The Vacant Land Purchase Agreement is a crucial legal document used in New Zealand real estate transactions involving unimproved land. This agreement is essential when transferring ownership of vacant land, whether for development, investment, or personal use. It must comply with New Zealand's property law framework, including the Property Law Act 2007, Land Transfer Act 2017, and relevant local authority requirements. The document typically includes comprehensive details about the property, purchase terms, conditions precedent, due diligence requirements, and settlement procedures. It's particularly important for ensuring clarity on matters such as zoning restrictions, resource consents, land use capabilities, and any specific requirements for the intended use of the land. The agreement also addresses key considerations such as title searches, land information memorandums (LIM), and geotechnical investigations that are crucial for vacant land transactions.
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1. Parties: Identifies and provides full legal details of the vendor and purchaser
2. Background: Sets out the context of the agreement, including that the vendor owns the property and wishes to sell it to the purchaser
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed description of the vacant land including title reference, legal description, and area
5. Purchase Price: Specifies the purchase price and payment terms, including deposit requirements
6. Settlement: Details of the settlement process, timing, and requirements
7. Title and Transfer: Provisions regarding title transfer and registration requirements
8. Warranties: Vendor's warranties regarding the property, including title, encumbrances, and compliance with laws
9. Due Diligence: Purchaser's rights and process for conducting property investigations
10. Conditions: Standard conditions that must be satisfied before settlement
11. Default: Consequences and remedies in case of default by either party
12. General Provisions: Standard contract clauses including notices, governing law, and dispute resolution
1. GST: Required if either party is GST registered or if the transaction is subject to GST
2. Resource Consent: Include when the land requires specific resource consents for intended use
3. Overseas Investment: Required when purchaser is an overseas person requiring OIO consent
4. Development Contributions: Include when there are outstanding development contributions or requirements
5. Subdivision: Required if the land is part of an ongoing subdivision process
6. Environmental Protection: Include when there are specific environmental obligations or protections
7. Māori Land: Required when the property involves or affects Māori land rights
8. Agent's Provisions: Include when a real estate agent is involved in the transaction
1. Property Schedule: Detailed property information including title details, area, and legal description
2. Payment Schedule: Breakdown of purchase price, deposit, and payment terms
3. Due Diligence Checklist: List of investigations and documents required for due diligence
4. Land Information Memorandum: Council information about the property and its permitted uses
5. Title Documents: Copy of title and relevant registered documents
6. Survey Plan: Current survey plan showing boundaries and dimensions
7. Soil Tests: Results of any soil testing or geotechnical reports
8. Utilities Plan: Information about available or planned utility connections
Relevant legal definitions
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Real Estate
Property Development
Construction
Agriculture
Commercial Property
Residential Development
Legal Services
Banking and Finance
Urban Planning
Environmental Services
Infrastructure Development
Land Surveying
Architecture
Relevant Teams
Legal
Real Estate
Property Development
Commercial
Compliance
Construction
Planning
Investment
Operations
Risk Management
Environmental
Business Development
Relevant Roles
Property Lawyer
Real Estate Agent
Property Developer
Land Surveyor
Property Manager
Commercial Director
Legal Counsel
Conveyancing Lawyer
Development Manager
Project Manager
Urban Planner
Construction Manager
Investment Manager
Real Estate Broker
Compliance Officer
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