A Deed of Purchase and Sale is a fundamental legal instrument in New Zealand property transactions, used to formalize and execute the transfer of property ownership. This deed is essential for both residential and commercial property transactions, providing a comprehensive framework that ensures compliance with New Zealand property law requirements. The document is structured to include all necessary elements required by the Property Law Act 2007 and related legislation, making it suitable for various types of property transfers. When using a Deed of Purchase and Sale, parties must ensure it contains all required warranties, conditions, and specific provisions relevant to the transaction type, whether it's a straightforward property sale or a more complex commercial transaction. The deed serves as the primary record of the transaction terms and the parties' obligations, making it a crucial document for legal professionals, property developers, real estate agents, and other stakeholders involved in property transactions.
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1. Parties: Identification of the vendor(s) and purchaser(s) with full legal names and addresses
2. Background: Context of the transaction, including brief property description and intention to sell/purchase
3. Definitions and Interpretation: Definitions of key terms used throughout the deed and rules for interpretation
4. Agreement to Sell and Purchase: Core agreement where vendor agrees to sell and purchaser agrees to buy the property
5. Purchase Price: Specified purchase price, payment terms, and deposit requirements
6. Property Description: Detailed description of the property including legal description and included chattels
7. Settlement and Completion: Settlement date, completion requirements, and process for transfer
8. Vendor's Warranties: Warranties given by the vendor regarding the property's condition and title
9. Purchaser's Warranties: Warranties given by the purchaser regarding ability to complete purchase
10. Risk and Insurance: Allocation of risk and insurance requirements until settlement
11. Default: Consequences of default by either party and available remedies
12. General Provisions: Standard provisions including notices, costs, and governing law
1. Overseas Investment Conditions: Required when purchaser is an overseas person under the Overseas Investment Act
2. GST Provisions: Detailed GST treatment when the transaction involves GST-registered parties or going concerns
3. Tenancy Provisions: Required when property is sold subject to existing tenancies
4. Development Provisions: Used when property is under development or subject to future development
5. Conditional Upon Sale: Where purchase is conditional upon sale of purchaser's property
6. Finance Condition: Where purchase is subject to purchaser obtaining finance
7. Due Diligence Condition: Allowing purchaser to conduct investigations before proceeding
8. Body Corporate Provisions: Required for unit title properties under Unit Titles Act
1. Schedule 1 - Property Details: Detailed property description, certificate of title, legal description
2. Schedule 2 - Chattels: List of chattels included and excluded from the sale
3. Schedule 3 - Special Conditions: Any special conditions agreed between the parties
4. Schedule 4 - Warranties: Detailed warranties given by vendor about the property
5. Schedule 5 - Settlement Requirements: Detailed list of requirements for settlement
6. Appendix A - Title Documents: Copy of certificate of title and relevant instruments
7. Appendix B - LIM Report: Land Information Memorandum if provided as part of agreement
8. Appendix C - Property Plans: Plans, drawings or surveys of the property if relevant
Relevant legal definitions
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Relevant Teams
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Commercial
Operations
Business Development
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Relevant Roles
Property Lawyer
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Property Developer
Commercial Lawyer
Conveyancing Specialist
Property Manager
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Real Estate Manager
Settlement Officer
Contract Administrator
Business Development Manager
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