Document background
The Preliminary Agreement For Sale And Purchase is a fundamental document in New Zealand property transactions, typically used at the initial stage of a property sale when a buyer wishes to formalize their interest in purchasing a property. This agreement sets out the basic terms of the transaction while allowing for due diligence and various conditions to be satisfied before the sale becomes unconditional. It includes essential information such as party details, property description, purchase price, settlement date, and any specific conditions that must be met. The document is designed to comply with New Zealand property law requirements and provides protection for both parties during the conditional period of the sale. It serves as a stepping stone to the final sale and purchase agreement, while being legally binding in its own right, subject to any conditions being satisfied.
