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Real Estate Offer To Purchase

Real Estate Offer To Purchase Template for New Zealand

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Key Requirements PROMPT example:

Real Estate Offer To Purchase

"I need a Real Estate Offer to Purchase agreement for a residential property in Auckland, New Zealand, with settlement planned for March 2025, including specific conditions for a building inspection and mortgage finance approval."

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Document background
The Real Estate Offer to Purchase is a crucial initial document in New Zealand property transactions, serving as the formal mechanism for presenting a potential buyer's offer to a property seller. This document is used when a prospective purchaser wishes to make a binding offer on a property, whether residential, commercial, or industrial. It must comply with New Zealand legal requirements and typically includes essential information such as property details, purchase price, conditions precedent (such as finance and building inspection), settlement terms, and any special conditions. The document forms the basis for negotiations and, once accepted, leads to a formal sale and purchase agreement. Given New Zealand's robust property law framework, the Offer to Purchase must be carefully drafted to ensure it meets all legal requirements while protecting both parties' interests.
Suggested Sections

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

2. Background: Context of the transaction and purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement

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

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

6. Conditions: Standard conditions precedent including finance, building inspection, and LIM report

7. Settlement: Settlement date, requirements, and processes

8. Title and Transfer: Provisions regarding title transfer and registration

9. Warranties: Standard vendor warranties about the property

10. Risk and Insurance: Allocation of risk and insurance requirements until settlement

11. Default: Consequences of default by either party

12. General Provisions: Standard legal provisions including notices, governing law, and execution requirements

Optional Sections

1. Chattels: List and conditions of chattels included in the sale, used when specific items are being sold with the property

2. Tenancies: Details of existing tenancies, required when the property is sold with tenants in place

3. GST: GST provisions, required when either party is GST registered or the transaction is subject to GST

4. Due Diligence: Extended due diligence provisions, used for commercial properties or complex residential transactions

5. Development Provisions: Special conditions for properties under development or with development potential

6. Body Corporate: Provisions relating to body corporate rules and obligations, required for unit titles

7. Overseas Investment: Additional provisions required when the purchaser is an overseas person under the Overseas Investment Act

8. Land Covenants: Special provisions regarding land covenants or restrictions, used when specific covenants affect the property

Suggested Schedules

1. Property Schedule: Detailed description of the property including boundaries and improvements

2. Chattels Schedule: Itemized list of chattels included in the sale

3. Conditions Schedule: Detailed description of all conditions and timeframes for satisfaction

4. Tenant Schedule: Details of existing tenancies including terms and current rent

5. Due Diligence Checklist: List of items to be investigated during due diligence period

6. Property Disclosure Statement: Vendor's disclosures about the property's condition and known issues

7. Settlement Requirements Checklist: List of items required for settlement

8. Land Information Memorandum: Council information about the property (usually attached when available)

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

Property Development

Banking and Finance

Legal Services

Insurance

Construction

Property Management

Property Investment

Professional Services

Residential Housing

Relevant Teams

Legal

Real Estate Sales

Property Management

Compliance

Finance

Risk Management

Operations

Business Development

Investment

Document Control

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Specialist

Property Manager

Bank Manager

Mortgage Broker

Property Developer

Investment Manager

Legal Counsel

Compliance Officer

Property Valuer

Sales Manager

Business Development Manager

Property Investment Advisor

Settlement Officer

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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