The Offer To Purchase (Real Estate) is a crucial document in New Zealand's property transaction process, typically used as the first formal step in negotiating a property purchase. It is prepared when a potential buyer wishes to make a formal offer on a property, whether residential, commercial, or industrial. The document includes essential elements such as property details, purchase price, settlement terms, conditions precedent (such as finance, building inspection, or due diligence requirements), and any specific requirements under New Zealand law. This document must comply with various New Zealand legislation, including the Property Law Act 2007, Real Estate Agents Act 2008, and the Contract and Commercial Law Act 2017. Once accepted by the vendor, it forms the basis of a binding sale and purchase agreement.
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1. Parties: Identification of the purchaser(s) and vendor(s), including full legal names and addresses
2. Background: Context of the transaction and property being purchased
3. Definitions: Key terms used throughout the agreement, including property-specific terminology
4. Property Details: Full legal description of the property, including title references and physical address
5. Purchase Price: The agreed purchase price and payment terms, including deposit details
6. Settlement: Settlement date, time, and process requirements
7. Title and Transfer: Conditions regarding title transfer and registration
8. Warranties and Undertakings: Standard warranties from both parties regarding the property and transaction
9. Due Diligence: Buyer's rights and timeframes for property investigation
10. Default: Consequences of default by either party
11. General Terms: Standard contract terms including notices, amendments, and governing law
12. Execution: Signing provisions and date of agreement
1. Chattels: List and conditions of moveable items included in the sale, used when specific items are being 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. Building Report Condition: Specific terms regarding building inspection requirements, used when buyer requires building inspection
5. Finance Condition: Terms regarding buyer's finance approval, included when purchase is subject to finance
6. Overseas Investment Condition: Required when purchaser is an overseas person under the Overseas Investment Act
7. Body Corporate: Specific terms for unit title properties, required for apartment/unit purchases
8. Development Provisions: Used when property has future development potential or restrictions
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
3. Schedule 3 - Special Conditions: Any special conditions agreed between the parties
4. Schedule 4 - Warranties: Detailed vendor warranties about the property
5. Appendix A - LIM Report: Land Information Memorandum report details and conditions
6. Appendix B - Title Documents: Copies of relevant title documents and encumbrances
7. Appendix C - Property Inspection Report: Building inspection report requirements and conditions
8. Appendix D - Tenancy Information: Details of existing tenancies including agreements and rent records
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