Land Purchase Agreement Template for New Zealand

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Key Requirements PROMPT example:

Land Purchase Agreement

"I need a Land Purchase Agreement for buying a commercial property in Auckland, New Zealand, with settlement scheduled for March 2025, including specific provisions for existing tenant transfers and overseas investment approval requirements."

Document background
The Land Purchase Agreement is a fundamental legal document used in New Zealand real estate transactions to formalize the sale and purchase of land. This document is essential whenever there is a transfer of land ownership, whether for residential, commercial, or agricultural purposes. It must comply with New Zealand's property law framework, including the Property Law Act 2007 and Land Transfer Act 2017, and may require additional considerations for special categories of land such as Māori land or properties requiring overseas investment approval. The agreement typically includes comprehensive details about the property, purchase price, settlement terms, conditions precedent, warranties, and risk allocation. It serves as the primary legal instrument protecting both parties' interests and ensuring a clear framework for the transaction's completion.
Suggested Sections

1. Parties: Identification of the vendor and purchaser with full legal names and addresses

2. Background: Context of the transaction and brief description of the property being sold

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

4. Agreement to Sell and Purchase: Core agreement clause stating the vendor's agreement to sell and purchaser's agreement to buy the property

5. Property Description: Detailed description of the land, including title references and physical address

6. Purchase Price: Specified purchase price and payment structure, including deposit details

7. Settlement and Possession: Settlement date, time, and possession arrangements

8. Title and Transfer: Requirements for title transfer and registration

9. Warranties and Undertakings: Vendor's warranties about the property and both parties' undertakings

10. Due Diligence: Purchaser's rights and obligations regarding property investigation

11. Conditions Precedent: Conditions that must be satisfied before the agreement becomes unconditional

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

13. Default: Consequences of default by either party

14. Notices: How formal notices between parties should be given

15. General Provisions: Standard contractual provisions including governing law, entire agreement, and amendments

Optional Sections

1. Tenant Provisions: Required when the property is sold with existing tenants, covering lease assignments and tenant rights

2. Development Conditions: Included when the purchase is conditional on future development approvals or requirements

3. GST Provisions: Detailed GST treatment when either party is GST-registered or the transaction is subject to GST

4. Overseas Investment Conditions: Required when the purchaser is an overseas person requiring OIO consent

5. Māori Land Provisions: Special provisions required when dealing with Māori land or land subject to Treaty claims

6. Multiple Purchaser Provisions: Required when there are multiple purchasers, specifying ownership structure

7. Vendor Finance: Included when the vendor is providing financing for the purchase

8. Building Condition: Specific provisions about building condition when structures are significant to the purchase

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property information including title references, legal description, and area

2. Schedule 2 - Purchase Price Calculation: Breakdown of purchase price, deposit, and payment schedule

3. Schedule 3 - Warranties: Complete list of vendor warranties about the property

4. Schedule 4 - Conditions: Detailed conditions precedent and their timeframes

5. Schedule 5 - Chattels: List of chattels included or excluded from the sale

6. Appendix A - Title Documents: Copy of title and relevant registered documents

7. Appendix B - LIM Report: Land Information Memorandum report if already obtained

8. Appendix C - Property Plans: Site plans, survey plans, and building plans if applicable

9. Appendix D - Tenant Information: Lease agreements and tenant details if property is tenanted

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

Agriculture

Commercial Property

Residential Property

Legal Services

Investment

Urban Planning

Relevant Teams

Legal

Real Estate

Property Management

Development

Commercial

Finance

Compliance

Investment

Operations

Risk Management

Relevant Roles

Property Lawyer

Real Estate Agent

Property Developer

Investment Manager

Conveyancing Specialist

Land Surveyor

Property Valuer

Commercial Director

Legal Counsel

Property Manager

Farm Manager

Development Manager

Compliance Officer

Finance Manager

Real Estate Investment Analyst

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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