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Simple Real Estate Purchase Agreement Between Family Members
"I need a Simple Real Estate Purchase Agreement Between Family Members for the sale of my Auckland beach house to my sister, with a deferred payment arrangement where she'll pay 40% by March 2025 and the remaining 60% by December 2025."
1. Parties: Identification of the family members involved as seller and purchaser, including their full legal names, addresses, and relationship to each other
2. Background: Context of the family transaction, acknowledging the relationship between parties and confirming the intention to conduct the sale at arm's length
3. Definitions: Key terms used throughout the agreement, including property definition, settlement date, and other relevant terminology
4. Property Details: Full legal description of the property, including title details, boundaries, and any included fixtures and fittings
5. Purchase Price: Agreed purchase price, payment terms, and deposit requirements
6. Settlement and Possession: Settlement date, key deadlines, and conditions for property possession
7. Title and Transfer: Confirmation of clear title and process for legal transfer of ownership
8. Warranties and Representations: Standard warranties about the property's condition and seller's authority to sell
9. Due Diligence: Requirements for property inspection, title review, and other necessary checks
10. Default and Remedies: Consequences and available remedies if either party fails to meet their obligations
11. General Provisions: Standard contract clauses including governing law, notices, and amendment procedures
1. Mortgage and Financing: Include when purchaser requires mortgage financing or when seller is providing vendor financing
2. Rental Arrangements: Include if there will be any temporary rental arrangement between family members post-sale
3. Property Maintenance Period: Include when the seller will continue maintaining the property for a period after sale
4. Family Member Right of First Refusal: Include if other family members should have first right to purchase if the buyer decides to sell in future
5. Gift Equity Component: Include if part of the purchase price is being gifted, requiring clear documentation for tax purposes
6. Existing Tenancies: Include if there are current tenants whose rights need to be preserved
7. Future Property Access Rights: Include if seller or other family members will retain specific access rights to the property
8. Family Chattels: Include if specific family heirlooms or chattels need special treatment or are excluded from the sale
1. Schedule 1: Property Description: Detailed legal description of the property, including title references and boundary details
2. Schedule 2: Included Chattels: Itemized list of fixtures, fittings, and other items included in the sale
3. Schedule 3: Payment Schedule: Detailed breakdown of payment terms, including deposit and settlement payment structure
4. Schedule 4: Property Disclosure: Seller's disclosure of known issues or defects with the property
5. Schedule 5: Special Conditions: Any special arrangements or conditions specific to the family transaction
6. Appendix A: Property Plans: Current title plans and property drawings
7. Appendix B: Photographs: Current dated photographs of the property and included chattels
8. Appendix C: Valuation Report: Independent property valuation to confirm fair market value for family transaction
Authors
Real Estate
Legal Services
Financial Services
Property Development
Family Law
Banking
Property Management
Conveyancing Services
Property Investment
Legal
Real Estate
Property Management
Conveyancing
Compliance
Risk Management
Financial Services
Family Law
Document Management
Client Services
Real Estate Lawyer
Property Lawyer
Conveyancing Lawyer
Real Estate Agent
Property Valuer
Mortgage Broker
Family Law Specialist
Legal Executive
Property Manager
Bank Manager
Financial Advisor
Trust Manager
Property Consultant
Settlement Agent
Compliance Officer
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