The For Sale By Owner Contract is specifically designed for property transactions in New Zealand where property owners choose to sell their property directly to purchasers without engaging a real estate agent. This arrangement, while potentially more cost-effective, requires a robust legal framework to ensure all necessary protections and requirements are in place. The contract incorporates all essential elements required under New Zealand law, including compliance with the Property Law Act 2007, Land Transfer Act 2017, and other relevant legislation. It is suitable for both residential and commercial properties, providing comprehensive coverage of property transfer requirements, payment terms, conditions, warranties, and settlement procedures. The document is structured to protect both parties' interests while facilitating a smooth transaction process.
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1. Parties: Identification and details of the vendor and purchaser
2. Background: Context of the sale and brief property description
3. Definitions: Key terms used throughout the agreement
4. Property Details: Complete legal description of the property including title details and chattels included/excluded
5. Purchase Price: The agreed purchase price and payment terms including deposit details
6. Settlement: Settlement date, time, and process requirements
7. Title and Land Transfer: Requirements for clear title and transfer of ownership
8. Vendor's Warranties: Warranties about the property's condition, title, and compliance with regulations
9. Purchaser's Warranties: Warranties regarding financial capacity and authority to purchase
10. Property Inspection: Rights and process for property inspection
11. Due Diligence: Timeline and conditions for due diligence investigations
12. Default: Consequences of default by either party
13. General Terms: Standard contract terms including notices, amendments, and governing law
14. Execution: Signing provisions and date of agreement
1. Finance Condition: To be included when purchase is subject to purchaser obtaining finance
2. Building Report Condition: When purchase is subject to a satisfactory building inspection
3. Sale of Purchaser's Property: When purchase is conditional on purchaser selling their existing property
4. Tenancy Provisions: Required if the property is currently tenanted
5. GST Provisions: Required if either party is GST registered or if property is part of a taxable activity
6. Unit Title Provisions: Required for unit title properties, including body corporate details
7. Land Covenants: Required if the property is subject to specific land covenants
8. Cross-lease Provisions: Required for cross-lease properties
1. Schedule 1 - Property Details: Detailed property description, including certificate of title details, legal description, and area
2. Schedule 2 - Chattels: Itemized list of chattels included and excluded from the sale
3. Schedule 3 - Special Conditions: Any special conditions agreed between the parties
4. Schedule 4 - Warranty Schedule: Detailed warranties provided by the vendor
5. Appendix A - LIM Report: Land Information Memorandum report (if available)
6. Appendix B - Title Documents: Copy of certificate of title and relevant instruments
7. Appendix C - Property Plans: Floor plans, site plans, and boundary details
8. Appendix D - Compliance Documents: Building consents, code compliance certificates, and other relevant permits
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Legal Services
Banking and Finance
Construction
Property Management
Insurance
Local Government
Relevant Teams
Legal
Property Management
Conveyancing
Risk and Compliance
Finance
Operations
Document Control
Real Estate
Relevant Roles
Property Owner
Property Developer
Conveyancing Lawyer
Property Lawyer
Legal Counsel
Bank Manager
Mortgage Broker
Property Valuator
Building Inspector
Property Manager
Compliance Officer
Contract Administrator
Risk Manager
Insurance Underwriter
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