All Countries
Real Estate
Option To Buy Contract

Option To Buy Contract Template for New Zealand

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Option To Buy Contract

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Option To Buy Contract

"I need an Option to Buy Contract for a commercial warehouse property in Auckland, with a 12-month option period starting March 2025, including specific conditions about obtaining resource consent for development and environmental assessments."

Celebrated by
Collaborations with
Investors
Document background
The Option to Buy Contract is a crucial legal instrument in New Zealand property transactions, providing a potential buyer with the exclusive right to purchase a property while allowing time for due diligence, financing arrangements, or other contingencies. This document is commonly used in commercial property transactions, development projects, and strategic property acquisitions. It must comply with New Zealand legislation, including the Property Law Act 2007 and the Contract and Commercial Law Act 2017. The agreement typically includes detailed terms about the option period, purchase price, exercise mechanisms, property access rights, and any conditions precedent. It's particularly useful when buyers need time to arrange financing, obtain necessary consents, or complete due diligence before committing to a purchase.
Suggested Sections

1. Parties: Identifies and provides full details of the Option Grantor (seller) and Option Holder (potential buyer)

2. Background: Sets out the context of the agreement, including brief description of the property and parties' intention to enter into an option arrangement

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

4. Grant of Option: Specifies the formal grant of the option and its basic terms

5. Option Fee: Details the amount payable for the option and payment terms

6. Option Period: Specifies the duration of the option and any extension mechanisms

7. Exercise of Option: Details the process and requirements for exercising the option

8. Purchase Price: Specifies the agreed purchase price for the property if the option is exercised

9. Property Access: Sets out terms for property inspection and access during the option period

10. Warranties and Representations: Details the promises and guarantees made by both parties

11. Default and Termination: Outlines circumstances of default and termination rights

12. General Provisions: Contains standard contract clauses including notices, governing law, and dispute resolution

Optional Sections

1. Due Diligence: Optional section for detailed due diligence requirements and processes, used when specific investigations are needed

2. Multiple Properties: Used when the option covers more than one property, detailing specific terms for each

3. Third Party Rights: Required when there are existing tenants or other third-party interests in the property

4. Development Conditions: Included when the option is contingent on obtaining development approvals or consents

5. GST Provisions: Detailed GST treatment if the transaction is subject to GST

6. Overseas Investment Provisions: Required when the potential buyer is or may be an overseas person under the Overseas Investment Act

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the property including title references, boundaries, and improvements

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

3. Schedule 3 - Purchase Price Calculation: Details of how the purchase price is calculated, including any adjustments

4. Schedule 4 - Due Diligence Requirements: List of required due diligence items and acceptance criteria

5. Schedule 5 - Special Conditions: Any special conditions or requirements specific to the property or transaction

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

7. Appendix B - Property Plans: Plans, drawings, or surveys of the property

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 legal definitions
Agreement
Business Day
Commencement Date
Completion Date
Deposit
Due Diligence Period
Encumbrances
Exercise Notice
Exercise Period
GST
Land
Option
Option Exercise Date
Option Fee
Option Period
Option Purchase Price
Permitted Encumbrances
Property
Purchase Price
Settlement Date
Title
Transfer
Valuation
Working Day
Option Grantor
Option Holder
Improvements
Land Transfer Office
Requisitions
Settlement
Solicitor
Term
Default Interest Rate
Due Diligence Material
Governmental Authority
Inspection Period
Notice
Parties
Registered Interests
Clauses
Option Grant
Option Fee
Option Period
Option Exercise
Purchase Price
Property Access
Due Diligence
Title Matters
Warranties and Representations
GST
Assignment
Confidentiality
Default and Termination
Force Majeure
Notices
Governing Law
Dispute Resolution
Entire Agreement
Severability
Costs
Property Maintenance
Insurance
Third Party Rights
Further Assurance
Variation
Waiver
Time of Essence
Successors and Assigns
Counterparts
Electronic Execution
Risk and Possession
Settlement Obligations
Encumbrances
Property Inspection
Compliance with Laws
Land Information Memorandum
Resource Management
Local Authority Requirements
Relevant Industries

Real Estate

Commercial Property

Residential Property

Property Development

Construction

Legal Services

Financial Services

Agriculture

Retail

Industrial

Relevant Teams

Legal

Real Estate

Property Management

Business Development

Commercial

Finance

Operations

Investment

Asset Management

Project Management

Risk Management

Relevant Roles

Property Lawyer

Real Estate Agent

Property Developer

Commercial Director

Investment Manager

Property Manager

Legal Counsel

Conveyancing Lawyer

Business Development Manager

Asset Manager

Facilities Manager

Construction Manager

Project Manager

Chief Financial Officer

Real Estate Investment Director

Industries
Contract and Commercial Law Act 2017: Governs contract formation, validity, and enforcement. Essential for ensuring the option agreement meets basic contractual requirements and is legally binding.
Property Law Act 2007: Regulates property transactions and sets out requirements for contracts relating to land and property interests. Crucial for formatting and content requirements of property-related contracts.
Land Transfer Act 2017: Deals with the registration of land titles and interests in land. Important for understanding how the option right can be registered and protected.
Fair Trading Act 1986: Ensures fair trading practices and prevents misleading conduct in trade. Relevant for ensuring transparency and fairness in the option agreement terms.
Overseas Investment Act 2005: Regulates overseas investments in New Zealand property. Must be considered if the potential buyer could be a foreign entity.
Real Estate Agents Act 2008: Regulates real estate agency practice. Relevant if the option agreement involves real estate agents in the transaction process.
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

