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A Real Estate Purchase Agreement is the key legal contract between property buyers and sellers in New Zealand. It spells out the exact terms of a property sale, including the agreed price, deposit amount, settlement date, and any special conditions like builder's reports or LIM requirements.

Under NZ law, this binding document must include precise details about both the property and chattels being sold, along with critical dates and finance arrangements. It's typically prepared using the standard REINZ-ADLS form, though lawyers can modify it to protect their clients' interests. Once both parties sign, it creates firm legal obligations for completing the property transfer.

You need a Real Estate Purchase Agreement whenever you're buying or selling property in New Zealand - from residential homes to commercial buildings. The agreement becomes essential right after you've negotiated the basic terms with the other party but before any money changes hands.

The timing is crucial: get this agreement in place before paying a deposit or making any firm commitments. This protects both parties and creates clear expectations about the property transfer. Many real estate agents recommend signing it during or immediately after price negotiations, ensuring all verbal agreements become legally binding and both sides understand their obligations.

• Purchase Sale Contract: Standard comprehensive agreement for most property transactions, including detailed terms for both residential and commercial sales
• Simple Land Purchase Agreement: Streamlined version for straightforward vacant land sales with minimal conditions
• Letter Of Offer To Purchase Property: Initial offer document that can become binding once accepted
• Option Agreement Residential Property: Gives buyer exclusive rights to purchase within a set timeframe

• Property Buyers and Sellers: The main parties who sign and are legally bound by the Real Estate Purchase Agreement's terms and conditions
• Real Estate Agents: Help negotiate terms and prepare initial agreements using standard REINZ forms
• Property Lawyers: Review, modify, and finalize agreements to protect their clients' interests and ensure legal compliance
• Bank Representatives: Review agreements when providing mortgage financing and ensure security requirements are met
• Property Valuers: Referenced in agreements when formal valuations are required as conditions of sale

• Property Details: Gather exact address, title reference, land area, and building specifications from council records
• Price Terms: Document the agreed purchase price, deposit amount, and payment schedule
• Party Information: Collect full legal names, addresses, and contact details for all buyers and sellers
• Special Conditions: List any conditions like building inspections, LIM reports, or finance approval requirements
• Settlement Details: Confirm proposed settlement date, possession arrangements, and key handover process
• Chattels List: Create detailed inventory of all fixtures and fittings included in the sale

• Property Identification: Complete legal description, title reference, and physical address of the property
• Party Details: Full legal names and addresses of all buyers, sellers, and guarantors
• Purchase Price: Exact amount, deposit requirements, and payment terms clearly stated
• Settlement Terms: Specific dates for deposit, final payment, and property possession
• Conditions: Any finance, LIM report, or building inspection requirements
• Warranties: Standard vendor warranties as per REINZ-ADLS agreement
• Default Provisions: Consequences and remedies if either party breaches the agreement

A Real Estate Purchase Agreement differs significantly from a Business Purchase Agreement in several key ways, though both involve major transactions. Let's explore the main differences:

• Subject Matter: Real Estate Purchase Agreements focus solely on land and buildings, while Business Purchase Agreements cover entire business operations, including assets, inventory, and goodwill
• Due Diligence Requirements: Property agreements emphasize LIM reports and building inspections, whereas business agreements require detailed financial audits and operational reviews
• Transfer Process: Real estate transfers involve land registry and title changes, while business sales need company registry updates and asset transfer documentation
• Warranties: Property agreements focus on physical condition and title, but business agreements include warranties about ongoing contracts, employees, and financial statements