Land Option Agreement Template for New Zealand

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Key Requirements PROMPT example:

Land Option Agreement

"I need a Land Option Agreement for a 2-hectare commercial property in Auckland, with a 12-month option period starting March 2025, including specific provisions for obtaining resource consent for retail development."

Document background

The Land Option Agreement is a strategic legal instrument used in New Zealand real estate transactions when a potential purchaser requires time to evaluate a property acquisition opportunity or secure necessary approvals before committing to a purchase. This document is particularly valuable for property developers, investors, and businesses planning future expansion. It provides the option holder with security over the property while conducting due diligence, obtaining financing, or securing development approvals, without immediately committing to the full purchase. The agreement must comply with New Zealand's property law framework, including the Property Law Act 2007 and Land Transfer Act 2017, and typically includes detailed provisions about the option period, exercise mechanisms, purchase terms, and parties' obligations during the option period.

Suggested Sections

1. Parties: Identification of the option grantor (landowner) and grantee (option holder), including full legal names and addresses

2. Background: Context of the agreement, including property overview and parties' intentions

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. Grant of Option: Core terms of the option, including exclusivity and nature of the right granted

5. Option Period: Duration of the option, including start date and expiry date

6. Option Fee: Amount, payment terms, and status of the option fee (whether refundable or applied to purchase price)

7. Exercise of Option: Process and requirements for validly exercising the option

8. Purchase Price: Agreed purchase price or mechanism for determining it

9. Terms of Sale: Key terms that will apply if the option is exercised, including settlement period

10. Property Access: Rights of the option holder to access and inspect the property during the option period

11. Landowner's Obligations: Obligations of the landowner during the option period, including maintenance and restrictions on dealing

12. Default and Termination: Consequences of breach and circumstances allowing early termination

13. General Provisions: Standard clauses including notices, costs, governing law, and dispute resolution

Optional Sections

1. Development Conditions: Used when the option holder requires certain development approvals or consents before exercise

2. Due Diligence: Include when the option holder requires a due diligence period before option exercise

3. Multiple Properties: Required when the option covers multiple land titles or parcels

4. Subdivision: Include when the option relates to land that requires subdivision

5. Third Party Consents: Used when the sale requires consent from third parties (e.g., lessees, mortgagees)

6. GST Provisions: Detailed GST treatment if either party is GST registered

7. Nominee Rights: Include if the option holder wants the right to nominate a purchaser

8. Staged Exercise: Used for options over multiple properties allowing staged exercise

Suggested Schedules

1. Property Schedule: Detailed description of the property including title references and encumbrances

2. Option Exercise Notice: Pro forma notice for exercising the option

3. Purchase Price Calculation: Formula or mechanism for calculating the final purchase price

4. Sale and Purchase Agreement: Form of agreement to be entered into upon exercise of the option

5. Due Diligence Requirements: List of required due diligence items and standards

6. Development Conditions: Specific conditions relating to development approvals or requirements

7. Property Plans: Plans showing the property boundaries and any relevant features

8. Existing Encumbrances: Copies of existing easements, covenants, or other encumbrances

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Construction

Agriculture

Commercial Property

Retail

Industrial

Infrastructure

Urban Planning

Hospitality

Relevant Teams

Legal

Real Estate

Property

Development

Commercial

Finance

Acquisitions

Investment

Planning

Operations

Relevant Roles

Property Developer

Real Estate Manager

Legal Counsel

Property Lawyer

Commercial Director

Investment Manager

Development Manager

Acquisitions Manager

Chief Executive Officer

Chief Financial Officer

Property Portfolio Manager

Land Acquisition Specialist

Real Estate Agent

Property Consultant

Planning Manager

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