The Letter of Agreement Between Buyer and Seller of Land is a fundamental document in New Zealand property transactions, typically used as an initial binding agreement before proceeding to a full sale and purchase agreement. This document is particularly valuable in situations where parties wish to formally document their intentions and key commercial terms while allowing time for due diligence, finance arrangements, and other conditions to be satisfied. The agreement is governed by New Zealand property law and must comply with the Property Law Act 2007, Land Transfer Act 2017, and other relevant legislation. It includes essential elements such as party details, property description, purchase price, deposit arrangements, settlement terms, and any specific conditions that must be met. While not as detailed as a full sale and purchase agreement, this letter of agreement provides legal protection for both parties and serves as a foundation for the final transaction documentation.
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1. Parties: Full legal names and addresses of the buyer and seller
2. Background: Brief context of the transaction and purpose of the agreement
3. Definitions: Key terms used in the agreement, including 'Property', 'Purchase Price', 'Settlement Date'
4. Property Details: Legal description of the property including title reference, address, and land area
5. Purchase Price: Agreed purchase price and payment terms including deposit amount
6. Deposit: Amount, payment timing, and holding arrangements for the deposit
7. Settlement: Settlement date, time, and location details
8. Conditions: Standard conditions that must be met before the agreement becomes unconditional
9. Due Diligence: Buyer's right to conduct property investigations and timeframe
10. Property Access: Terms for buyer's access to the property before settlement
11. Execution: Signing provisions and date of agreement
1. Chattels: List of moveable items included in the sale, used when specific items are being included
2. Tenancies: Details of existing tenancies, required if the property is tenanted
3. GST: GST status and requirements, needed if either party is GST registered
4. Finance Condition: Buyer's requirement to obtain finance, included if buyer needs mortgage funding
5. Building Report: Right to obtain and be satisfied with a building report, for properties with structures
6. Overseas Investment: Required approvals if buyer is an overseas person under OIA
7. Development Provisions: Special conditions for undeveloped land or property with development potential
8. Water Rights: Details of water rights and allocations, relevant for rural properties
1. Schedule 1 - Property Details: Detailed legal description, title references, and property boundaries
2. Schedule 2 - Purchase Price Breakdown: Itemized breakdown of purchase price, deposit, and payment schedule
3. Schedule 3 - Chattels List: Comprehensive list of all chattels included in the sale
4. Appendix A - Title Search: Recent title search showing current ownership and encumbrances
5. Appendix B - LIM Report: Land Information Memorandum report details if already obtained
6. Appendix C - Property Plans: Relevant property plans, surveys, or drawings
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Property Development
Banking and Finance
Construction
Agriculture (for rural properties)
Commercial Property
Residential Property
Property Investment
Urban Planning
Relevant Teams
Legal
Real Estate
Property Management
Conveyancing
Commercial Property
Business Development
Investment
Compliance
Finance
Operations
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Developer
Land Surveyor
Property Manager
Commercial Property Agent
Legal Counsel
Property Investment Manager
Settlement Officer
Real Estate Transaction Coordinator
Property Consultant
Development Manager
Real Estate Partner
Property Valuer
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