Owner Finance Purchase Agreement Template for New Zealand

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Key Requirements PROMPT example:

Owner Finance Purchase Agreement

"I need an Owner Finance Purchase Agreement for a commercial property in Auckland, New Zealand, with a 25% deposit and the remaining balance to be paid over 10 years, with monthly payments starting March 2025."

Document background

The Owner Finance Purchase Agreement is utilized in New Zealand when a property seller agrees to directly finance the buyer's purchase, typically in situations where traditional bank financing may not be available or desired. This arrangement can provide flexibility for both parties but requires careful structuring to protect all interests involved. The document must comply with New Zealand's Property Law Act 2007, Credit Contracts and Consumer Finance Act 2003, and other relevant legislation. It includes comprehensive terms covering the property transfer, financing arrangements, security measures, payment schedules, and default provisions. This type of agreement is particularly useful in scenarios involving unique properties, buyer circumstances that don't fit traditional lending criteria, or when sellers prefer to receive regular payments over time rather than a lump sum.

Suggested Sections

1. Parties: Identifies and provides full legal details of the Vendor (Owner-Financier) and Purchaser

2. Background: Explains the context of the agreement, including the owner's willingness to finance the purchase

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

4. Property Details: Full legal description of the property being sold, including title details and any easements or encumbrances

5. Purchase Price and Deposit: Specifies the total purchase price, deposit amount, and payment terms

6. Finance Terms: Details of the owner-financing arrangement, including principal amount, interest rate, payment schedule, and loan term

7. Security Arrangements: Describes the security interests being taken over the property, including mortgage terms

8. Settlement and Possession: Specifies the settlement date, possession arrangements, and conditions for transfer of title

9. Purchaser's Covenants: Purchaser's obligations including property maintenance, insurance, rates payment, and compliance with laws

10. Default and Remedies: Consequences of default and available remedies for both parties

11. Insurance Requirements: Mandatory insurance coverage requirements and arrangements

12. General Provisions: Standard contract clauses including notices, amendments, governing law, and dispute resolution

Optional Sections

1. Guarantor Provisions: Required when there is a personal or corporate guarantor for the purchaser's obligations

2. Tenancy Arrangements: Included when the property is subject to existing tenancies that will continue after sale

3. Property Management: Used when specific property management arrangements are agreed between parties

4. Development Conditions: Included when the property has pending or required development works

5. Early Repayment Provisions: Details early repayment options and any associated fees or conditions

6. GST Provisions: Required when either party is GST-registered and the transaction has GST implications

7. Due Diligence Conditions: Included when the agreement is subject to specific due diligence requirements

Suggested Schedules

1. Schedule 1 - Property Description: Detailed property description including boundaries, improvements, and included chattels

2. Schedule 2 - Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and principal/interest splits

3. Schedule 3 - Special Conditions: Any special conditions or variations to standard terms

4. Schedule 4 - Guaranteed Obligations: Details of guaranteed obligations if guarantors are involved

5. Schedule 5 - Property Inspection Report: Current condition report and any identified issues

6. Appendix A - Property Title: Copy of the current property title

7. Appendix B - LIM Report: Land Information Memorandum report details

8. Appendix C - Insurance Certificates: Copies of required insurance certificates

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

Financial Services

Legal Services

Insurance

Property Management

Construction

Housing Development

Relevant Teams

Legal

Real Estate

Finance

Risk Management

Compliance

Property Management

Credit Assessment

Documentation

Customer Relations

Operations

Relevant Roles

Property Lawyer

Real Estate Agent

Property Developer

Financial Advisor

Mortgage Broker

Property Manager

Legal Counsel

Conveyancing Manager

Credit Manager

Risk Assessment Officer

Property Investment Advisor

Compliance Officer

Real Estate Transaction Coordinator

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