Pre Sale Agreement Property Template for New Zealand

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Key Requirements PROMPT example:

Pre Sale Agreement Property

"I need a Pre-Sale Agreement Property for an off-plan apartment development in Auckland, New Zealand, with staged payments and specific clauses for completion timing, targeting settlement in March 2025."

Document background
The Pre-Sale Agreement Property serves as a crucial legal instrument in New Zealand's real estate market, typically used when parties wish to secure a property transaction before final settlement. This agreement is particularly relevant for off-plan purchases, new developments, or when parties need to satisfy specific conditions before proceeding with the final sale. The document complies with New Zealand's property law framework, including the Property Law Act 2007 and related legislation, and contains comprehensive provisions covering property details, payment terms, conditions precedent, warranties, and settlement procedures. It provides security for both vendors and purchasers by clearly defining their rights and obligations, while allowing flexibility for specific conditions to be met before the sale becomes unconditional.
Suggested Sections

1. Parties: Identification and details of the vendor and purchaser

2. Background: Context of the agreement and general purpose of the pre-sale arrangement

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

4. Property Details: Full legal description of the property including title details and physical address

5. Purchase Price: Agreed purchase price and payment structure including deposit requirements

6. Deposit: Terms for payment, holding, and potential forfeiture of the deposit

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

8. Settlement: Settlement date, process, and requirements for completion

9. Title and Transfer: Provisions relating to transfer of title and associated requirements

10. Vendor's Warranties: Warranties given by the vendor regarding the property

11. Purchaser's Warranties: Warranties given by the purchaser regarding their ability to complete

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

13. Default: Consequences and remedies in case of default by either party

14. Notices: Process for giving notices under the agreement

15. General Provisions: Standard contract clauses including governing law, entire agreement, etc.

Optional Sections

1. GST Provisions: Required when either party is GST registered or the property is part of a taxable activity

2. Development Obligations: Used when the property is being sold off-plan or requires development work before settlement

3. Sunset Clause: Included when there's a need to specify a final date by which the agreement must become unconditional

4. Body Corporate: Required for unit title properties, covering body corporate rules and obligations

5. Tenant Provisions: Included when the property is sold with existing tenancies

6. Resource Consent Conditions: Required when the property requires specific resource consents or has existing consent conditions

7. Construction Warranties: Used for new builds or properties under construction

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

Suggested Schedules

1. Schedule 1: Property Details: Detailed description of the property including boundaries, improvements, and chattels

2. Schedule 2: Payment Schedule: Detailed breakdown of payment terms including deposit and settlement payments

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

4. Schedule 4: Required Consents: List of consents and approvals required before settlement

5. Schedule 5: Disclosed Matters: List of matters disclosed by the vendor about the property

6. Appendix A: Property Plans: Plans, drawings or specifications of the property

7. Appendix B: Title Documents: Copy of title and relevant registered documents

8. Appendix C: LIM Report: Land Information Memorandum report (if available)

9. Appendix D: Construction Documents: Building plans and specifications (for new builds or properties under construction)

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

Legal Services

Banking and Finance

Property Investment

Retail (for commercial properties)

Hospitality (for commercial properties)

Agricultural (for rural properties)

Industrial (for industrial properties)

Relevant Teams

Legal

Real Estate Sales

Property Management

Business Development

Compliance

Risk Management

Commercial

Operations

Finance

Settlements

Document Control

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Lawyer

Property Developer

Property Manager

Sales Manager

Legal Counsel

Contract Manager

Commercial Director

Property Investment Manager

Development Manager

Compliance Officer

Real Estate Branch Manager

Settlement Officer

Property Consultant

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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