The First Option to Purchase Agreement is a crucial document in New Zealand property transactions, used when a potential buyer wants to secure the exclusive right to purchase a property while maintaining flexibility in the timing of the purchase. This agreement is particularly valuable in commercial property transactions, development projects, or situations where buyers need time to arrange financing or conduct due diligence. The document typically includes detailed terms about the option period, purchase price, exercise procedures, and any conditions that must be satisfied. It must comply with New Zealand property law requirements and can be used for both commercial and residential properties. The agreement provides protection for both the option grantor (seller) and option holder (potential buyer) by clearly defining their rights and obligations during the option period.
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Key Requirements PROMPT example:
First Option To Purchase Agreement
"I need a First Option to Purchase Agreement for a commercial property in Auckland, with a 6-month option period starting March 1, 2025, and including specific provisions for conducting environmental assessments during the option period."
1. Parties: Identifies and defines the Option Grantor (property owner) and Option Holder (potential purchaser)
2. Background: Explains the context of the agreement, including the property owner's willingness to grant an option and the potential purchaser's interest
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Grant of Option: Formal grant of the option, specifying its exclusive nature and basic terms
5. Option Period: Defines the duration of the option, including start and end dates
6. Option Fee: Specifies the amount payable for the option and payment terms
7. Exercise of Option: Details the process and requirements for exercising the option
8. Purchase Price: States the agreed purchase price for the property if the option is exercised
9. Property Description: Detailed description of the property subject to the option
10. Grantor's Obligations: Specifies the property owner's obligations during the option period
11. General Terms: Standard contract terms including notices, amendments, and governing law
12. Execution: Formal signing section with attestation requirements
1. Deposit Terms: Include when a deposit is required upon exercise of the option, specifying amount and handling
2. Due Diligence: Include when the option holder requires rights to conduct property investigations during the option period
3. Property Access: Include when the option holder needs specific access rights during the option period
4. Mortgage/Encumbrance Requirements: Include when there are specific requirements regarding existing mortgages or encumbrances
5. GST Provisions: Include when either party is GST-registered or the transaction has GST implications
6. Assignment Rights: Include when the option holder may need to assign their rights to another party
7. Real Estate Agent Involvement: Include when real estate agents are involved in the transaction
8. Overseas Investment Provisions: Include when the option holder is an overseas person under the Overseas Investment Act
1. Property Schedule: Detailed property information including title references, legal description, and included chattels
2. Option Exercise Notice: Template notice for exercising the option
3. Sale and Purchase Agreement: The form of agreement to be used if the option is exercised
4. Due Diligence Requirements: Specific requirements and procedures for due diligence if applicable
5. Title Search: Current title search showing encumbrances and interests
6. Property Plans: Relevant plans, drawings or survey documents of the property
Authors
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Real Estate
Commercial Property
Residential Property
Legal Services
Banking and Finance
Property Development
Construction
Agriculture
Retail
Industrial
Relevant Teams
Legal
Real Estate
Property Management
Business Development
Commercial
Acquisitions
Investment
Compliance
Contract Administration
Due Diligence
Relevant Roles
Property Lawyer
Real Estate Agent
Property Developer
Commercial Property Manager
Legal Counsel
Property Investment Manager
Business Development Manager
Corporate Lawyer
Real Estate Investment Manager
Due Diligence Officer
Property Acquisitions Manager
Contract Administrator
Real Estate Broker
Property Portfolio Manager
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