For Sale By Owner Purchase Agreement Template for New Zealand

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Key Requirements PROMPT example:

For Sale By Owner Purchase Agreement

"I need a For Sale By Owner Purchase Agreement for selling my residential property in Auckland, New Zealand, which includes a rental guarantee for the existing tenants until March 2025 and specific provisions for the solar panel system I recently installed."

Document background
The For Sale By Owner Purchase Agreement is designed for use in New Zealand property transactions where the seller chooses to sell their property directly to a buyer without engaging a real estate agent. This approach has become increasingly popular as property owners seek to reduce transaction costs while maintaining legal compliance. The document incorporates all essential elements required by New Zealand law, including provisions mandated by the Property Law Act 2007, Land Transfer Act 2017, and other relevant legislation. It provides comprehensive coverage of property details, payment terms, conditions of sale, warranties, and settlement procedures. This agreement is particularly useful for private sellers who want to maintain control over their sale process while ensuring all legal requirements are met, and both parties' interests are protected.
Suggested Sections

1. Parties: Identification and details of the seller and purchaser, including full legal names and addresses

2. Background: Context of the sale, brief description of the property, and purpose of the agreement

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

4. Property Details: Full legal description of the property, including title details and registered interests

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

6. Deposit: Amount, payment timing, and handling of the deposit

7. Settlement: Settlement date, time, and process requirements

8. Title and Transfer: Requirements for title transfer and associated obligations

9. Property Inspection: Buyer's rights and process for property inspection

10. Warranties and Undertakings: Seller's warranties about the property and both parties' undertakings

11. Conditions: Standard conditions that must be met for the sale to proceed

12. Risk and Insurance: Allocation of risk and insurance requirements until settlement

13. Default: Consequences and remedies in case of default by either party

14. General Provisions: Standard legal provisions including notices, amendments, and governing law

15. Execution: Signing provisions and execution requirements

Optional Sections

1. Chattels: Detailed section about included/excluded chattels when significant items are part of the sale

2. Tenancies: Required if the property is sold with existing tenants, detailing arrangements and obligations

3. GST: Required if either party is GST registered or the transaction has GST implications

4. Building Warranty: For properties less than 10 years old or with recent major renovations

5. Body Corporate: Required for apartments or units under body corporate management

6. Development Provisions: For properties with development potential or ongoing developments

7. Overseas Investment: Required when the purchaser is an overseas person under NZ law

8. Rental Guarantee: If the seller provides any rental income guarantees

9. Vendor Finance: When the seller is providing any form of finance to the buyer

Suggested Schedules

1. Schedule 1: Property Details: Detailed legal description, certificate of title, and property boundaries

2. Schedule 2: Chattels List: Comprehensive list of included and excluded chattels

3. Schedule 3: Special Conditions: Any special conditions agreed between the parties

4. Schedule 4: Warranties: Detailed warranties provided by the seller

5. Appendix A: LIM Report: Land Information Memorandum report details and findings

6. Appendix B: Property Inspection Report: Findings from property inspections

7. Appendix C: Title Documents: Copies of relevant title documents and encumbrances

8. Appendix D: Property Plans: Floor plans, site plans, and any relevant drawings

9. Appendix E: Compliance Documents: Building consents, code compliance certificates, and other relevant permits

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

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Insurance

Property Management

Urban Planning

Property Investment

Relevant Teams

Legal

Property Management

Real Estate

Conveyancing

Finance

Risk Management

Compliance

Operations

Investment

Business Development

Relevant Roles

Property Owner

Private Seller

Property Buyer

Property Lawyer

Conveyancing Specialist

Property Manager

Financial Advisor

Mortgage Broker

Bank Manager

Property Valuer

Building Inspector

Legal Counsel

Real Estate Consultant

Property Developer

Investment Advisor

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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