The Commercial Real Estate Sales Contract is a fundamental legal document used in New Zealand for transferring ownership of commercial properties. This contract type is essential for businesses, investors, and property developers engaging in commercial real estate transactions within New Zealand's jurisdiction. It incorporates all necessary elements required by New Zealand law, including GST provisions, land transfer requirements, and local council regulations. The document is structured to protect both parties' interests while ensuring compliance with relevant legislation such as the Property Law Act 2007, Contract and Commercial Law Act 2017, and the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. It includes comprehensive provisions for due diligence, warranties, settlement procedures, and risk allocation, making it suitable for various commercial property transactions ranging from office buildings to industrial facilities.
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1. Parties: Identifies and provides full legal details of the vendor and purchaser
2. Background: Outlines the context of the sale and basic premises of the agreement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules of interpretation
4. Property Details: Comprehensive description of the property including legal description, title references, and included fixtures/fittings
5. Purchase Price: Specifies the purchase price, GST treatment, and payment terms including deposit requirements
6. Settlement: Details the settlement process, timing, and requirements for completion
7. Due Diligence: Outlines the purchaser's rights and obligations regarding property investigation and verification
8. Title and Transfer: Addresses requirements for clear title and the transfer process
9. Warranties and Representations: States the vendor's warranties regarding the property and business
10. Risk and Insurance: Allocates risk and specifies insurance requirements until settlement
11. Default: Specifies consequences and remedies for default by either party
12. General Provisions: Contains standard contract clauses including notices, governing law, and dispute resolution
1. Tenant Provisions: Required when the property is sold subject to existing tenancies, detailing lease arrangements and obligations
2. Development Provisions: Included when the property involves ongoing or planned development work
3. Environmental Matters: Required when there are specific environmental considerations or contamination issues
4. GST Zero-Rating: Included when the transaction qualifies for GST zero-rating
5. Overseas Investment Approval: Required when the purchaser requires OIO approval
6. Vendor Finance: Included when the vendor is providing financing for the purchase
7. Property Management: Required when including transitional property management arrangements
8. Seismic Performance: Included for buildings requiring specific seismic performance declarations or work
1. Property Schedule: Detailed description of land, improvements, and title information
2. Chattels Schedule: Itemized list of included chattels and their condition
3. Lease Schedule: Details of all existing leases and tenancy arrangements
4. Due Diligence Checklist: List of required due diligence items and documentation
5. Warranties Schedule: Detailed vendor warranties and representations
6. Disclosure Schedule: Vendor disclosures regarding property condition and issues
7. Settlement Schedule: Detailed settlement requirements and adjustments
8. Building Compliance Schedule: Details of building warrant of fitness and compliance requirements
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Property Development
Retail
Hospitality
Industrial
Office Space
Healthcare
Education
Logistics
Manufacturing
Professional Services
Relevant Teams
Legal
Real Estate
Property Management
Finance
Compliance
Operations
Investment
Development
Asset Management
Risk Management
Due Diligence
Strategy
Relevant Roles
Real Estate Agent
Property Lawyer
Commercial Property Manager
Property Developer
Investment Manager
Business Owner
Chief Executive Officer
Chief Financial Officer
Property Valuer
Facilities Manager
Real Estate Broker
Development Manager
Asset Manager
Real Estate Investment Manager
Commercial Director
Legal Counsel
Property Consultant
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