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Agreement Of Purchase And Sale Form For Private Sale Template for New Zealand

A comprehensive legal document governed by New Zealand law that formalizes the agreement between a vendor and purchaser for the private sale of property. This document outlines all essential elements of the property transaction, including the purchase price, property details, settlement terms, and conditions of sale. It incorporates key requirements from New Zealand property law, including compliance with the Property Law Act 2007 and the Land Transfer Act 2017, while providing clear mechanisms for title transfer and settlement procedures. The agreement serves as the primary legally binding document in private property sales throughout New Zealand.

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What is a Agreement Of Purchase And Sale Form For Private Sale?

The Agreement of Purchase and Sale Form for Private Sale is a crucial legal document used in New Zealand property transactions where the sale is conducted without a real estate agent's involvement. This agreement template is designed to comply with New Zealand property law requirements and provides a comprehensive framework for documenting property sales. It includes essential elements such as party details, property description, purchase price, settlement terms, warranties, and conditions precedent. The document is particularly relevant for private sellers and buyers who wish to conduct their property transaction independently, while ensuring all legal requirements are met. It incorporates provisions from key legislation including the Property Law Act 2007, Land Transfer Act 2017, and Contract and Commercial Law Act 2017, making it suitable for both residential and commercial property transactions in New Zealand.

What sections should be included in a Agreement Of Purchase And Sale Form For Private Sale?

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

2. Background: Context of the sale and brief description of the property transaction

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

4. Property Details: Full legal description of the property including title details, address, and land area

5. Purchase Price: The agreed purchase price, deposit amount, and payment terms

6. Settlement: Settlement date, time, and place, including requirements for completion

7. Title and Transfer: Provisions regarding transfer of title and associated requirements

8. Property Inspection: Rights and process for property inspection before settlement

9. Vendor's Warranties: Warranties provided by the vendor regarding the property's condition and title

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 contract provisions including notices, time of essence, etc.

13. Execution: Signing provisions and execution blocks for all parties

What sections are optional to include in a Agreement Of Purchase And Sale Form For Private Sale?

1. Chattels: Detailed section listing included and excluded chattels, used when specific items need to be documented

2. Finance Condition: Terms regarding purchaser's finance approval, included when purchase is subject to financing

3. Due Diligence: Detailed provisions for purchaser's due diligence period, used for complex properties or commercial transactions

4. Building Report: Conditions relating to obtaining a satisfactory building report, important for older properties

5. Tenant Provisions: Special provisions regarding existing tenancies, used when property is sold with tenants in place

6. GST: GST provisions and declarations, required when either party is GST registered

7. Unit Title Provisions: Special provisions required for unit title properties

8. Land Covenant Provisions: Special provisions when property is subject to land covenants

What schedules should be included in a Agreement Of Purchase And Sale Form For Private Sale?

1. Schedule 1 - Property Details: Detailed property description, including title references and encumbrances

2. Schedule 2 - Chattels List: Comprehensive list of included and excluded chattels

3. Schedule 3 - Special Conditions: Any special conditions agreed between the parties

4. Appendix A - Title Documents: Copy of title and relevant registered documents

5. Appendix B - LIM Report: Land Information Memorandum report if already obtained

6. Appendix C - Property Plans: Relevant plans, including floor plans and site plans

7. Appendix D - Building Report: Any existing building reports or property inspection reports

8. Appendix E - Tenancy Documents: Copies of existing tenancy agreements if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

New Zealand

Publisher

Ƶ

Document Type

Purchase Agreement

Cost

Free to use

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