The Real Property Contract serves as the primary legal instrument for property transactions in New Zealand's real estate market. This document is essential when transferring ownership of any real property, whether residential, commercial, or rural. The contract incorporates requirements from key New Zealand legislation including the Property Law Act 2007, Land Transfer Act 2017, and relevant local property regulations. It is designed to protect both vendors' and purchasers' interests by clearly defining the property details, purchase price, settlement terms, conditions precedent, and warranties. The document typically includes provisions for due diligence, finance conditions, and title transfer requirements, adapting to various property types and transaction complexities while maintaining compliance with New Zealand legal standards.
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1. Parties: Identification and details of the vendor and purchaser, including full legal names, addresses, and any company/trust details
2. Background: Context of the transaction, including brief property history and purpose of the agreement
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpretation
4. Property Description: Detailed legal description of the property, including title references and physical address
5. Purchase Price: Specified purchase price, payment structure, and deposit requirements
6. Settlement and Possession: Settlement date, possession arrangements, and key timeframes
7. Title and Transfer: Conditions regarding title transfer, including requirements for clear title
8. Warranties and Undertakings: Vendor's warranties about the property and undertakings from both parties
9. Conditions: Standard conditions including due diligence, finance, and title requirements
10. Risk and Insurance: Allocation of risk and insurance requirements until settlement
11. Default: Consequences and remedies in case of default by either party
12. General Provisions: Standard legal provisions including notices, governing law, and dispute resolution
1. Chattels: Details of included chattels and their condition, used when specific movable items are included in the sale
2. Tenancy Provisions: Required when the property is sold with existing tenants, detailing lease arrangements and obligations
3. GST Provisions: Needed for commercial properties or when either party is GST-registered
4. Development Rights: Included when there are specific development potential or restrictions that need to be addressed
5. Body Corporate: Required for apartments or units under body corporate management
6. Resource Consent Conditions: Needed when specific land use or development consents affect the property
7. Overseas Investment Conditions: Required when the purchaser is an overseas person under the Overseas Investment Act
8. Methamphetamine Testing: Optional section for residential properties regarding methamphetamine testing requirements
1. Property Schedule: Detailed description of the property including boundaries, easements, and encumbrances
2. Chattels Schedule: Comprehensive list and description of all chattels included in the sale
3. Due Diligence Checklist: List of items to be verified during due diligence period
4. Tenancy Schedule: Details of existing tenancies including lease terms and conditions
5. Title Documents: Copies of relevant title documents and plans
6. LIM Report: Land Information Memorandum report from the local council
7. Property Inspection Report: Building inspection report and related documentation
8. Settlement Statement: Detailed breakdown of final payment calculations and adjustments
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Agriculture (for rural properties)
Commercial Property
Residential Property
Hospitality (for commercial properties)
Retail
Industrial
Relevant Teams
Legal
Real Estate
Property Management
Conveyancing
Settlements
Compliance
Due Diligence
Commercial Property
Residential Property
Risk Management
Document Control
Property Development
Relevant Roles
Property Lawyer
Real Estate Agent
Property Manager
Conveyancing Specialist
Legal Executive
Bank Manager
Mortgage Broker
Property Developer
Commercial Property Manager
Settlement Officer
Title Officer
Compliance Officer
Real Estate Partner
Property Law Associate
Due Diligence Manager
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