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Lease And Purchase Agreement Template for New Zealand

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Key Requirements PROMPT example:

Lease And Purchase Agreement

"I need a Lease and Purchase Agreement for a commercial warehouse property in Auckland, with a 3-year lease term starting March 1, 2025, and an option to purchase at market value plus 5% any time after the first 18 months of the lease."

Document background
A Lease and Purchase Agreement is a sophisticated legal instrument used in New Zealand when parties wish to combine a property lease with a future purchase option. This arrangement is particularly useful for businesses or individuals who want to secure a property for future ownership while having immediate occupancy rights, or for those who need time to arrange financing for a purchase. The document typically includes comprehensive lease terms, purchase option conditions, price determination mechanisms, and settlement procedures, all compliant with New Zealand property law. This type of agreement is commonly used in both commercial and residential contexts, requiring careful consideration of the Property Law Act 2007, Contract and Commercial Law Act 2017, and other relevant New Zealand legislation. The agreement provides flexibility while offering security to both parties, making it a valuable tool in property transactions where immediate purchase is not desired or possible.
Suggested Sections

1. Parties: Identification of the lessor/vendor and lessee/purchaser, including full legal names and addresses

2. Background: Context of the agreement, including property details and intent of the parties to enter into a lease with option to purchase

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpretation

4. Lease Terms: Core lease provisions including term, rent, reviews, and maintenance obligations

5. Purchase Option: Terms and conditions of the purchase option, including price determination and exercise period

6. Property Condition and Maintenance: Requirements for maintaining the property during the lease and condition requirements for purchase

7. Payment Terms: Details of lease payments and purchase price payment structure

8. Insurance and Risk: Insurance requirements during lease period and risk allocation

9. Default and Remedies: Consequences of default under either lease or purchase provisions

10. Assignment and Subletting: Restrictions and conditions for assignment or subletting

11. Warranties and Representations: Warranties given by both parties regarding the property and their capacity

12. Settlement and Possession: Process for settlement of the purchase and transfer of possession

13. General Provisions: Standard contract clauses including notices, governing law, and dispute resolution

Optional Sections

1. GST Provisions: Required if either party is GST-registered or if the property is commercial

2. Body Corporate: Required for unit title properties, including body corporate rules and obligations

3. Resource Management: Required if there are specific resource consent or zoning considerations

4. Guarantees: Required if personal or corporate guarantees are being provided

5. Fit-out Provisions: Required for commercial properties requiring specific fit-out works

6. Environmental Matters: Required if there are known environmental issues or compliance requirements

7. Development Rights: Required if the lessee/purchaser has rights to develop the property

8. First Right of Refusal: Optional clause giving lessee first right to purchase if not exercising the option

Suggested Schedules

1. Property Description: Detailed legal description of the property including title references

2. Lease Payment Schedule: Schedule of rent payments, including review dates and mechanisms

3. Purchase Price Calculation: Formula or method for determining final purchase price

4. Condition Report: Detailed report on property condition at lease commencement

5. Maintenance Schedule: Schedule of required maintenance and responsibilities

6. Permitted Use: Detailed description of permitted uses of the property

7. Special Conditions: Any special conditions agreed between the parties

8. Required Consents: List of required consents and approvals for lease and purchase

Authors

Alex Denne

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

Relevant legal definitions



































Clauses



































Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Industrial

Agriculture

Hospitality

Healthcare

Education

Professional Services

Relevant Teams

Legal

Finance

Real Estate

Operations

Facilities Management

Risk and Compliance

Property Management

Business Development

Corporate Services

Asset Management

Relevant Roles

Property Manager

Real Estate Agent

Commercial Lawyer

Property Lawyer

Chief Financial Officer

Facilities Manager

Business Development Manager

Operations Director

Legal Counsel

Risk Manager

Commercial Director

Asset Manager

Property Developer

Lease Administrator

Corporate Real Estate 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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