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Assignable Real Estate Contract

Assignable Real Estate Contract Template for New Zealand

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Key Requirements PROMPT example:

Assignable Real Estate Contract

"I need an Assignable Real Estate Contract for a commercial property development in Auckland, where I plan to purchase a warehouse property by March 2025 with the ability to assign the purchase rights to up to three different development companies before settlement."

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Document background
The Assignable Real Estate Contract is a specialized legal instrument designed for property transactions in New Zealand where the initial purchaser may wish to transfer their rights to a third party before settlement. This document is particularly useful in property development, investment scenarios, or when purchasers need flexibility in their property acquisition strategy. The contract incorporates all standard elements of a New Zealand property sale agreement while adding specific provisions for assignment rights, compliance with the Property Law Act 2007, and relevant real estate regulations. It includes comprehensive sections covering property details, payment terms, conditions precedent, warranties, and assignment mechanisms, making it suitable for both residential and commercial property transactions. The document ensures compliance with New Zealand's legal requirements while providing clear procedures for assignment and protecting the interests of all parties involved.
Suggested Sections

1. Parties: Identifies and defines all parties to the contract including the Vendor, Purchaser, and potential Assignee

2. Background: Sets out the context of the transaction and the parties' intention to create an assignable contract

3. Definitions: Defines key terms used throughout the agreement, including property-specific and assignment-related terminology

4. Property Details: Comprehensive description of the property including legal description, title references, and included fixtures/fittings

5. Purchase Price: Specifies the purchase price, payment terms, and deposit requirements

6. Assignment Rights: Details the right to assign the contract, conditions for assignment, and notification requirements

7. Settlement and Possession: Specifies settlement date, possession arrangements, and key deadlines

8. Title and Transfer: Addresses title requirements, transfer processes, and any title encumbrances

9. Conditions: Lists standard conditions precedent including due diligence, finance, and title review

10. Warranties: Vendor warranties regarding the property and assignment-specific warranties

11. Default and Remedies: Consequences of default and available remedies for both original and assigned contracts

12. General Terms: Standard contract terms including notices, governing law, and dispute resolution

Optional Sections

1. Tenant Rights and Obligations: Required if property is currently tenanted, addressing existing tenancy agreements

2. GST Provisions: Required if either party is GST-registered or if property is part of a taxable activity

3. Overseas Investment Provisions: Required if potential assignees might include overseas persons

4. Development Provisions: Required if property has development potential or pending consents

5. Body Corporate: Required for units under Unit Titles Act, including body corporate rules and obligations

6. Resource Management Compliance: Required if property has specific resource consent requirements or limitations

7. Chattels Lease: Required if any chattels are subject to lease arrangements

8. Builder's Report Condition: Optional condition for residential properties requiring building inspection

Suggested Schedules

1. Schedule 1: Property Details: Detailed property description, certificate of title, and legal boundaries

2. Schedule 2: Chattels List: Comprehensive list of chattels included/excluded in the sale

3. Schedule 3: Required Documents: List of documents required for settlement and assignment

4. Schedule 4: Special Conditions: Any special conditions specific to the property or transaction

5. Schedule 5: Assignment Form: Template form for executing assignment of the contract

6. Appendix A: LIM Report: Land Information Memorandum report details

7. Appendix B: Title Documents: Copies of title documents and registered encumbrances

8. Appendix C: Property Plans: Property plans, boundaries, and building layouts

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions










































Clauses



































Relevant Industries

Real Estate

Property Development

Construction

Legal Services

Banking and Finance

Property Investment

Property Management

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Property Management

Investment

Commercial

Compliance

Risk Management

Operations

Acquisitions

Due Diligence

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Lawyer

Property Developer

Investment Manager

Legal Counsel

Property Manager

Commercial Director

Contracts Manager

Real Estate Broker

Property Investment Advisor

Settlement Officer

Real Estate Transaction Coordinator

Due Diligence Officer

Property Portfolio Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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