The Option To Purchase Property Agreement is a crucial document in New Zealand real estate transactions where a potential buyer wishes to secure the right to purchase a property without immediate commitment to the full purchase. This agreement is commonly used in property development projects, commercial real estate transactions, or situations where buyers need time to arrange financing or conduct due diligence. The document typically includes specific details about the property, option fee arrangements, exercise period, purchase price, and conditions precedent to exercise. It must comply with New Zealand property law requirements and can be customized to address various commercial scenarios. The agreement provides protection for both the property owner and the potential purchaser by clearly defining their rights and obligations during the option period.
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1. Parties: Identification of the Option Grantor (property owner) and Option Holder (potential purchaser)
2. Background: Context of the agreement and property transaction
3. Definitions and Interpretation: Key terms used in the agreement and rules for interpretation
4. Grant of Option: Express grant of the option to purchase and its exclusivity
5. Option Fee: Amount, payment terms, and status of the option fee (refundable/non-refundable)
6. Option Period: Duration of the option and specific start/end dates
7. Exercise of Option: Process and requirements for exercising the option
8. Purchase Price: Agreed purchase price or mechanism for determining it
9. Property Details: Legal description and included fixtures/fittings
10. Terms of Sale: Core terms that will apply if option is exercised
11. Default and Termination: Consequences of breach and termination rights
12. Notices: Process for giving formal notices under the agreement
13. General Provisions: Standard boilerplate clauses including governing law
1. Due Diligence: Terms for conducting property investigations during option period
2. Development Conditions: Include when option is contingent on obtaining development approvals
3. Multiple Option Periods: Terms for extending the option period if agreed
4. GST Provisions: Detailed GST treatment if either party is GST registered
5. Tenant Provisions: Include if property is tenanted during option period
6. Mortgage/Finance Conditions: Include if option exercise is subject to finance
7. Land Covenants: Include if property is subject to specific land covenants
8. Overseas Investment Conditions: Include if purchaser requires OIO approval
1. Schedule 1 - Property Details: Detailed legal description, title references, and property boundaries
2. Schedule 2 - Option Exercise Notice: Prescribed form for exercising the option
3. Schedule 3 - Sale and Purchase Terms: Full terms that will apply if option is exercised
4. Schedule 4 - Chattels List: List of included/excluded chattels and fixtures
5. Appendix A - Title Documents: Copy of certificate of title and relevant instruments
6. Appendix B - Property Plans: Site plans, building plans, or development plans if relevant
7. Appendix C - Due Diligence Information: List of documents provided for due diligence
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