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Memorandum Of Contract (Real Estate)

Memorandum Of Contract (Real Estate) Template for New Zealand

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Key Requirements PROMPT example:

Memorandum Of Contract (Real Estate)

"I need a Memorandum of Contract (Real Estate) for the sale of a commercial property in Auckland CBD with existing tenants, where settlement is planned for March 2025 and the purchaser is an overseas investment company requiring OIO approval."

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Document background
The Memorandum of Contract (Real Estate) is a crucial legal document used in New Zealand property transactions to formalize and record the agreement between parties involved in the sale and purchase of real estate. This document is essential for compliance with New Zealand property law and serves as the primary record of the transaction terms. It includes comprehensive details about the property, parties involved, purchase price, settlement requirements, and various conditions that must be met for the sale to proceed. The memorandum is typically prepared following initial agreement on key terms and is used throughout the conveyancing process until settlement. It must conform to requirements under the Property Law Act 2007, Land Transfer Act 2017, and other relevant legislation, making it a vital tool for property professionals, legal practitioners, and parties involved in real estate transactions.
Suggested Sections

1. Parties: Identification of the vendor and purchaser with full legal names and addresses

2. Background: Context of the transaction and brief property description

3. Definitions: Key terms used throughout the agreement

4. Property Details: Full legal description of the property including title references

5. Purchase Price: Agreed purchase price and payment terms including deposit details

6. Settlement: Settlement date, time, and process requirements

7. Title and Transfer: Conditions regarding title transfer and registration

8. Property Inspection: Rights and process for property inspection before settlement

9. Warranties and Undertakings: Vendor's warranties about the property and undertakings until settlement

10. Risk and Insurance: Risk transfer provisions and insurance requirements

11. Default: Consequences of default by either party

12. General Provisions: Standard contract terms including notices, amendments, and governing law

13. Execution: Signing provisions and attestation requirements

Optional Sections

1. Chattels: Detailed when specific chattels are included in the sale

2. Tenancies: Required when the property has existing tenants

3. GST: Needed when either party is GST registered or the transaction has GST implications

4. Building Compliance: Required for properties with ongoing building works or compliance issues

5. Resource Consent: Included when there are outstanding resource consent matters

6. Body Corporate: Required for unit title properties

7. Overseas Investment: Needed when purchaser is an overseas person under the Overseas Investment Act

8. Development Provisions: Required for properties under development or with future development potential

9. Conditional Terms: For sales subject to specific conditions like finance or due diligence

10. Vendor Finance: When vendor is providing financing arrangements

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property description, including boundaries and easements

2. Schedule 2 - Chattels List: Comprehensive list of included chattels and their condition

3. Schedule 3 - Special Conditions: Any special terms or conditions specific to the transaction

4. Schedule 4 - Warranties: Detailed vendor warranties about the property

5. Appendix A - Title Documents: Copy of certificate of title and relevant instruments

6. Appendix B - LIM Report: Land Information Memorandum details if referenced in contract

7. Appendix C - Property Plans: Relevant plans, including floor plans and site plans

8. Appendix D - Tenancy Documents: Copies of existing tenancy agreements if applicable

9. Appendix E - Body Corporate Rules: For unit title properties, body corporate rules and information

10. Appendix F - Compliance Documents: Building consents, code compliance certificates, and other relevant permits

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

Legal Services

Property Development

Banking and Finance

Property Management

Construction

Urban Planning

Property Investment

Residential Housing

Commercial Property

Relevant Teams

Legal

Real Estate

Property Management

Conveyancing

Compliance

Sales

Commercial Property

Residential Property

Settlement

Risk Management

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Lawyer

Property Manager

Legal Executive

Bank Manager

Mortgage Broker

Property Developer

Real Estate Partner

Commercial Property Lawyer

Residential Property Lawyer

Property Consultant

Settlement Officer

Title Officer

Compliance 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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