The Wholesale House Contract is a specialized legal instrument used in New Zealand for facilitating large-scale or investment-focused property transactions. This document is particularly relevant when dealing with bulk property purchases, developer acquisitions, or investment portfolio expansions. It includes comprehensive provisions for property transfer, due diligence requirements, settlement conditions, and risk allocation, all tailored to comply with New Zealand's property and commercial law framework. The contract is designed to protect both vendors and purchasers in substantial property transactions, incorporating necessary provisions for GST, resource management considerations, and local council requirements. It's commonly used by property developers, investment companies, and large-scale real estate investors operating in the New Zealand market.
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1. Parties: Identification of the vendor and purchaser, including full legal names, company details, and registered addresses
2. Background: Context of the transaction, including brief property description and purpose of the wholesale arrangement
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpreting the contract
4. Property Details: Comprehensive description of the property, including legal description, title references, and any inclusions/exclusions
5. Purchase Price: Statement of the purchase price, deposit requirements, and payment terms
6. Settlement and Possession: Details of settlement date, time, and process for transferring possession
7. Due Diligence: Purchaser's rights and obligations regarding property inspection and investigation
8. Conditions Precedent: Essential conditions that must be met before the agreement becomes unconditional
9. Warranties and Representations: Vendor's warranties regarding the property and purchaser's acknowledgments
10. Risk and Insurance: Allocation of risk and insurance requirements until settlement
11. Default: Consequences of default by either party and available remedies
12. GST Provisions: GST status of the transaction and related obligations
13. General Provisions: Standard contract terms including notices, amendments, and governing law
14. Execution: Signing provisions and execution blocks for all parties
1. Tenancies: Details of existing tenancies if the property is sold subject to tenancies
2. Development Provisions: Include when the property is being purchased for development purposes
3. Vendor Finance: Terms of any vendor financing arrangements if applicable
4. Assignment Rights: Specific provisions regarding the purchaser's right to assign the contract
5. Joint Venture Provisions: Include when the purchase involves multiple purchasers in a joint venture arrangement
6. Environmental Matters: Include when there are specific environmental considerations or known issues
7. Resource Management: Include when specific resource consents or planning permissions are relevant
1. Schedule 1 - Property Details: Detailed property description, including boundaries, easements, and encumbrances
2. Schedule 2 - Purchase Price Breakdown: Detailed breakdown of the purchase price, including deposit and payment schedule
3. Schedule 3 - Chattels: List of chattels included or excluded from the sale
4. Schedule 4 - Due Diligence Checklist: Specific items to be investigated during due diligence
5. Schedule 5 - Special Conditions: Any special conditions specific to this transaction
6. Appendix A - Title Documents: Copy of title and relevant registered documents
7. Appendix B - LIM Report: Land Information Memorandum report details
8. Appendix C - Building Reports: Any existing building reports or inspections
9. Appendix D - Plans and Drawings: Property plans, boundary plans, and building drawings
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