The Property Option Agreement is a crucial document in New Zealand real estate transactions where a potential purchaser needs to secure the right to buy a property while completing preliminary requirements or arrangements. This type of agreement is commonly used in both commercial and residential property transactions, particularly in development projects or complex property acquisitions. The Option Agreement Property document includes specific provisions required under New Zealand law, including compliance with the Property Law Act 2007 and related legislation. It typically specifies the option fee, exercise period, purchase price determination, and any conditions that must be met before the option can be exercised. This agreement is particularly valuable when buyers need time for due diligence, resource consent applications, or financing arrangements, while providing sellers with compensation for keeping the property off the market during the option period.
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1. Parties: Identification of the Option Grantor (property owner) and Option Holder (potential purchaser), including full legal names and addresses
2. Background: Context of the agreement, including brief description of the property and parties' intentions
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpretation
4. Grant of Option: Clear statement of the grant of the option and its exclusivity
5. Option Period: Specification of the duration of the option, including start and end dates
6. Option Fee: Details of the option fee, payment terms, and whether it's refundable or applied to purchase price
7. Exercise of Option: Process and requirements for exercising the option, including notice requirements
8. Purchase Price: Specification of the purchase price or mechanism for determining it
9. Property Details: Detailed description of the property subject to the option
10. Title and Ownership: Confirmation of the Grantor's ownership and any encumbrances
11. Default and Termination: Consequences of default and circumstances for termination
12. General Provisions: Standard contractual provisions including governing law, notices, and amendments
1. Due Diligence: Include when the Option Holder requires a due diligence period before exercise
2. Development Conditions: Include when the option is contingent on development approvals or zoning changes
3. Mortgage Finance: Include when the option exercise is subject to the Option Holder obtaining finance
4. GST Provisions: Include when either party is GST-registered or the transaction may have GST implications
5. Assignment Rights: Include when parties want to specifically address the ability to assign the option
6. Property Access: Include when the Option Holder needs access rights during the option period
7. Overseas Investment: Include when the Option Holder is an overseas person under the Overseas Investment Act
1. Property Schedule: Detailed legal description of the property, including title references and encumbrances
2. Option Exercise Notice: Pro forma notice for exercising the option
3. Purchase Price Calculation: If applicable, detailed methodology for calculating the purchase price
4. Due Diligence Requirements: If applicable, specific requirements and checklist for due diligence
5. Special Conditions: Any special conditions or requirements specific to the property or transaction
6. Permitted Encumbrances: List of permitted encumbrances that will remain on the title
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