The Offer To Purchase Real Estate Form is a crucial document in New Zealand's property transaction process, serving as the initial step in formalizing a property purchase. This document is used when a prospective buyer wishes to make a formal offer on a property, whether residential or commercial. It must comply with New Zealand property law requirements and typically includes detailed information about the property, proposed purchase price, settlement terms, conditions precedent, and any special conditions specific to the transaction. The form is designed to protect both parties' interests and ensure transparency in the transaction process. Once accepted by the vendor, it becomes legally binding subject to any conditions being satisfied. The document needs to align with the Property Law Act 2007, Real Estate Agents Act 2008, and other relevant New Zealand legislation, making it an essential tool in property transactions.
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1. Parties: Identification of the purchaser making the offer and the property owner (vendor)
2. Property Details: Full legal description of the property, including certificate of title details, street address, and land area
3. Purchase Price: The offered purchase price in numbers and words, including GST status if applicable
4. Deposit: Amount, payment timing, and handling of the deposit
5. Settlement Date: Proposed date for completing the transaction and transferring ownership
6. Conditions: Standard conditions that must be met before the agreement becomes unconditional
7. Due Diligence: Terms for property inspection, title review, and other investigations
8. Warranties: Standard warranties from the vendor regarding the property's status
9. Default: Consequences and remedies if either party fails to meet their obligations
10. Signing and Acceptance: Execution provisions and timeframe for vendor's acceptance
1. Chattels: Detailed list of moveable items included/excluded in the sale, used when specific items need to be clearly identified
2. Tenancy Details: Information about existing tenancies, required when the property is sold with tenants in place
3. GST Provisions: Additional GST-related terms, required when the transaction involves GST-registered parties or commercial property
4. Building Report Condition: Specific terms for obtaining and acting on a building inspection report
5. Finance Condition: Terms relating to the purchaser obtaining financing, used when offer is subject to finance
6. Sale of Purchaser's Property: Conditions relating to the sale of purchaser's existing property, used when offer is conditional on another sale
7. Body Corporate: Specific provisions for unit titles/apartments, required for properties under body corporate management
1. Property Inspection Report: Details of any pre-offer property inspections or conditions noted during viewing
2. Chattels List: Comprehensive inventory of all chattels included or excluded from the sale
3. LIM Report: Land Information Memorandum details if already obtained
4. Title Documents: Copy of certificate of title and relevant registered documents
5. Rental Schedule: Details of current rental income and tenancy terms if property is tenanted
6. Property Disclosure Statement: Vendor's declarations about known issues or defects
7. Proof of Deposit Funds: Evidence of purchaser's ability to pay the deposit
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Commercial Property
Property Development
Banking and Finance
Legal Services
Property Management
Construction and Building Inspection
Relevant Teams
Legal
Real Estate
Property Management
Conveyancing
Compliance
Sales
Finance
Risk Management
Operations
Business Development
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Specialist
Property Manager
Real Estate Broker
Mortgage Broker
Legal Counsel
Property Development Manager
Real Estate Transaction Coordinator
Settlement Officer
Compliance Officer
Property Valuer
Real Estate Partner
Property Consultant
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