The Presale Agreement is a crucial document in New Zealand property transactions, particularly in the context of new developments and off-the-plan purchases. It serves as a legally binding contract between a seller/developer and a buyer, committing both parties to a future property transaction before the property's completion. This document is essential in the New Zealand real estate market as it helps developers secure funding and buyers to lock in future purchases, especially in rapidly developing areas. The agreement must comply with New Zealand property law, including the Property Law Act 2007 and related legislation. It typically includes detailed provisions about the property specifications, payment terms, completion timeframes, and various conditions that must be met before settlement. The document also provides important protections for both parties, including sunset clauses, quality guarantees, and completion assurances.
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1. Parties: Identifies and provides full details of the buyer(s) and seller(s)
2. Background: Explains the context of the agreement and the intention to sell/purchase the property
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Property Details: Comprehensive description of the property being sold, including legal description and title details
5. Purchase Price: Specifies the purchase price, deposit requirements, and payment structure
6. Deposit: Details of deposit amount, payment timing, and holding arrangements
7. Conditions Precedent: Lists conditions that must be satisfied before the agreement becomes unconditional
8. Due Diligence: Buyer's rights and timeframes for conducting property investigations
9. Settlement and Completion: Requirements and procedures for completing the sale
10. Risk and Insurance: Allocation of risk and insurance requirements until settlement
11. Default: Consequences and remedies for breach of agreement by either party
12. General Provisions: Standard contract clauses including notices, amendments, governing law
1. Development Provisions: Required when property is under construction or part of a development project
2. Sunset Clause: Used when there's a need to specify a final date by which the sale must complete
3. Property Maintenance: Included when specific maintenance obligations need to be outlined pre-settlement
4. Tenant Provisions: Required when the property is sold with existing tenants
5. GST Provisions: Included when either party is GST registered or the transaction involves GST
6. Mortgage Finance: Used when the agreement is conditional upon the buyer obtaining mortgage finance
7. Body Corporate: Required for unit title properties to address body corporate matters
1. Property Schedule: Detailed description of property, including boundaries, improvements, and included chattels
2. Payment Schedule: Breakdown of payment structure, including deposit and progress payments if applicable
3. Plans and Specifications: For properties under construction, detailed building plans and specifications
4. Title Documents: Copy of title and relevant registered documents
5. Due Diligence Checklist: List of investigations and confirmations required during due diligence
6. Warranties: Specific warranties provided by the seller regarding the property
7. Property Disclosure Statement: Seller's disclosures about property condition and known issues
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