Find the exact document you need

Supply Purchase Agreement

A New Zealand-governed agreement establishing terms for the supply and purchase of goods between parties, including ordering, delivery, pricing, and quality requirements.

find out more

Letter Of Intent To Purchase (Real Estate)

A preliminary document under New Zealand law expressing a potential buyer's intention to purchase specific real estate and outlining proposed purchase terms.

find out more

Letter Of Intent To Purchase Commercial (Real Estate)

A preliminary document under New Zealand law expressing intent to purchase commercial property and outlining key proposed transaction terms.

find out more

Letter Of Intent Commercial (Real Estate)

A preliminary document outlining proposed terms for commercial property transactions in New Zealand, setting the framework for property purchase negotiations while specifying binding and non-binding provisions.

find out more

Option To Purchase Real Estate Agreement

A New Zealand-compliant agreement granting the exclusive right to purchase specified real estate at predetermined terms within an agreed timeframe.

find out more

Heavy Equipment Purchase Agreement

A New Zealand-governed agreement for the commercial purchase and sale of heavy equipment, including terms, specifications, and compliance requirements.

find out more

Buyback Agreement

A New Zealand law-governed agreement establishing terms for the repurchase of assets, shares, or items by their original owner or issuing entity.

find out more

Lease Agreement With Option To Purchase

A New Zealand-compliant agreement combining property lease terms with a future purchase option for the tenant.

find out more

Commercial Lease Agreement With Option To Purchase

A New Zealand-governed agreement combining a commercial property lease with an option for the tenant to purchase the property under specified terms and conditions.

find out more

Aircraft Sale Agreement

A New Zealand-governed agreement for the sale and purchase of aircraft, including terms, conditions, and regulatory compliance requirements.

find out more

Advance Agreement For Land Purchase

A New Zealand-governed agreement setting out terms and conditions for a future land purchase, including due diligence and completion requirements.

find out more

Dealer Purchase Agreement

A New Zealand-compliant agreement between motor vehicle dealers and purchasers for the sale of vehicles, adhering to local automotive sales regulations.

find out more

Asset Purchase Form

A New Zealand-compliant legal document facilitating the transfer of asset ownership from seller to purchaser, detailing terms, conditions, and requirements of the sale.

find out more

Vehicle Purchase Contract

A New Zealand-compliant agreement for the sale and purchase of vehicles, incorporating essential terms and conditions under NZ law.

find out more

Client List Purchase Agreement

A New Zealand-governed agreement for the sale and purchase of a client list, ensuring compliance with privacy and commercial laws while facilitating business transfer.

find out more

Truck Lease To Own Agreement

A New Zealand-governed agreement establishing terms for leasing a commercial truck with an option to purchase at the end of the lease term.

find out more

Owner Finance Purchase Agreement

A New Zealand-compliant agreement for property purchase where the seller provides direct financing to the buyer, combining property sale and loan terms.

find out more

Business Buyout Agreement

A New Zealand-governed agreement documenting the terms and conditions for the sale and purchase of a business, including all essential transaction elements and regulatory compliance requirements.

find out more

Option To Purchase Business Agreement

A New Zealand law-governed agreement granting the right to purchase a business under specified terms and conditions within an agreed timeframe.

find out more

Agreement Of Purchase And Sale Form For Private Sale

A New Zealand-compliant legal agreement documenting the terms and conditions for the private sale of property between a vendor and purchaser.

find out more

Franchise Purchase Agreement

A New Zealand-governed agreement establishing the terms and conditions for purchasing and operating a franchise business, including rights, obligations, and operational requirements.

find out more

Quota Purchase Agreement

A New Zealand-specific agreement for the transfer of fishing quota shares under the Quota Management System, including purchase terms and regulatory compliance requirements.

find out more

Commercial Lease Purchase Agreement

A New Zealand-governed agreement combining commercial property lease terms with purchase rights/obligations for the tenant to acquire the property under specified conditions.

find out more

Price Purchase Agreement

A New Zealand-governed agreement setting out terms and conditions for purchase and sale of assets, including price, payment terms, and completion requirements.

find out more

Goods Purchase Agreement

A New Zealand-compliant agreement setting out terms and conditions for the commercial purchase and sale of goods.

find out more

Bond Purchase Agreement

A New Zealand-governed agreement setting out terms and conditions for the purchase of bonds between issuer and purchaser(s), compliant with local financial markets regulations.

find out more

Pre Purchase Agreement

A New Zealand-governed agreement that establishes preliminary terms and conditions for a potential property or asset purchase, including due diligence requirements and conditions precedent.

find out more

Product Purchase Agreement

A New Zealand law-governed agreement setting out terms and conditions for the purchase and sale of products, including specifications, pricing, and delivery terms.

