Commercial Property Purchase Agreement Template for New Zealand

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Key Requirements PROMPT example:

Commercial Property Purchase Agreement

"I need a Commercial Property Purchase Agreement for acquiring a multi-tenant office building in Auckland CBD, with existing leases to be assigned and specific provisions for seismic strengthening work to be completed by March 2025."

Document background
The Commercial Property Purchase Agreement is a crucial legal instrument used in New Zealand for facilitating commercial real estate transactions. It is designed to comply with New Zealand's property law framework, including the Property Law Act 2007 and related legislation. This document is essential when purchasing commercial properties such as office buildings, retail spaces, industrial facilities, or mixed-use developments. It contains comprehensive provisions covering property transfer, payment terms, due diligence requirements, warranties, and compliance with local regulations. The agreement serves to protect both parties' interests by clearly defining their rights and obligations, addressing potential risks, and establishing procedures for completing the transaction. It is particularly important in commercial contexts where transactions often involve significant monetary value and complex legal considerations.
Suggested Sections

1. Parties: Identifies and provides full legal details of the vendor and purchaser

2. Background: Outlines the context of the agreement and the intention of the parties to enter into the property transaction

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpretation

4. Agreement to Sell and Purchase: States the core agreement to transfer the property and the purchase price

5. Property Description: Detailed description of the property including legal description, boundaries, and included fixtures/fittings

6. Purchase Price and Payment Terms: Specifies the purchase price, deposit requirements, and payment schedule

7. Conditions Precedent: Lists conditions that must be satisfied before the agreement becomes unconditional

8. Due Diligence: Outlines the purchaser's right to investigate the property and related matters

9. Settlement and Possession: Details the settlement process, timing, and requirements for transfer of possession

10. Warranties and Representations: States the warranties given by both parties regarding the property and transaction

11. Risk and Insurance: Addresses property risk allocation and insurance requirements before and after settlement

12. Default: Specifies consequences and remedies for breach of agreement

13. General Provisions: Contains standard legal provisions including notices, amendments, and governing law

Optional Sections

1. Tenant Provisions: Required when the property is sold with existing tenancies, addressing lease assignments and tenant rights

2. GST Provisions: Required when either party is GST-registered and the transaction has GST implications

3. Development Provisions: Include when the property is under development or requires specific development conditions

4. Environmental Matters: Required when there are known environmental issues or specific environmental warranties needed

5. Overseas Investment Conditions: Include when the purchaser requires Overseas Investment Office approval

6. Seismic Performance: Required for buildings in seismic risk areas or with specific seismic requirements

7. Body Corporate: Include for unit title properties involving body corporate rules and obligations

8. Vendor Finance: Required when the vendor is providing financing for part of the purchase price

Suggested Schedules

1. Schedule 1 - Property Details: Comprehensive property information including title details, legal description, and encumbrances

2. Schedule 2 - Purchase Price Breakdown: Detailed breakdown of the purchase price including allocations for land, buildings, and chattels

3. Schedule 3 - Chattels: Itemized list of chattels included in the sale

4. Schedule 4 - Due Diligence Checklist: List of items to be investigated during due diligence period

5. Schedule 5 - Warranties: Detailed vendor warranties regarding the property

6. Appendix A - Title Documents: Copy of certificate of title and relevant title documents

7. Appendix B - LIM Report: Land Information Memorandum report from the local authority

8. Appendix C - Plans and Drawings: Property plans, building drawings, and site maps

9. Appendix D - Lease Documents: Copies of existing leases and related documents (if applicable)

10. Appendix E - Building Reports: Technical reports on building condition, compliance, and seismic assessment

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

Relevant legal definitions
Clauses
Relevant Industries

Commercial Real Estate

Retail

Industrial

Hospitality

Healthcare

Office Space

Warehousing

Manufacturing

Tourism

Education

Professional Services

Banking and Finance

Property Development

Construction

Relevant Teams

Legal

Finance

Real Estate

Operations

Risk Management

Facilities Management

Business Development

Property Management

Asset Management

Compliance

Corporate Services

Investment

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Property Manager

Real Estate Lawyer

Commercial Property Agent

Business Development Manager

Facilities Manager

Investment Manager

Asset Manager

Risk Manager

Legal Counsel

Commercial Director

Operations Manager

Property Developer

Acquisition Manager

Development Manager

Industries
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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