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Deed Of Conditional Sale Of Land for New Zealand

Deed Of Conditional Sale Of Land Template for New Zealand

A Deed of Conditional Sale of Land is a formal legal document used in New Zealand property transactions that creates binding obligations between parties for the sale and purchase of real property, subject to specified conditions. The deed complies with New Zealand property law requirements, particularly the Property Law Act 2007 and Land Transfer Act 2017, and sets out the terms and conditions of the sale, including purchase price, settlement details, conditions precedent, and the rights and obligations of both parties. This document provides greater formality than a standard agreement for sale and purchase and is often used for complex property transactions or when additional security is required.

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What is a Deed Of Conditional Sale Of Land?

The Deed of Conditional Sale of Land is a crucial document in New Zealand property transactions, typically used when parties require additional formality or security in their property dealings. This deed is particularly relevant for complex property transactions, commercial real estate deals, or situations where specific conditions must be met before the sale can proceed. It incorporates all essential elements required under New Zealand law, including compliance with the Property Law Act 2007 and Land Transfer Act 2017. The document sets out comprehensive terms covering property details, purchase price, conditions precedent, settlement requirements, and the rights and obligations of all parties. It is commonly used in situations where there are multiple conditions to be satisfied, such as obtaining resource consent, completing due diligence, or securing financing, before the sale can become unconditional.

What sections should be included in a Deed Of Conditional Sale Of Land?

1. Parties: Identifies and defines all parties to the deed, including full legal names, addresses, and any registration details for companies

2. Background: Sets out the context of the transaction, including property ownership status and intention to sell/purchase

3. Definitions and Interpretation: Defines key terms used throughout the deed and establishes interpretation rules

4. Agreement to Sell and Purchase: The core agreement where the vendor agrees to sell and the purchaser agrees to purchase the property

5. Purchase Price: Specifies the purchase price, payment terms, and deposit requirements

6. Conditions: Details all conditions that must be satisfied before the sale becomes unconditional

7. Settlement: Specifies the settlement date and process, including requirements for both parties

8. Property Access and Inspection: Details rights and procedures for property inspection before settlement

9. Risk and Insurance: Addresses property risk allocation and insurance requirements until settlement

10. Default: Specifies consequences and remedies if either party defaults on their obligations

11. General Provisions: Standard legal provisions including notices, amendment process, and governing law

12. Execution: Formal execution block meeting deed requirements under NZ law

What sections are optional to include in a Deed Of Conditional Sale Of Land?

1. Tenant Provisions: Required if the property is currently tenanted, addressing tenant rights and obligations

2. GST Provisions: Required if GST is applicable to the transaction

3. Development Conditions: Needed if the sale is conditional on future development approvals

4. Overseas Investment Provisions: Required if purchaser is an overseas person under the Overseas Investment Act

5. Unit Title Provisions: Required for unit title properties, addressing body corporate matters

6. Finance Condition: Optional condition regarding purchaser obtaining satisfactory finance

7. Due Diligence Condition: Optional condition allowing purchaser to conduct detailed property investigations

8. Subdivision Provisions: Required if the property is to be subdivided before settlement

What schedules should be included in a Deed Of Conditional Sale Of Land?

1. Schedule 1 - Property Details: Detailed description of the property including title references, area, and improvements

2. Schedule 2 - Purchase Price Breakdown: Detailed breakdown of the purchase price including deposit and payment schedule

3. Schedule 3 - Warranties: Vendor warranties regarding the property's condition and compliance

4. Schedule 4 - Conditions Precedent: Detailed description of all conditions and their satisfaction requirements

5. Appendix A - Title Documents: Copy of current title and relevant registered documents

6. Appendix B - Property Plans: Plans, drawings or surveys of the property

7. Appendix C - Disclosure Documents: Required disclosures including LIM report and building reports if applicable

8. Appendix D - Chattels List: Detailed list of chattels included in the sale

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

Jurisdiction

New Zealand

Publisher

Genie AI

Document Type

Sale Deed

Cost

Free to use

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