The Partial Payment Agreement For House And Lot is a specialized legal document used in New Zealand real estate transactions where the purchase price is paid in installments rather than as a single lump sum. This agreement type is particularly relevant when buyers require flexible payment arrangements or when traditional mortgage financing isn't suitable. The document must comply with New Zealand's Property Law Act 2007, Contract and Commercial Law Act 2017, and other relevant legislation. It includes comprehensive details about the property, payment structure, security arrangements, and conditions for title transfer. This agreement type provides a structured framework for both parties while ensuring their interests are protected throughout the extended payment period, making it particularly useful for vendor financing arrangements or when staged payments align with both parties' requirements.
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1. Parties: Identifies and provides full details of all parties to the agreement, including the Vendor/Seller and the Purchaser/Buyer
2. Background: Sets out the context of the agreement, including the property's current ownership and the parties' intention to enter into a partial payment arrangement
3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent misinterpretation
4. Property Details: Comprehensive description of the property including legal description, title details, and physical address
5. Purchase Price: States the total agreed purchase price for the property
6. Payment Terms: Details the structure of partial payments, including initial deposit, subsequent payments, payment schedule, and final payment
7. Security Arrangements: Outlines any security measures to protect both parties' interests during the partial payment period
8. Transfer of Title: Specifies when and how the property title will be transferred to the purchaser
9. Purchaser's Obligations: Lists all obligations of the purchaser including payment commitments, property maintenance, and insurance requirements
10. Vendor's Obligations: Details all obligations of the vendor including maintaining clear title and facilitating the transfer process
11. Default and Remedies: Describes what constitutes default and the available remedies for both parties
12. General Provisions: Standard contract clauses including governing law, notices, and amendment procedures
13. Execution: Formal signing section with witness requirements and execution date
1. Property Inspection: Include when the agreement is conditional upon property inspection results
2. Mortgage Arrangements: Include when there are existing mortgages or new mortgage requirements to be addressed
3. Property Management: Include when specific arrangements for property management during the payment period are needed
4. Early Payment Provisions: Include when allowing for early payment options with potential discounts
5. Third Party Rights: Include when other parties have interests in the property that need to be addressed
6. Insurance Requirements: Include when specific insurance arrangements are required during the payment period
7. Occupancy Rights: Include when addressing whether and when the purchaser can occupy the property during the payment period
8. Development Rights: Include when the property has potential for development or when development restrictions apply
1. Schedule 1 - Property Description: Detailed property description including boundaries, improvements, and included fixtures/fittings
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payment amounts, due dates, and payment methods
3. Schedule 3 - Title Documents: Copies of relevant title documents and certificates
4. Schedule 4 - Property Condition Report: Detailed report on the condition of the property at agreement date
5. Schedule 5 - Special Conditions: Any special conditions or specific requirements agreed between the parties
6. Appendix A - Property Plans: Property plans, surveys, and relevant drawings
7. Appendix B - Certificates: Relevant certificates including LIM report, building permits, and compliance documents
8. Appendix C - Insurance Certificates: Copies of required insurance policies and certificates
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Financial Services
Property Development
Construction
Banking
Insurance
Property Management
Conveyancing Services
Relevant Teams
Legal
Real Estate
Property Management
Finance
Compliance
Risk Management
Operations
Commercial
Settlements
Conveyancing
Customer Relations
Document Control
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Manager
Financial Advisor
Mortgage Broker
Bank Manager
Property Valuer
Legal Counsel
Contract Administrator
Property Developer
Settlement Officer
Compliance Officer
Risk Manager
Real Estate Transaction Coordinator
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