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Property Settlement Agreement
"I need a Property Settlement Agreement for the sale of my residential property at 123 Wellington Street to a first-time home buyer, with settlement scheduled for March 15, 2025, and including all existing chattels listed in my real estate agreement."
1. Parties: Identifies and defines all parties to the agreement, including their full legal names, addresses, and any other relevant identification
2. Background: Sets out the context of the agreement, including the history of the property ownership and reason for settlement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Property Details: Comprehensive description of the property being settled, including legal description and title references
5. Purchase Price and Payment Terms: Details of the agreed purchase price, payment method, and timing of payments
6. Settlement Date and Possession: Specifies the settlement date, time, and conditions for transfer of possession
7. Title and Transfer: Requirements and processes for transferring title, including necessary documentation
8. Warranties and Representations: Standard warranties given by both parties regarding the property and their capacity to enter the agreement
9. Conditions Precedent: Any conditions that must be satisfied before settlement can occur
10. Default and Remedies: Consequences of default and available remedies for both parties
11. Costs and Taxes: Allocation of transaction costs, including legal fees, registration fees, and tax obligations
12. Execution: Formal signing section including witness requirements
1. Chattels: Lists included/excluded chattels when personal property is part of the settlement
2. Tenancies: Details of existing tenancies and their treatment post-settlement
3. Relationship Property Provisions: Required when the settlement involves division of relationship property
4. GST Provisions: Required when either party is GST-registered or the transaction has GST implications
5. Mortgages and Encumbrances: Required when there are existing mortgages or encumbrances to be discharged
6. Property Inspection: When specific property inspection conditions need to be included
7. Resource Management Compliance: When there are specific resource management or zoning considerations
8. Body Corporate: Required for unit titles or apartments under body corporate management
9. Overseas Investment Provisions: Required when one party is an overseas person under the Overseas Investment Act
1. Schedule 1 - Property Description: Detailed legal description of the property, including title references and boundary details
2. Schedule 2 - Chattels List: Itemized list of chattels included or excluded from the settlement
3. Schedule 3 - Outstanding Works: List of any works or repairs to be completed before or after settlement
4. Schedule 4 - Special Conditions: Any special conditions or variations from standard terms
5. Appendix A - Title Documents: Copies of relevant title documents and plans
6. Appendix B - Property Inspection Reports: Copies of building reports, LIM reports, or other relevant inspections
7. Appendix C - Tenancy Documents: Copies of existing tenancy agreements if applicable
8. Appendix D - Body Corporate Rules: If applicable, body corporate rules and regulations
Authors
Bank
Body Corporate
Business Day
Chattels
Completion Date
Conditions Precedent
Default Interest Rate
Deposit
Encumbrances
GST
Land
LINZ
LIM Report
Mortgagee
Outstanding Works
Party/Parties
Payment Date
Property
Purchase Price
Purchaser
Rate of Interest
Registration
Resource Consent
Settlement
Settlement Date
Settlement Statement
Title
Transfer
Unit Title
Vendor
Warranties
Property Description
Title Transfer
Purchase Price
Payment Terms
Settlement
Possession
Risk and Insurance
Warranties and Representations
Due Diligence
Property Inspection
Chattels
Conditions Precedent
Default
Remedies
GST
Land Transfer
Tenancies
Body Corporate
Mortgages and Encumbrances
Resource Management
Local Authority Compliance
Overseas Investment
Costs and Expenses
Notices
Governing Law
Dispute Resolution
Assignment
Force Majeure
Entire Agreement
Severability
Further Assurance
Counterparts
Real Estate
Legal Services
Banking and Finance
Property Development
Property Management
Construction
Professional Services
Residential Housing
Commercial Property
Agricultural Land
Legal
Real Estate
Property Management
Settlements
Conveyancing
Compliance
Finance
Operations
Risk Management
Customer Service
Documentation
Property Lawyer
Real Estate Agent
Conveyancing Lawyer
Property Manager
Settlement Agent
Legal Executive
Bank Manager
Mortgage Broker
Property Developer
Commercial Property Manager
Rural Property Specialist
Body Corporate Manager
Legal Counsel
Compliance Officer
Title Officer
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