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Earnest Money Agreement

Earnest Money Agreement Template for New Zealand

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Key Requirements PROMPT example:

Earnest Money Agreement

"I need an Earnest Money Agreement for a residential property purchase in Auckland, with a 10% deposit of NZD 85,000 to be held in trust until March 15, 2025, including standard default provisions and a 14-day due diligence period."

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Document background
The Earnest Money Agreement is a crucial document in New Zealand property transactions, used when a potential buyer wishes to demonstrate serious intent to purchase a property by providing a deposit before the final purchase agreement is executed. This document outlines the terms for handling the deposit, including payment conditions, holding arrangements, and circumstances for refund or forfeiture. It serves as a preliminary step in the property purchase process, providing security for both parties while the final terms of the sale are negotiated. The agreement must comply with New Zealand property law, including the Property Law Act 2007 and Real Estate Agents Act 2008, and typically involves the deposit being held in a trust account until the conditions specified in the agreement are met.
Suggested Sections

1. Parties: Identifies and provides full legal details of the buyer (depositor) and seller (recipient), including legal names, addresses, and contact information

2. Background: Outlines the context of the agreement, including reference to the intended property purchase and the parties' intention to enter into a formal purchase agreement

3. Definitions: Defines key terms used throughout the agreement, including 'Earnest Money', 'Property', 'Purchase Price', and other relevant terms

4. Property Details: Specifies the full legal description and address of the property being purchased

5. Earnest Money Amount: States the specific amount of earnest money to be deposited and any timing requirements

6. Payment Terms: Details how and when the earnest money must be paid, including acceptable payment methods

7. Deposit Holding: Specifies where the earnest money will be held (usually in a trust account) and by whom

8. Conditions for Release: Outlines the circumstances under which the earnest money may be released to either party

9. Purchase Agreement Timeline: Establishes the deadline for executing the full purchase agreement

10. Default and Remedies: Describes what constitutes default and the consequences for both parties

11. Execution: Contains the signature blocks and execution requirements for all parties

Optional Sections

1. Additional Deposit Terms: Used when there are multiple deposit payments or specific conditions for additional deposits

2. Interest Earnings: Required when parties agree to earn interest on the deposited funds and need to specify how interest will be handled

3. Due Diligence Period: Included when there is a specific period for buyer investigations and potential deposit refund

4. Dispute Resolution: Added when parties want to specify particular dispute resolution procedures beyond standard legal remedies

5. Agent/Broker Provisions: Required when real estate agents or brokers are involved in holding the deposit or facilitating the transaction

6. Special Conditions: Used when there are unique circumstances or requirements specific to the transaction

Suggested Schedules

1. Schedule 1 - Property Description: Detailed legal description of the property, including title references and any easements or encumbrances

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment amounts and timing if multiple payments are involved

3. Schedule 3 - Special Conditions: Any specific conditions or requirements that are particular to this transaction

4. Appendix A - Property Images: Photos or plans of the property for clear identification

5. Appendix B - Required Forms: Any standard forms required by local real estate authorities or law

6. Appendix C - Trust Account Details: Details of the trust account where the earnest money will be held

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

Property Development

Legal Services

Financial Services

Property Management

Construction

Banking

Investment

Professional Services

Relevant Teams

Legal

Real Estate Sales

Property Management

Compliance

Finance

Operations

Risk Management

Commercial Property

Residential Property

Investment

Settlement

Client Services

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancer

Property Manager

Trust Account Manager

Real Estate Broker

Legal Counsel

Property Developer

Investment Manager

Commercial Property Manager

Real Estate Transaction Coordinator

Settlement Officer

Property Sales Consultant

Real Estate Branch Manager

Industries
Contract and Commercial Law Act 2017: Provides the fundamental framework for contract formation, enforcement, and remedies in New Zealand. This is essential for ensuring the earnest money agreement is legally binding.
Property Law Act 2007: Governs real property transactions in New Zealand, including requirements for property agreements and deposits. This act is crucial for structuring the earnest money provisions.
Real Estate Agents Act 2008: Regulates real estate transactions and agents' conduct, including how deposits and earnest money must be handled and held in trust accounts.
Anti-Money Laundering and Countering Financing of Terrorism Act 2009: Requires verification of the source of funds and identity verification for significant financial transactions, including property deposits.
Fair Trading Act 1986: Ensures fair trading practices and prohibits misleading or deceptive conduct in trade, including real estate transactions and related agreements.
Consumer Guarantees Act 1993: Provides protection for consumers in transactions, which may be relevant if one party is purchasing property primarily for personal use.
Financial Transactions Reporting Act 1996: Governs the reporting of significant financial transactions, which may be relevant for large earnest money deposits.
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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