The Pre Sale Agreement serves as a crucial preliminary contract in New Zealand property transactions, establishing legally binding commitments between parties before the final sale. This document is particularly valuable in new developments, off-plan purchases, and complex property transactions where extended settlement periods or specific conditions need to be met before final sale. It includes comprehensive details about the property, payment terms, conditions precedent, and settlement requirements, all aligned with New Zealand's legal framework including the Property Law Act 2007 and Contract and Commercial Law Act 2017. The agreement provides security for both vendors and purchasers by clearly defining obligations, timelines, and conditions while allowing flexibility for due diligence and financing arrangements.
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1. Parties: Identification and details of the vendor and purchaser, including full legal names, addresses, and company details if applicable
2. Background: Context of the agreement, including property details and purpose of the pre-sale arrangement
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpretation
4. Property Details: Comprehensive description of the property including legal description, title details, and any inclusions/exclusions
5. Purchase Price and Payment Terms: Agreed purchase price, deposit amount, payment schedule, and method of payment
6. Conditions Precedent: Conditions that must be satisfied before the agreement becomes unconditional
7. Due Diligence: Terms and timeframes for the purchaser's due diligence investigations
8. Settlement: Settlement date, process, and requirements for completion of the sale
9. Warranties and Representations: Warranties provided by both parties regarding the property and their capacity to enter the agreement
10. Default and Remedies: Consequences of default by either party and available remedies
11. General Provisions: Standard contract clauses including notices, entire agreement, governing law, and dispute resolution
1. Development Provisions: Required for off-plan purchases or properties under development, including construction specifications and timeframes
2. Body Corporate: Needed for unit title properties, covering body corporate rules and obligations
3. GST Provisions: Required when either party is GST registered or the transaction is subject to GST
4. Overseas Investment Provisions: Required when the purchaser is an overseas person under the Overseas Investment Act
5. Subdivision Provisions: Needed when the property is part of a proposed subdivision
6. Sunset Clause: Optional termination provision if certain conditions are not met within specified timeframes
7. Property Completion Requirements: For properties under construction, detailing required standards and specifications
8. Rental Guarantee: Optional for investment properties, providing guaranteed rental income for a specified period
1. Property Schedule: Detailed description of the property including title details, area, and boundaries
2. Payment Schedule: Detailed breakdown of payment terms, instalments, and due dates
3. Chattels Schedule: List of chattels included or excluded from the sale
4. Due Diligence Checklist: List of items to be investigated during due diligence period
5. Plans and Specifications: For off-plan purchases, detailed plans and specifications of the property
6. Special Conditions: Any special conditions agreed between the parties
7. Prescribed Forms: Standard forms required under New Zealand law for property transactions
8. Title Documents: Copies of relevant title documents and encumbrances
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Legal Services
Financial Services
Banking
Investment
Property Management
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate Sales
Property Development
Compliance
Risk Management
Operations
Settlements
Conveyancing
Business Development
Investment
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Developer
Sales Manager
Legal Counsel
Property Manager
Contracts Manager
Development Manager
Investment Manager
Real Estate Branch Manager
Compliance Officer
Property Consultant
Settlement Officer
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