Payment Terms
Reservation Period
Due Diligence
Seller's Obligations
Buyer's Obligations
Property Access
Confidentiality
Title Matters
GST
Assignment
Force Majeure
Termination
Default and Remedies
Notices
Governing Law
Dispute Resolution
Entire Agreement
Severability
Costs
Further Assurance
Variations
Good Faith
Time of Essence
Relationship of Parties
Agency
Warranties
Relevant Industries
Real Estate
Property Development
Legal Services
Construction
Property Management
Financial Services
Property Investment
Residential Property
Commercial Property
Relevant Teams
Legal
Real Estate Sales
Property Management
Business Development
Compliance
Risk Management
Operations
Commercial
Contracts Administration
Investment
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Developer
Real Estate Manager
Legal Counsel
Property Manager
Sales Manager
Contract Manager
Business Development Manager
Investment Manager
Real Estate Broker
Compliance Officer
Property Consultant
Transaction Manager
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