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Buy Sell Agreement For Land for New Zealand

Buy Sell Agreement For Land Template for New Zealand

A Buy Sell Agreement for Land is a legally binding document used in New Zealand property transactions that sets out the terms and conditions for the sale and purchase of real property. This agreement complies with New Zealand property law requirements, including the Property Law Act 2007 and Land Transfer Act 2017, and contains essential provisions for property transfer, payment terms, conditions precedent, warranties, and settlement procedures. The document includes specific provisions required under New Zealand legislation, such as overseas investment considerations, GST requirements, and local authority compliance matters.

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What is a Buy Sell Agreement For Land?

The Buy Sell Agreement For Land is a fundamental legal document used in New Zealand property transactions to formalize the sale and purchase of real estate. It is essential for both residential and commercial property transactions, providing a comprehensive framework that ensures compliance with New Zealand property law and protects the interests of both vendors and purchasers. The agreement typically includes detailed property descriptions, purchase price, payment terms, conditions precedent, warranties, and settlement requirements. It must comply with various New Zealand legislation, including the Property Law Act 2007, Land Transfer Act 2017, and other relevant regulations. This document is particularly important as it forms the basis for the property transfer process and is required for registration with Land Information New Zealand (LINZ).

What sections should be included in a Buy Sell Agreement For Land?

1. Parties: Identification and details of the vendor and purchaser

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

3. Definitions and Interpretation: Definitions of key terms and rules for interpreting the agreement

4. Agreement to Sell and Purchase: Core agreement terms including purchase price and payment terms

5. Property Description: Detailed description of the land, including title references and boundaries

6. Deposit: Terms relating to the deposit amount, payment, and holding

7. Due Diligence: Purchaser's rights and timeframes for property investigation

8. Conditions Precedent: Standard conditions that must be satisfied before settlement

9. Settlement: Settlement process, timing, and requirements

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

11. Vendor's Warranties: Standard warranties about the property and vendor's capacity

12. Purchaser's Warranties: Standard warranties about purchaser's capacity and authority

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

14. Default: Consequences and remedies for default by either party

15. General Provisions: Standard boilerplate clauses including notices, governing law, etc.

What sections are optional to include in a Buy Sell Agreement For Land?

1. Overseas Investment Consent: Required when purchaser is an overseas person under the Overseas Investment Act

2. GST: Required when the transaction has GST implications

3. Tenancies: Required when the property is sold subject to existing tenancies

4. Development Provisions: Required when the land is being sold for development purposes

5. Resource Consent Conditions: Required when the purchase is conditional on obtaining specific resource consents

6. Building Report Condition: Optional condition for obtaining satisfactory building inspection

7. Finance Condition: Optional condition for purchaser obtaining satisfactory finance

8. Subdivision Provisions: Required when the agreement relates to land being subdivided

9. Chattels: Required when specific chattels are included in the sale

10. Property Sharing Arrangements: Required when multiple purchasers are involved with specific sharing arrangements

What schedules should be included in a Buy Sell Agreement For Land?

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

2. Schedule 2 - Purchase Price Calculation: Breakdown of purchase price components and payment schedule

3. Schedule 3 - Chattels List: Itemized list of chattels included in the sale

4. Schedule 4 - Due Diligence Information: List of documents and information to be provided for due diligence

5. Schedule 5 - Special Conditions: Any special conditions specific to this transaction

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

7. Appendix B - LIM Report: Land Information Memorandum report from the local authority

8. Appendix C - Property Plans: Site plans, floor plans, and other relevant property plans

9. Appendix D - Disclosure Documents: Required disclosures under relevant legislation

Authors

Alex Denne

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

Jurisdiction

New Zealand

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions






































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Relevant Industries

Real Estate

Property Development

Agriculture

Commercial Property

Residential Property

Construction

Banking and Finance

Legal Services

Property Investment

Urban Development

Rural Development

Retail Property

Relevant Teams

Legal

Real Estate

Property Management

Development

Investment

Compliance

Finance

Commercial

Risk Management

Operations

Relevant Roles

Property Lawyer

Real Estate Agent

Property Manager

Development Manager

Investment Manager

Legal Counsel

Conveyancing Lawyer

Property Developer

Commercial Director

Finance Manager

Compliance Officer

Real Estate Transaction Manager

Property Investment Advisor

Land Acquisition Manager

Real Estate Portfolio Manager

Industries












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