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Commercial Real Estate Sales Agreement

Commercial Real Estate Sales Agreement Template for New Zealand

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Key Requirements PROMPT example:

Commercial Real Estate Sales Agreement

"I need a Commercial Real Estate Sales Agreement for the purchase of a multi-tenant office building in Auckland CBD, including provisions for existing tenancy agreements and specific environmental compliance requirements due to the building's heritage status."

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Document background
The Commercial Real Estate Sales Agreement is a crucial legal instrument used in New Zealand for facilitating the transfer of commercial property ownership. This document is essential when conducting commercial property transactions in New Zealand, whether for office buildings, retail spaces, industrial facilities, or other commercial real estate assets. It incorporates provisions required by New Zealand legislation, including the Property Law Act 2007 and Land Transfer Act 2017, while addressing specific commercial considerations such as GST treatment, tenant arrangements, and due diligence requirements. The agreement is designed to protect both vendors and purchasers by clearly defining their rights and obligations, setting out payment terms, specifying conditions precedent, and establishing the settlement process. It includes comprehensive warranties and representations, risk allocation provisions, and default remedies tailored to commercial property transactions.
Suggested Sections

1. Parties: Identifies and provides full legal details of the vendor and purchaser

2. Background: Outlines the context of the agreement, including brief property description and parties' intention to sell/purchase

3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules

4. Agreement to Sell and Purchase: Core agreement terms including property description, purchase price, and payment terms

5. Deposit: Details of deposit amount, payment timing, and handling requirements

6. Due Diligence: Terms and timeframes for purchaser's investigation of the property

7. Conditions Precedent: Essential conditions that must be satisfied before the agreement becomes unconditional

8. Settlement: Settlement process, timing, and requirements including documentation and payments

9. Vendor's Warranties: Warranties given by the vendor regarding the property and their authority to sell

10. Purchaser's Warranties: Warranties given by the purchaser regarding authority to purchase and finance

11. Risk and Insurance: Allocation of risk and insurance requirements until settlement

12. Default: Consequences and remedies for default by either party

13. General Provisions: Standard contract terms including notices, costs, and governing law

14. Execution: Signing provisions and execution blocks for all parties

Optional Sections

1. GST Provisions: Required when the transaction involves GST-registered parties or commercial property

2. Tenant Provisions: Include when the property is sold subject to existing tenancies

3. Development Provisions: Required when the property involves ongoing or planned development works

4. Overseas Investment Provisions: Include when purchaser is an overseas person requiring OIO consent

5. Environmental Provisions: Include when there are specific environmental concerns or requirements

6. Property Management Until Settlement: Required when specific interim management arrangements are needed

7. Vendor Finance: Include when the vendor is providing financing for the purchase

8. Progressive Settlements: Required for large commercial properties with staged settlements

Suggested Schedules

1. Property Schedule: Detailed description of land, improvements, and title details

2. Purchase Price Schedule: Breakdown of purchase price, payment structure, and adjustments

3. Chattels Schedule: List of included chattels and their agreed values

4. Due Diligence Information: List of documents and information to be provided for due diligence

5. Tenancy Schedule: Details of existing tenancies, leases, and rental information

6. Settlement Requirements: Detailed checklist of settlement requirements and deliverables

7. Warranties Schedule: Detailed vendor warranties specific to the property

8. Permitted Encumbrances: List of permitted encumbrances and easements

9. Property Compliance Schedule: Details of building compliance, consents, and certificates

10. Environmental Reports: Summary or copies of environmental assessments and reports

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

Commercial Real Estate

Property Development

Property Investment

Banking and Finance

Legal Services

Construction

Retail

Hospitality

Industrial

Office Space

Healthcare Facilities

Education Facilities

Relevant Teams

Legal

Real Estate

Property Management

Finance

Compliance

Risk Management

Operations

Business Development

Investment

Asset Management

Facilities Management

Due Diligence

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Commercial Property Manager

Real Estate Agent

Property Lawyer

Legal Counsel

Property Development Manager

Investment Manager

Asset Manager

Facilities Manager

Due Diligence Officer

Risk Manager

Property Valuer

Commercial Director

Acquisition Manager

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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