Unit Purchase Agreement Template for New Zealand

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Key Requirements PROMPT example:

Unit Purchase Agreement

"I need a Unit Purchase Agreement for a luxury apartment purchase in Auckland, where the buyer is an overseas investor from Singapore, with settlement scheduled for March 2025 and including special conditions for body corporate approval."

Document background
The Unit Purchase Agreement serves as the primary legal instrument for transacting unit title properties in New Zealand. It is specifically designed to comply with the Unit Titles Act 2010 and other relevant New Zealand legislation, making it distinct from standard property sale agreements. This document is essential when purchasing apartments, townhouses, or other properties under unit title ownership structures. The agreement includes crucial elements such as pre-settlement disclosure requirements, body corporate information, unit plan details, and specific provisions relating to shared property rights. It is used by property developers, individual sellers, real estate professionals, and buyers to ensure a legally compliant and comprehensive transaction process. The document's structure reflects New Zealand's unique unit title property system and includes all necessary protections and obligations for both parties.
Suggested Sections

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

2. Background: Context of the transaction and brief description of the unit property

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

4. Agreement to Sell and Purchase: Core agreement terms including purchase price and payment terms

5. Unit Title Matters: Specific provisions relating to unit title ownership, body corporate rules, and obligations

6. Pre-settlement Obligations: Obligations of both parties before settlement, including disclosure requirements

7. Settlement and Transfer: Settlement process, timing, and requirements for transfer of title

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

9. Default: Consequences and remedies for default by either party

10. General Provisions: Standard contractual provisions including notices, amendments, and governing law

Optional Sections

1. Overseas Investment Conditions: Required when purchaser is an overseas person under the Overseas Investment Act

2. Existing Tenancies: Required when the unit is sold with existing tenants in place

3. GST Provisions: Required when either party is GST registered or the transaction is subject to GST

4. Development or Renovation Conditions: Required when the unit is under construction or significant renovations are planned

5. Finance Condition: Optional condition when purchase is subject to purchaser obtaining finance

6. Due Diligence Condition: Optional condition allowing purchaser to conduct investigations before proceeding

7. Solicitor's Approval: Optional condition allowing for legal review of the agreement

Suggested Schedules

1. Property Details Schedule: Detailed description of the unit, including certificate of title references and unit plan details

2. Payment Schedule: Breakdown of purchase price, deposit, and settlement payment requirements

3. Body Corporate Information: Details of body corporate rules, fees, and maintenance plans

4. Pre-settlement Disclosure Statement: Mandatory disclosure of unit title information as required by the Unit Titles Act

5. Additional Records Schedule: List of warranties, certificates, and compliance documents to be provided

6. Chattels Schedule: Detailed list of chattels included or excluded from the sale

7. Unit Plan: Copy of the unit plan showing the unit's location and boundaries

8. Land Information Memorandum: Council records and information about the property and building

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

Financial Services

Property Management

Insurance

Property Investment

Urban Development

Residential Housing

Relevant Teams

Legal

Real Estate

Property Development

Compliance

Risk Management

Property Management

Conveyancing

Sales

Due Diligence

Settlements

Relevant Roles

Property Lawyer

Real Estate Agent

Property Developer

Body Corporate Manager

Property Manager

Conveyancing Specialist

Legal Counsel

Compliance Officer

Property Investment Manager

Real Estate Transaction Coordinator

Settlement Officer

Due Diligence Manager

Property Valuer

Real Estate Contract Administrator

Legal Risk Manager

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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