The Residential Real Estate Purchase Contract is a fundamental legal document used in New Zealand for residential property transactions. It serves as the primary agreement between a vendor (seller) and purchaser (buyer) for the transfer of residential property ownership. This document is essential for compliance with New Zealand property law, including the Property Law Act 2007, Real Estate Agents Act 2008, and Land Transfer Act 2017. The contract typically includes provisions for property description, purchase price, settlement terms, conditions precedent (such as finance and building inspection), title requirements, and warranty provisions. It can be customized to address specific requirements such as unit title properties, overseas investment considerations, or existing tenancies. The document ensures all aspects of the property transaction are clearly defined and legally enforceable under New Zealand jurisdiction.
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1. Parties: Identification of the vendor (seller) and purchaser (buyer), including full legal names and addresses
2. Background: Context of the agreement and brief description of the property transaction
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpretation
4. Property Description: Detailed description of the property including legal description, certificate of title details, and included chattels
5. Purchase Price: Specified purchase price, deposit amount, and payment terms
6. Deposit: Details of deposit payment, timing, and holding arrangements
7. Settlement and Possession: Settlement date, possession arrangements, and key handover process
8. Title and Title Requirements: Conditions relating to title transfer and requirements for clear title
9. Conditions: Standard conditions including finance, building inspection, and LIM report requirements
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 Terms: Standard contractual provisions including notices, amendments, and governing law
1. Overseas Investment Office Consent: Required when the purchaser is an overseas person under the Overseas Investment Act
2. Tenancy Provisions: Required when the property is sold with existing tenants or tenancy agreements
3. GST Provisions: Required when the transaction involves GST-registered parties or commercial aspects
4. Unit Title Provisions: Required for apartments or properties under Unit Titles Act
5. Builder's Report Condition: Optional condition for obtaining a satisfactory builder's report
6. Swimming Pool Compliance: Required when property includes a swimming pool
7. Methamphetamine Testing: Optional condition for properties with potential contamination risks
8. Sale by Mortgagee: Required when property is sold by mortgagee exercising power of sale
1. Schedule 1 - Property Details: Detailed description of land, improvements, and legal identifiers
2. Schedule 2 - Chattels: Itemized list of chattels included in the sale
3. Schedule 3 - Conditions Precedent: Detailed description of all conditions that must be satisfied
4. Schedule 4 - Required Documentation: List of documents required for settlement
5. Appendix A - Property Title: Copy of the property's certificate of title
6. Appendix B - LIM Report: Land Information Memorandum report when obtained
7. Appendix C - Property Plans: Floor plans, site plans, and boundary details
8. Appendix D - Warranties and Undertakings: Specific warranties given by the vendor
Relevant legal definitions
Agreement
Authority and Instruction Form
Business Day
Chattels
Conditions Date
Default Interest Rate
Deposit
Default
Electronic Instrument
Encumbrance
Fair Wear and Tear
GST
Land
Land Information Memorandum
LIM Report
Notice
Outstanding Claims
Overseas Person
Possession Date
Property
Purchase Price
Purchaser
Rates
Record of Title
Resource Management Act
Settlement
Settlement Date
Settlement Statement
Stakeholder
Title Transfer
Unit Title
Utilities
Vendor
Vendor's Agent
Working Day
Works
Written Notice
Authority and Instruction Form
Business Day
Chattels
Conditions Date
Default Interest Rate
Deposit
Default
Electronic Instrument
Encumbrance
Fair Wear and Tear
GST
Land
Land Information Memorandum
LIM Report
Notice
Outstanding Claims
Overseas Person
Possession Date
Property
Purchase Price
Purchaser
Rates
Record of Title
Resource Management Act
Settlement
Settlement Date
Settlement Statement
Stakeholder
Title Transfer
Unit Title
Utilities
Vendor
Vendor's Agent
Working Day
Works
Written Notice
Clauses
Property Description
Purchase Price
Deposit
Title and Transfer
Settlement
Possession
Due Diligence
Finance
Insurance
Risk and Damage
Property Inspection
Land Information Memorandum
Warranties
Default
Notices
Force Majeure
Assignment
Dispute Resolution
Governing Law
Severability
Entire Agreement
Chattels
GST
Unit Title Provisions
Overseas Investment
Tenancy
Local Authority Compliance
Building Compliance
Environmental Matters
Utilities and Services
Purchase Price
Deposit
Title and Transfer
Settlement
Possession
Due Diligence
Finance
Insurance
Risk and Damage
Property Inspection
Land Information Memorandum
Warranties
Default
Notices
Force Majeure
Assignment
Dispute Resolution
Governing Law
Severability
Entire Agreement
Chattels
GST
Unit Title Provisions
Overseas Investment
Tenancy
Local Authority Compliance
Building Compliance
Environmental Matters
Utilities and Services
Relevant Industries
Real Estate
Property Development
Legal Services
Banking and Finance
Property Management
Construction
Insurance
Property Investment
Professional Services
Residential Housing
Relevant Teams
Legal
Real Estate Sales
Property Management
Compliance
Risk Management
Settlements
Valuations
Mortgage Services
Customer Service
Document Control
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Specialist
Property Manager
Mortgage Broker
Bank Manager
Property Valuer
Legal Counsel
Compliance Officer
Settlement Officer
Real Estate Branch Manager
Property Investment Advisor
Building Inspector
Insurance Underwriter
Title Officer
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