The Flat Buying Agreement is a legally binding document used in New Zealand for the purchase and sale of apartments or flats under unit title ownership. This agreement is essential when transferring ownership of residential units and must comply with the Unit Titles Act 2010, Property Law Act 2007, and other relevant New Zealand legislation. It includes crucial details about the property, purchase price, settlement terms, body corporate arrangements, and both parties' rights and obligations. The agreement is particularly important in urban areas where unit title properties are common, and it must address specific requirements related to shared ownership structures, body corporate rules, and maintenance responsibilities. This document protects both buyers' and sellers' interests while ensuring the transaction meets all legal requirements for property transfer in New Zealand.
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1. Parties: Identification of the vendor and purchaser with full legal names and addresses
2. Background: Context of the transaction and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the flat, including unit number, certificate of title details, and share in common property
5. Purchase Price: The agreed purchase price and payment terms, including deposit requirements
6. Settlement: Settlement date, time, and process requirements
7. Title and Transfer: Provisions regarding transfer of title and registration requirements
8. Body Corporate: Details of body corporate arrangements, fees, and obligations
9. Warranties: Vendor's warranties regarding the property and title
10. Condition of Property: State of the property at sale and any included chattels
11. Due Diligence: Purchaser's rights and obligations regarding property inspection and verification
12. Default: Consequences of default by either party
13. General Provisions: Standard contract terms including notices, amendments, and governing law
14. Execution: Signing provisions and date of agreement
1. Finance Condition: Conditional terms if purchase is subject to finance approval
2. Sale of Existing Property: Conditions relating to the sale of purchaser's existing property
3. Overseas Investment Approval: Required when purchaser needs Overseas Investment Office consent
4. Tenant Rights: Provisions regarding existing tenancy if property is currently tenanted
5. Building Report: Conditions relating to obtaining a satisfactory building inspection report
6. Methamphetamine Testing: Conditions for methamphetamine testing and acceptable levels
7. Earthquake Prone Buildings: Special provisions for buildings identified as earthquake prone
8. GST Provisions: Required when either party is GST registered and transaction includes GST
1. Schedule 1: Property Details: Detailed description of the property including boundaries and improvements
2. Schedule 2: Chattels: Itemized list of chattels included in the sale
3. Schedule 3: Body Corporate Rules: Current body corporate operational rules
4. Schedule 4: Unit Plan: Copy of the unit plan showing the flat and common areas
5. Schedule 5: Pre-settlement Disclosure Statement: Required disclosure of body corporate information under Unit Titles Act
6. Schedule 6: Maintenance Schedule: Details of any scheduled maintenance or repairs
7. Appendix A: LIM Report: Land Information Memorandum report from the local council
8. Appendix B: Title Documents: Copy of certificate of title and relevant instruments
9. Appendix C: Body Corporate Minutes: Recent body corporate meeting minutes and financial statements
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Finance
Operations
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Real Estate Agent
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Property Manager
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