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Option To Buy Land Agreement
"I need an Option to Buy Land Agreement for a 5-hectare commercial property in Auckland, with a 12-month option period starting March 2025, including specific conditions for obtaining resource consent for a retail development."
1. Parties: Identification of the Grantor (landowner) and Grantee (option holder), including full legal names and addresses
2. Background: Context of the agreement, including brief description of the property and parties' intentions
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpretation
4. Grant of Option: Core terms of the option grant, including exclusivity and duration
5. Option Fee: Details of the option fee, payment terms, and whether it's refundable or forms part of the purchase price
6. Exercise of Option: Process and requirements for exercising the option, including notice requirements
7. Purchase Price: Specified purchase price or mechanism for determining it
8. Deposit: Requirements for deposit payment upon exercise of the option
9. Settlement: Timeline and requirements for completing the purchase after option exercise
10. Title and Property Investigations: Rights regarding title review and property investigations during the option period
11. Warranties: Standard warranties from both parties regarding authority, title, and property condition
12. Default and Termination: Consequences of default and circumstances for termination
13. Notices: Process for giving formal notices under the agreement
14. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and assignment
1. Due Diligence Conditions: Used when the grantee requires specific due diligence rights during the option period
2. Resource Consent Conditions: Required when the option is conditional on obtaining specific planning or resource consents
3. MÄori Land Provisions: Required when the land includes or affects MÄori land interests
4. Development Conditions: Used when the option is linked to specific development proposals or requirements
5. Overseas Investment Approval: Required when the grantee is an overseas person requiring OIO approval
6. GST Provisions: Detailed GST treatment when either party is GST-registered or the transaction has GST implications
7. Lease Provisions: Required when the property is subject to existing leases that need to be addressed
8. Subdivision Provisions: Used when the option relates to land that requires subdivision
9. Environmental Provisions: Required when there are specific environmental concerns or requirements
1. Schedule 1 - Property Description: Detailed legal description of the land, including title references and area
2. Schedule 2 - Option Terms: Key commercial terms including option period, fee, and purchase price
3. Schedule 3 - Form of Exercise Notice: Template notice for exercising the option
4. Schedule 4 - Special Conditions: Any special conditions specific to the property or arrangement
5. Schedule 5 - Plan of Land: Survey plan or diagram of the property
6. Appendix A - Certificate of Title: Copy of the current title for the property
7. Appendix B - LIM Report: Land Information Memorandum report if already obtained
8. Appendix C - Due Diligence Information: List of documents and information provided for due diligence
Authors
Real Estate
Property Development
Construction
Agriculture
Commercial Property
Residential Development
Infrastructure
Tourism
Retail
Industrial Development
Urban Planning
Land Banking
Environmental Services
Legal
Real Estate
Property Development
Investment
Commercial
Acquisitions
Planning and Environment
Project Management
Risk Management
Finance
Property Lawyer
Real Estate Development Manager
Land Acquisition Manager
Property Investment Manager
Real Estate Agent
Property Developer
Commercial Director
Legal Counsel
Property Portfolio Manager
Development Director
Urban Planner
Project Manager
Chief Investment Officer
Land Surveyor
Resource Management Consultant
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