The Standard House Purchase Contract is the primary legal instrument used for residential property transactions in New Zealand. It follows the established format approved by the Auckland District Law Society (ADLS) and Real Estate Institute of New Zealand (REINZ), incorporating all essential elements required by New Zealand property law. This document is designed for use in standard residential property sales, providing a comprehensive framework that covers all aspects of the transaction from initial agreement to final settlement. It includes provisions for property transfer, payment terms, conditions precedent, warranties, and other critical elements while ensuring compliance with the Property Law Act 2007 and other relevant legislation. The contract is suitable for both simple residential transactions and more complex situations involving multiple parties or special conditions.
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1. Parties: Identification of the vendor and purchaser with their full legal names and addresses
2. Background: Brief context of the transaction and property being sold
3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpreting the contract
4. Property Details: Full legal description of the property including title references and address
5. Purchase Price: The agreed purchase price and payment terms including deposit requirements
6. Conditions: Standard conditions that must be satisfied before the agreement becomes unconditional
7. Settlement and Possession: Settlement date, time, and process for completing the purchase and transferring possession
8. Title and Land Transfer: Requirements for clean title transfer and registration process
9. Warranties and Undertakings: Standard warranties given by the vendor about the property's condition and status
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 contract terms including notices, amendments, and governing law
1. Chattels: Detailed section listing included chattels when significant items are included in the sale
2. Tenancies: Required when the property is sold with existing tenants, detailing tenancy terms and arrangements
3. Body Corporate: Required for unit title properties, including body corporate rules and obligations
4. GST: Required when either party is GST registered and the transaction has GST implications
5. Overseas Investment Act: Required when the purchaser is an overseas person under the OIA
6. Building Condition: Optional section for properties with known building issues or pending repairs
7. Development Provisions: Required when the property has development potential or restrictions
8. Multiple Owners: Required when there are multiple vendors or purchasers to specify ownership structure
1. Schedule 1 - Chattels List: Detailed inventory of all chattels included in the sale
2. Schedule 2 - Property Condition Report: Detailed report on the current condition of the property
3. Schedule 3 - Tenancy Schedule: Details of existing tenancies including terms and rental amounts
4. Schedule 4 - Outstanding Works: List of any repairs or works to be completed before settlement
5. Appendix A - Title Documents: Copy of the current title and relevant registered documents
6. Appendix B - LIM Report: Land Information Memorandum report from the local council
7. Appendix C - Building Report: Independent building inspection report if obtained
8. Appendix D - Body Corporate Documents: Body corporate rules and information for unit title properties
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