The Buy Sell Agreement For Land is a fundamental legal document used in New Zealand property transactions to formalize the sale and purchase of real estate. It is essential for both residential and commercial property transactions, providing a comprehensive framework that ensures compliance with New Zealand property law and protects the interests of both vendors and purchasers. The agreement typically includes detailed property descriptions, purchase price, payment terms, conditions precedent, warranties, and settlement requirements. It must comply with various New Zealand legislation, including the Property Law Act 2007, Land Transfer Act 2017, and other relevant regulations. This document is particularly important as it forms the basis for the property transfer process and is required for registration with Land Information New Zealand (LINZ).
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1. Parties: Identification and details of the vendor and purchaser
2. Background: Context of the transaction and brief description of the property
3. Definitions and Interpretation: Definitions of key terms and rules for interpreting the agreement
4. Agreement to Sell and Purchase: Core agreement terms including purchase price and payment terms
5. Property Description: Detailed description of the land, including title references and boundaries
6. Deposit: Terms relating to the deposit amount, payment, and holding
7. Due Diligence: Purchaser's rights and timeframes for property investigation
8. Conditions Precedent: Standard conditions that must be satisfied before settlement
9. Settlement: Settlement process, timing, and requirements
10. Title and Transfer: Provisions regarding title transfer and registration
11. Vendor's Warranties: Standard warranties about the property and vendor's capacity
12. Purchaser's Warranties: Standard warranties about purchaser's capacity and authority
13. Risk and Insurance: Allocation of risk and insurance requirements until settlement
14. Default: Consequences and remedies for default by either party
15. General Provisions: Standard boilerplate clauses including notices, governing law, etc.
1. Overseas Investment Consent: Required when purchaser is an overseas person under the Overseas Investment Act
2. GST: Required when the transaction has GST implications
3. Tenancies: Required when the property is sold subject to existing tenancies
4. Development Provisions: Required when the land is being sold for development purposes
5. Resource Consent Conditions: Required when the purchase is conditional on obtaining specific resource consents
6. Building Report Condition: Optional condition for obtaining satisfactory building inspection
7. Finance Condition: Optional condition for purchaser obtaining satisfactory finance
8. Subdivision Provisions: Required when the agreement relates to land being subdivided
9. Chattels: Required when specific chattels are included in the sale
10. Property Sharing Arrangements: Required when multiple purchasers are involved with specific sharing arrangements
1. Schedule 1 - Property Details: Detailed property description, including title references, area, and legal description
2. Schedule 2 - Purchase Price Calculation: Breakdown of purchase price components and payment schedule
3. Schedule 3 - Chattels List: Itemized list of chattels included in the sale
4. Schedule 4 - Due Diligence Information: List of documents and information to be provided for due diligence
5. Schedule 5 - Special Conditions: Any special conditions specific to this transaction
6. Appendix A - Title Documents: Copy of title and relevant registered documents
7. Appendix B - LIM Report: Land Information Memorandum report from the local authority
8. Appendix C - Property Plans: Site plans, floor plans, and other relevant property plans
9. Appendix D - Disclosure Documents: Required disclosures under relevant legislation
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Agriculture
Commercial Property
Residential Property
Construction
Banking and Finance
Legal Services
Property Investment
Urban Development
Rural Development
Retail Property
Relevant Teams
Legal
Real Estate
Property Management
Development
Investment
Compliance
Finance
Commercial
Risk Management
Operations
Relevant Roles
Property Lawyer
Real Estate Agent
Property Manager
Development Manager
Investment Manager
Legal Counsel
Conveyancing Lawyer
Property Developer
Commercial Director
Finance Manager
Compliance Officer
Real Estate Transaction Manager
Property Investment Advisor
Land Acquisition Manager
Real Estate Portfolio Manager
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