The Addendum To Purchase Agreement is a essential legal instrument in New Zealand's property transaction framework, used when parties need to modify terms of an existing purchase agreement without creating an entirely new contract. This document type is commonly employed when circumstances change after the initial agreement is signed, such as price negotiations, settlement date adjustments, or property specification modifications. It must comply with New Zealand's Contract and Commercial Law Act 2017 and the Property Law Act 2007, ensuring all modifications are legally binding and properly documented. The addendum serves as a bridge between the original agreement and the new terms, providing clarity and legal certainty while maintaining the integrity of the original contract structure.
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1. Parties: Identification of all parties to the original purchase agreement, including their legal names and addresses
2. Background: Reference to the original purchase agreement (including date and parties) and context for the modifications
3. Definitions: Key terms used in the addendum, including reference to definitions in the original agreement
4. Amendments: Clear statement of the specific modifications to the original agreement, with reference to relevant sections being modified
5. Effect on Original Agreement: Confirmation that all other terms and conditions of the original agreement remain in full force and effect
6. Governing Law: Confirmation that the addendum is governed by New Zealand law
7. Execution: Signature blocks for all parties and witnesses if required
1. Price Adjustment: Details of any changes to the purchase price, payment terms, or payment schedule
2. Timeline Modifications: Changes to any dates or deadlines in the original agreement, including settlement date or conditions deadline
3. Property Specifications: Any changes to the description or specifications of the property being purchased
4. Due Diligence Modifications: Changes to any due diligence conditions or requirements
5. GST Provisions: Special GST considerations if the price adjustment affects GST treatment
6. Conditions Precedent: Any new or modified conditions that must be met before settlement
1. Schedule of Amendments: Detailed list of all modifications to the original agreement, referenced by clause number
2. Revised Payment Schedule: If payment terms are modified, a detailed schedule of the new payment structure
3. Modified Property Details: If property specifications are changed, detailed description of the modifications
4. Supporting Documentation: Any relevant documents supporting the modifications (e.g., property reports, valuations)
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