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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."
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
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
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
Business Day
Chattels
Completion Date
Conditions Date
Deposit
Due Diligence Period
Encumbrances
GST
Land
LINZ
Local Authority
LIM Report
Possession Date
Premises
Property
Purchase Price
Settlement Date
Settlement
Title
Transfer
Vendor's Solicitor
Purchaser's Solicitor
Working Day
Default Interest Rate
Disclosed Encumbrances
Effective Date
Fixtures and Fittings
Improvements
Land Value
Lease
Particulars of Sale
Permitted Use
Rate of Interest
Records
Related Company
Resource Consent
Services
Tenancy Schedule
Utilities
Valuation
Property Description
Purchase Price
Payment Terms
Deposit
Due Diligence
Title
Property Inspection
Warranties
Representations
Conditions Precedent
Settlement
Risk and Insurance
Default
GST
Land Transfer
Property Access
Possession
Chattels
Encumbrances
Local Authority Compliance
Environmental Compliance
Building Compliance
Resource Management
Assignment
Notices
Dispute Resolution
Governing Law
Force Majeure
Severability
Entire Agreement
Tenancy
Property Management
Insurance
Utilities
Property Outgoings
Seismic Requirements
Body Corporate
Overseas Investment
Confidentiality
Further Assurances
Commercial Real Estate
Retail
Industrial
Hospitality
Healthcare
Office Space
Warehousing
Manufacturing
Tourism
Education
Professional Services
Banking and Finance
Property Development
Construction
Legal
Finance
Real Estate
Operations
Risk Management
Facilities Management
Business Development
Property Management
Asset Management
Compliance
Corporate Services
Investment
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
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