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Novation Agreement (Real Estate)
"I need a Novation Agreement (Real Estate) for transferring my rights and obligations under a commercial property purchase agreement in Auckland to my company, with completion required by March 2025 and including provisions for overseas investment approval."
1. Parties: Identifies the three key parties: the Transferor (original party), the Transferee (new party), and the Continuing Party
2. Background: Sets out the context of the original agreement, the reason for novation, and the parties' intentions
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles for the agreement
4. Novation: Core clause that effects the transfer of rights and obligations from Transferor to Transferee
5. Release of Transferor: Formally releases the Transferor from their obligations under the original agreement
6. Assumption by Transferee: States the Transferee's assumption of the Transferor's rights and obligations
7. Continuing Party's Consent: Documents the Continuing Party's consent to the novation
8. Effective Date: Specifies when the novation takes effect
9. Property Details: Describes the real estate property subject to the novation
10. Representations and Warranties: Contains basic warranties from all parties regarding their capacity and authority
11. Costs: Addresses the allocation of costs related to the novation
12. Governing Law: Specifies New Zealand law as governing law and jurisdiction
13. Execution: Formal execution blocks for all parties
1. Land Transfer Registration: Required if the novation requires registration with the Land Transfer Office
2. Overseas Investment Compliance: Required if any party is an overseas person under the Overseas Investment Act
3. GST Provisions: Required if there are GST implications for the novation
4. Existing Tenancies: Required if there are existing tenancy agreements affecting the property
5. Conditions Precedent: Required if the novation is subject to specific conditions being met
6. Real Estate Agent Provisions: Required if the novation involves real estate agency agreements
7. Mortgagee Consent: Required if there are existing mortgages or security interests
8. Body Corporate Provisions: Required for properties subject to body corporate rules
1. Schedule 1 - Original Agreement: Copy or details of the agreement being novated
2. Schedule 2 - Property Details: Detailed description of the property, including title references and encumbrances
3. Schedule 3 - Outstanding Obligations: List of any outstanding obligations under the original agreement
4. Schedule 4 - Completion Requirements: Checklist of actions required to complete the novation
5. Appendix A - Land Title Documents: Copies of relevant land title documents
6. Appendix B - Consent Documents: Copies of third-party consents (if required)
Authors
Real Estate
Property Development
Construction
Legal Services
Banking and Finance
Property Management
Commercial Property
Residential Property
Property Investment
Urban Planning
Legal
Real Estate
Property Management
Compliance
Commercial
Operations
Transactions
Risk Management
Contract Administration
Corporate Services
Property Lawyer
Real Estate Agent
Property Manager
Legal Counsel
Conveyancing Lawyer
Contract Manager
Property Developer
Commercial Property Manager
Real Estate Investment Manager
Compliance Officer
Legal Operations Manager
Property Portfolio Manager
Settlement Officer
Real Estate Transaction Coordinator
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