The Commercial Real Estate Purchase Agreement is a crucial legal instrument used in New Zealand for facilitating the transfer of commercial property ownership. It is designed to address the complex requirements of commercial property transactions, incorporating provisions that comply with New Zealand's property law framework, including the Property Law Act 2007 and Land Transfer Act 2017. This document is essential when purchasing or selling any type of commercial real estate, including office buildings, retail spaces, industrial properties, or mixed-use developments. It contains detailed sections covering property description, purchase price, due diligence requirements, conditions precedent, warranties, and settlement procedures. The agreement also addresses specific commercial considerations such as tenant rights, GST implications, and regulatory compliance requirements unique to the New Zealand market.
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1. Parties: Identification of the vendor and purchaser, including full legal names, addresses, and company details if applicable
2. Background: Context of the transaction, including brief property description and purpose of the agreement
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpretation
4. Agreement to Sell and Purchase: Core agreement terms including property description, purchase price, and payment terms
5. Deposit: Amount, payment timing, and handling of the deposit
6. Due Diligence: Terms and conditions for the purchaser's investigation of the property
7. Conditions Precedent: Conditions that must be satisfied before the agreement becomes unconditional
8. Settlement: Settlement process, timing, and requirements
9. Vendor's Warranties: Warranties given by the vendor regarding the property
10. Purchaser's Warranties: Warranties given by the purchaser regarding capacity to purchase
11. Risk and Insurance: Allocation of risk and insurance requirements until settlement
12. Default: Consequences of default by either party
13. Notices: Process for giving notices under the agreement
14. General Provisions: Standard legal provisions including governing law, entire agreement, and amendments
15. Execution: Signing provisions and execution blocks
1. GST Provisions: Detailed GST treatment where one or both parties are GST registered
2. Overseas Investment Approval: Required when purchaser requires OIO approval
3. Tenant Provisions: Required when property is sold subject to existing tenancies
4. Development Provisions: Required when property is under development or future development is contemplated
5. Environmental Warranties: Additional warranties regarding environmental matters for industrial properties
6. Vendor Finance: Terms of any vendor financing arrangements
7. Property Management During Conditional Period: Required for operating properties with long settlement periods
8. Subdivision Provisions: Required when the transaction involves a subdivision
1. Property Schedule: Detailed description of land, buildings, and improvements including title references
2. Purchase Price Allocation: Breakdown of purchase price across land, buildings, and other assets
3. Chattels Schedule: List of chattels included in the sale
4. Due Diligence Information: List of documents and information to be provided for due diligence
5. Tenancy Schedule: Details of existing tenancies including key terms and conditions
6. Warranties Schedule: Detailed vendor warranties regarding the property
7. Lease Documentation: Copies of existing leases and related documents
8. Property Compliance Schedule: Details of building compliance, consents, and certificates
9. Settlement Requirements: Detailed checklist of settlement requirements and deliverables
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Retail
Industrial
Office Space
Hospitality
Healthcare
Education
Logistics
Manufacturing
Professional Services
Banking and Finance
Insurance
Legal Services
Relevant Teams
Legal
Real Estate
Finance
Risk Management
Compliance
Property Management
Operations
Investment
Due Diligence
Corporate Development
Facilities Management
Asset Management
Relevant Roles
Real Estate Broker
Commercial Property Lawyer
Property Development Manager
Chief Financial Officer
Real Estate Investment Manager
Asset Manager
Property Manager
Due Diligence Manager
Legal Counsel
Commercial Director
Acquisition Manager
Investment Analyst
Risk Manager
Facilities Manager
Corporate Real Estate Manager
Property Consultant
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