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Simple Land Purchase Contract

Simple Land Purchase Contract Template for New Zealand

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Key Requirements PROMPT example:

Simple Land Purchase Contract

"I need a Simple Land Purchase Contract for buying a residential property in Auckland, New Zealand, with settlement planned for March 2025; the property includes several specified chattels and has an existing tenant whose lease expires in May 2025."

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Document background
The Simple Land Purchase Contract is a fundamental legal document used in New Zealand real estate transactions to formalize the agreement between a property seller (vendor) and buyer (purchaser). This contract type is designed to comply with New Zealand property law requirements, including the Property Law Act 2007 and Land Transfer Act 2017. It is particularly suitable for straightforward property transactions where standard terms and conditions apply. The document includes essential elements such as party details, property description, purchase price, settlement terms, and standard warranties. It can be used for both residential and commercial properties, providing a clear framework for the transfer of real property while ensuring legal compliance and protection for all parties involved. The contract's structure allows for customization through optional clauses and schedules to address specific requirements of individual transactions.
Suggested Sections

1. Parties: Identification of the vendor and purchaser with their full legal names and addresses

2. Background: Brief context of the transaction and confirmation that the vendor owns and wishes to sell, and purchaser wishes to buy the property

3. Definitions: Key terms used throughout the agreement including 'Property', 'Settlement Date', 'Purchase Price', etc.

4. Property Details: Full legal description of the property including title reference, address, and land area

5. Purchase Price: The agreed purchase price and payment structure, including deposit details

6. Deposit: Amount, payment timing, and handling of the deposit

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

8. Settlement: Settlement date, payment requirements, and property possession arrangements

9. Title and Transfer: Provisions regarding transfer of title and registration requirements

10. Vendor's Warranties: Standard warranties about the property's condition and title

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

12. Default: Consequences of default by either party

13. General Provisions: Standard contract clauses including notices, governing law, and entire agreement

Optional Sections

1. Chattels: List and conditions of any chattels included in the sale, used when specific items are included

2. Tenancies: Details of existing tenancies, required when the property is sold with tenants in place

3. GST: GST treatment of the transaction, required when either party is GST registered

4. Land Covenants: Details of any land covenants affecting the property, included when applicable

5. Building Conditions: Specific conditions related to building work or repairs, used when property requires work

6. Overseas Investment: Additional provisions for overseas buyers, required when purchaser is not a New Zealand resident

7. Development Provisions: Special conditions for properties under development or with development potential

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property description including certificate of title, legal description, and area

2. Schedule 2 - Chattels List: Comprehensive list of all chattels included in the sale with descriptions

3. Schedule 3 - Special Conditions: Any special conditions agreed between the parties

4. Appendix A - Title Documents: Copy of certificate of title and relevant registered documents

5. Appendix B - LIM Report: Land Information Memorandum report if obtained

6. Appendix C - Property Plans: Relevant plans, including floor plans and site plans if applicable

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Property Description
Sale and Purchase
Purchase Price
Deposit
Due Diligence
Title Transfer
Settlement
Warranties
Risk and Insurance
Default
Property Access
Possession
Chattels
Land Covenants
GST
Local Authority Compliance
Resource Management
Building Compliance
Tenancies
Property Inspection
Title Requirements
Overseas Investment
Anti-Money Laundering
Force Majeure
Assignment
Notices
Governing Law
Dispute Resolution
Amendment
Entire Agreement
Severability
Costs
Further Assurance
Counterparts
Relevant Industries

Real Estate

Property Development

Banking and Finance

Legal Services

Construction

Agriculture

Commercial Property

Residential Property

Property Investment

Relevant Teams

Legal

Real Estate

Property Management

Conveyancing

Compliance

Risk Management

Commercial Property

Residential Property

Contract Administration

Settlement

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Specialist

Property Manager

Commercial Property Manager

Property Developer

Real Estate Broker

Legal Counsel

Contract Manager

Property Investment Manager

Banking Manager

Mortgage Specialist

Settlement Officer

Title Officer

Compliance Officer

Industries
Property Law Act 2007: Fundamental legislation governing real property in New Zealand, including rules about property transactions, mortgages, and leases.
Contract and Commercial Law Act 2017: Provides the legal framework for contract formation, interpretation, and enforcement in New Zealand.
Land Transfer Act 2017: Governs the registration and transfer of land titles in New Zealand, including requirements for recording property ownership changes.
Real Estate Agents Act 2008: Regulates real estate transactions and agents' conduct, including requirements for property sales and purchases.
Overseas Investment Act 2005: Regulates purchase of New Zealand land by overseas persons, including consent requirements for certain transactions.
Anti-Money Laundering and Countering Financing of Terrorism Act 2009: Requires due diligence and verification of parties involved in property transactions to prevent money laundering.
Fair Trading Act 1986: Ensures fair trading practices and protects against misleading and deceptive conduct in property transactions.
Resource Management Act 1991: May affect land use and property rights, including zoning restrictions and environmental considerations.
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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