Home Buy Sell Agreement Template for New Zealand

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Key Requirements PROMPT example:

Home Buy Sell Agreement

"I need a Home Buy Sell Agreement for a unit title apartment property in Auckland, with existing tenants who have a fixed-term lease until March 2025, and the sale needs to include specific provisions for body corporate rules compliance."

Document background
The Home Buy Sell Agreement serves as the primary legal instrument for residential property transactions in New Zealand. It is essential when any residential property is being sold or purchased, whether it's a standalone house, apartment, or unit title property. The agreement must comply with New Zealand's property law framework, including the Property Law Act 2007, Real Estate Agents Act 2008, and Land Transfer Act 2017. It contains detailed provisions covering property description, purchase price, settlement terms, conditions precedent, warranties, and risk allocation. This document is crucial for protecting both parties' interests and ensuring a smooth property transfer process, while also satisfying requirements for registration with Land Information New Zealand (LINZ) and meeting obligations under anti-money laundering legislation.
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 description of the property including legal description, certificate of title details, and street address

5. Purchase Price: The agreed purchase price and payment terms, including deposit requirements

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

7. Title and Transfer: Provisions regarding transfer of title and requirements for clear title

8. Property Inspection: Terms regarding the buyer's right to inspect the property before settlement

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

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

11. Default: Consequences of default by either party and available remedies

12. General Terms: Standard contract terms including notices, time of essence, and governing law

13. Execution: Signing provisions and execution requirements

Optional Sections

1. Chattels: Detailed section about included/excluded chattels when specific items need to be listed beyond the schedule

2. Finance Condition: Used when the purchase is conditional on the buyer obtaining finance

3. Building Report Condition: Used when the purchase is conditional on a satisfactory building inspection

4. Land Information Memorandum Condition: Used when the purchase is conditional on a satisfactory LIM report

5. Tenancy Provisions: Required when the property is sold with existing tenants

6. GST Provisions: Required when either party is GST registered or the transaction involves GST

7. Overseas Investment Provisions: Required when the purchaser is an overseas person under the Overseas Investment Act

8. Unit Title Provisions: Required for unit title properties, including body corporate information

9. Development Provisions: Used for properties under development or with pending renovations

Suggested Schedules

1. Schedule 1 - Property Details: Comprehensive property details including certificate of title, legal description, and any easements or encumbrances

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

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

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

5. Appendix B - LIM Report: Land Information Memorandum report when obtained

6. Appendix C - Property Inspection Report: Building inspection report when obtained

7. Appendix D - Rental Information: Details of existing tenancies if applicable

8. 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

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Legal Services

Banking and Finance

Property Development

Construction

Insurance

Property Management

Conveyancing Services

Property Investment

Professional Services

Relevant Teams

Legal

Real Estate Sales

Conveyancing

Property Management

Mortgage Services

Compliance

Risk Assessment

Settlement Operations

Customer Service

Document Processing

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Lawyer

Property Manager

Mortgage Broker

Bank Manager

Property Valuer

Legal Executive

Compliance Officer

Real Estate Branch Manager

Settlement Officer

Property Developer

Investment Advisor

Building Inspector

Insurance Underwriter

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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