find out more

Letter Of Intent To Purchase Shares

A preliminary document under New Zealand law outlining the proposed terms and conditions for a share purchase transaction, including both non-binding commercial terms and binding provisions like confidentiality.

find out more

Land Option Agreement

A New Zealand-compliant agreement granting exclusive rights to purchase specified land within an agreed timeframe and terms.

find out more

Entity Purchase Agreement

A New Zealand-governed agreement for the purchase and sale of an entity, including comprehensive terms, conditions, and transaction mechanics.

find out more

Wholesale Purchase Agreement

A New Zealand-governed agreement establishing terms for wholesale purchase and supply of goods between commercial parties.

find out more

Aircraft Purchase Letter Of Intent

A New Zealand law-governed preliminary document outlining key terms and conditions for a proposed aircraft purchase, serving as a framework for negotiating the final agreement.

find out more

Option To Buy Contract

A New Zealand-governed agreement granting the right to purchase specified property at predetermined terms within an agreed timeframe.

find out more

Retail Purchase Agreement

A New Zealand-compliant agreement outlining terms and conditions for the sale of goods between a retailer and customer, incorporating local consumer protection requirements.

find out more

Hardware Purchase Agreement

A New Zealand-governed agreement setting out terms and conditions for hardware equipment purchases, including specifications, pricing, warranties, and delivery terms.

find out more

Company Purchase Agreement

A New Zealand-governed agreement setting out terms and conditions for the purchase and sale of a company, including price, warranties, and completion obligations.

find out more

Material Purchase Agreement

A New Zealand-governed agreement setting out terms and conditions for the purchase and supply of materials between commercial parties.

find out more

Commercial Property Purchase Agreement

A legally binding agreement under New Zealand law for the purchase and sale of commercial property, detailing all terms and conditions of the transaction.

find out more

Short Form Asset Purchase Agreement

A concise New Zealand-compliant agreement for the purchase and sale of business assets, designed for straightforward asset transfers.

find out more

Letter Of Intent To Purchase Land

A preliminary document used in New Zealand property transactions that outlines the key terms and conditions for a proposed land purchase, serving as a precursor to a formal Sale and Purchase Agreement.

find out more

Special Purchase Agreement

A New Zealand-governed agreement setting out terms and conditions for specific purchases, typically used for significant or specialized acquisitions.

find out more

Membership Interest Purchase Agreement

A New Zealand-governed agreement for the sale and purchase of membership interests in a company, detailing transfer terms and conditions.

find out more

Deferred Purchase Agreement

A New Zealand law-governed agreement establishing terms for a deferred purchase arrangement, compliant with NZ financial markets legislation.

find out more

Buyers Agreement Form

A New Zealand-compliant legal agreement that establishes terms and conditions between buyer and seller for the purchase of goods or services.

find out more

Assignable Real Estate Contract

A New Zealand-compliant real estate contract that enables the transfer of property ownership and includes provisions for assigning the purchaser's rights to third parties.

find out more

Unit Purchase Agreement

A New Zealand-compliant legal agreement for the sale and purchase of unit title properties, including terms, conditions, and mandatory disclosures under NZ law.

find out more

Reverse Purchase Agreement

A New Zealand law-governed agreement establishing terms for asset sale with guaranteed future repurchase, including pricing, timing, and completion requirements.

find out more

Purchase And Supply Agreement

A New Zealand law-governed agreement establishing terms for regular supply of goods or services between supplier and purchaser, including ordering, delivery, pricing, and quality requirements.

find out more

Master Receivables Purchase Agreement

A New Zealand law-governed agreement establishing terms for the ongoing purchase of receivables between parties, including sale conditions, pricing, and operational procedures.

find out more

Joint Purchase Agreement

A New Zealand-governed agreement establishing terms for joint asset purchase and ownership between multiple parties.

find out more

House Contract Agreement

A New Zealand-governed agreement for the sale and purchase of residential property, outlining terms, conditions, and obligations for property transfer.

find out more

Exclusive Purchase Agreement

A New Zealand law-governed agreement establishing exclusive purchasing rights and obligations between a supplier and purchaser.

find out more

Advance Purchase Agreement

A New Zealand law-governed agreement setting out terms for advance purchase of goods/services, including payment terms, delivery commitments, and quality specifications.

find out more

Stock Purchase Agreement

A New Zealand-governed agreement for the sale and purchase of company shares, detailing transaction terms and regulatory compliance requirements.

find out more

Home Purchase Agreement

A legally binding agreement under New Zealand law for the sale and purchase of residential property, detailing transaction terms and party obligations.

find out more

Software Acquisition Agreement

A New Zealand-governed agreement for the purchase and licensing of software solutions, defining terms, conditions, and obligations between vendor and purchaser.

find out more

Inventory Purchase Agreement

A New Zealand law-governed agreement setting out terms for regular inventory purchase and supply between commercial parties.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: https://www.genieai.co/our-research
Oops! Something went wrong while submitting the form.

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our Trust Centre for more details and real-time security updates.

Read our Privacy Policy.