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Agreement To Sell (Real Estate)

Agreement To Sell (Real Estate) Template for New Zealand

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Key Requirements PROMPT example:

Agreement To Sell (Real Estate)

"I need an Agreement To Sell (Real Estate) for a commercial property in Auckland CBD with existing tenants, where settlement is planned for March 2025 and the sale needs to include specific provisions for overseas investment approval."

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Document background
The Agreement To Sell (Real Estate) is a fundamental legal document used in New Zealand property transactions to formalize the sale and purchase of real estate. This agreement is typically based on the Auckland District Law Society (ADLS) and Real Estate Institute of New Zealand (REINZ) approved standard form, customized for specific transaction requirements. It is essential for both residential and commercial property sales, incorporating necessary provisions to comply with New Zealand property law, including the Property Law Act 2007 and Land Transfer Act 2017. The document serves as a comprehensive contract that outlines all aspects of the property transfer, from purchase price and settlement terms to warranties and conditions, while ensuring proper risk allocation between parties and compliance with local regulatory requirements.
Suggested Sections

1. Parties: Identification of the vendor (seller) and purchaser (buyer) with full legal names and addresses

2. Background: Context of the agreement and brief description of the transaction

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed legal description of the property including title references and physical address

5. Purchase Price: Agreed purchase price, deposit amount, and payment terms

6. Settlement and Possession: Settlement date, possession arrangements, and key handover details

7. Title and Transfer: Requirements for title transfer and registration

8. Warranties and Undertakings: Vendor's warranties about the property and undertakings until settlement

9. Conditions: Standard conditions including due diligence, finance, and title requirements

10. Property Inspection: Rights and arrangements for property inspection

11. Risk and Insurance: Risk allocation and insurance requirements until settlement

12. Default: Consequences of default by either party

13. General Provisions: Standard contract clauses including notices, amendment process, and governing law

Optional Sections

1. Tenancies: Details of existing tenancies if the property is sold subject to tenancies

2. GST: GST provisions if the transaction is subject to GST

3. Chattels: Detailed provisions about included/excluded chattels if significant items are involved

4. Development Provisions: For properties under development or with pending renovations

5. Body Corporate: Specific provisions for unit title properties

6. Overseas Investment: Required for transactions involving overseas buyers

7. Resource Management: Special conditions relating to resource consents or compliance

8. Remediation Requirements: For properties requiring specific repairs or environmental remediation

9. Subdivision Provisions: When the sale involves a subdivision or future subdivision

Suggested Schedules

1. Schedule 1 - Property Details: Comprehensive property details including legal description, certificate of title, and land area

2. Schedule 2 - Chattels List: Detailed inventory of chattels included and excluded from the sale

3. Schedule 3 - Special Conditions: Any special conditions specific to this transaction

4. Schedule 4 - Warranties: Detailed vendor warranties about the property

5. Appendix A - Title Documents: Copy of certificate of title and relevant instruments

6. Appendix B - LIM Report: Land Information Memorandum report if already obtained

7. Appendix C - Property Plans: Relevant plans, including floor plans and site plans

8. Appendix D - Tenancy Information: Copies of tenancy agreements and related documents if applicable

9. Appendix E - Body Corporate Information: Body corporate rules and information for unit title properties

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 legal definitions
Agreement
Business Day
Certificate of Title
Chattels
Completion
Conditions Date
Default Interest Rate
Deposit
Due Diligence Condition
Encumbrance
GST
Government Agency
Land
Land Transfer Tax Statement
LIM Report
LINZ
Possession Date
Property
Purchase Price
Rate of Interest
Record of Title
Settlement
Settlement Date
Settlement Statement
Solicitor
Tenancies
Title
Unit Title
Vendor's Agent
Warranties
Working Day
Zero-Rating
Purchaser
Vendor
Permitted Encumbrances
Lease
Body Corporate
Common Property
Default
Disclosure Statement
Fixtures
Improvements
Land Transfer Office
Objection Notice
Outgoings
Pre-settlement Disclosure Statement
Principal Unit
Requisitions
Resource Consent
Territorial Authority
Unit Plan
Clauses
Purchase and Sale
Property Description
Purchase Price
Deposit
Title and Transfer
Settlement
Possession
Risk and Insurance
Warranties
Due Diligence
Property Inspection
Finance Condition
Land Information
Resource Management
GST Provisions
Chattels
Tenancies
Body Corporate
Default and Remedies
Notice and Communications
Assignment
Amendment
Severability
Entire Agreement
Governing Law
Further Assurance
Costs
Time of Essence
Overseas Investment
Subdivision
Environmental Compliance
Building Compliance
Local Authority Requirements
Tax Provisions
Anti-Money Laundering
Force Majeure
Dispute Resolution
Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Urban Planning

Architecture and Design

Property Investment

Insurance

Relevant Teams

Legal

Real Estate Sales

Property Management

Compliance

Risk Management

Finance

Operations

Settlements

Valuations

Client Relations

Development

Investment

Documentation

Due Diligence

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Specialist

Property Manager

Commercial Property Director

Real Estate Branch Manager

Property Development Manager

Legal Counsel

Compliance Officer

Settlement Officer

Property Valuer

Mortgage Broker

Banking Relationship Manager

Real Estate Transaction Coordinator

Property Investment Advisor

Industries
Property Law Act 2007: Primary legislation governing real property transactions in New Zealand, including requirements for property sales, mortgages, and land interests
Contract and Commercial Law Act 2017: Establishes fundamental rules for contract formation, interpretation, and enforcement in New Zealand
Real Estate Agents Act 2008: Regulates real estate agency practice and sets requirements for property transactions involving licensed agents
Land Transfer Act 2017: Governs the registration and transfer of land titles in New Zealand's land registration system
Overseas Investment Act 2005: Regulates property purchases by overseas persons and entities, requiring specific consent for certain transactions
Fair Trading Act 1986: Ensures fair trading practices and protects against misleading and deceptive conduct in property transactions
Anti-Money Laundering and Countering Financing of Terrorism Act 2009: Requires identity verification and due diligence for property transactions to prevent money laundering
Residential Property Sale and Purchase Agreements Standard Form: Standard form agreement approved by the Real Estate Institute of New Zealand (REINZ) and the Auckland District Law Society (ADLS)
Unit Titles Act 2010: Specific requirements for transactions involving unit title properties (apartments and multi-unit developments)
Goods and Services Tax Act 1985: Tax implications for property transactions, including GST registration and zero-rating provisions
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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