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Addendum To Real Estate Contract

Addendum To Real Estate Contract Template for New Zealand

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Key Requirements PROMPT example:

Addendum To Real Estate Contract

"I need an Addendum to Real Estate Contract to modify the purchase price from $850,000 to $825,000 due to building inspection findings, with settlement date remaining March 15, 2025, for a residential property in Auckland, New Zealand."

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Document background
The Addendum To Real Estate Contract is a crucial document in New Zealand's property transaction landscape, used when parties need to modify terms of an existing real estate agreement without drafting an entirely new contract. This document type is commonly utilized when circumstances change after the original contract signing, such as price negotiations, settlement date adjustments, or modification of conditions. It must comply with New Zealand's property law framework, including the Property Law Act 2007 and Real Estate Agents Act 2008. The addendum ensures all changes are properly documented, legally binding, and clearly understood by all parties, while maintaining the integrity of the original agreement's unchanged terms.
Suggested Sections

1. Parties: Identification of all parties to the original contract and this addendum

2. Background: Reference to the original contract including date, property details, and reason for the addendum

3. Definitions: Key terms used in the addendum, including reference to definitions from original contract

4. Reference to Original Agreement: Specific clause confirming this document modifies the original contract

5. Modifications: Clear statement of each change being made to the original contract

6. Effect on Original Agreement: Statement that all other terms of the original contract remain in full force and effect

7. Execution: Signature blocks for all parties and witnesses

Optional Sections

1. Price Adjustment: Used when the addendum modifies the original purchase price

2. Settlement Date Changes: Used when modifying the settlement or possession date

3. Condition Modifications: Used when changing or adding conditions to the original agreement

4. Property Inclusions/Exclusions: Used when modifying what items are included or excluded from the sale

5. Due Diligence Extension: Used when extending or modifying due diligence periods

6. Finance Condition Changes: Used when modifying finance-related conditions

7. Building Report Modifications: Used when changing terms related to building inspection requirements

Suggested Schedules

1. Schedule of Modifications: Detailed list of all changes being made to specific clauses in the original contract

2. Schedule of Revised Dates: Timeline of modified settlement, possession, or condition dates

3. Schedule of Price Adjustments: Detailed breakdown of any price changes and payment terms

4. Appendix A - Supporting Documents: Any relevant supporting documents referenced in the addendum

5. Appendix B - Modified Property Details: Used when changes affect the property description or boundaries

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Legal Services

Property Development

Banking and Finance

Construction

Property Management

Professional Services

Residential Property

Commercial Property

Relevant Teams

Legal

Real Estate Sales

Compliance

Property Management

Contract Administration

Conveyancing

Risk Management

Client Services

Settlement

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Lawyer

Legal Executive

Property Manager

Contract Administrator

Real Estate Branch Manager

Settlement Officer

Property Consultant

Legal Counsel

Compliance Officer

Real Estate Sales Manager

Industries
Property Law Act 2007: Fundamental legislation governing real property in New Zealand, including provisions for real estate contracts, modifications, and property transactions
Real Estate Agents Act 2008: Regulates real estate agents and their conduct in property transactions, including requirements for contract documentation and modifications
Contract and Commercial Law Act 2017: Provides the legal framework for contract formation, modification, and enforcement in New Zealand
Land Transfer Act 2017: Governs the registration and transfer of land titles in New Zealand, relevant for ensuring addendum compliance with registration requirements
Residential Tenancies Act 1986: May be relevant if the property could be used for rental purposes or if the addendum affects tenant rights
Unit Titles Act 2010: Applicable if the property is part of a unit title development, governing specific requirements for unit title properties
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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