The Option To Purchase Agreement is a crucial legal instrument in New Zealand property transactions, providing a potential purchaser with the exclusive right to buy a property while allowing time for due diligence, financing arrangements, or other contingencies. This document is particularly valuable in commercial property transactions, development projects, or situations where parties need time to finalize arrangements before committing to a full purchase. The agreement must comply with New Zealand property law requirements, including the Property Law Act 2007 and Land Transfer Act 2017, and typically includes detailed provisions about the option period, purchase price, exercise mechanisms, and any conditions that must be met. It offers protection to both the property owner and the potential purchaser by clearly defining their rights and obligations during the option period.
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1. Parties: Identifies and provides full details of the option grantor (seller) and option holder (potential purchaser)
2. Background: Sets out the context of the agreement, including brief description of the property and parties' intention to enter into an option arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpretation
4. Grant of Option: Specifies the formal grant of the option to purchase and its basic terms
5. Option Period: Defines the duration for which the option is valid and can be exercised
6. Option Fee: Specifies the amount payable for the option and whether it's refundable or applied to the purchase price
7. Exercise of Option: Details the process and requirements for exercising the option, including notice requirements
8. Purchase Price: States the agreed purchase price for the property if the option is exercised
9. Property Details: Provides comprehensive details of the property subject to the option
10. Conditions: Sets out any conditions that must be satisfied before or upon exercise of the option
11. Default and Termination: Specifies circumstances of default and consequences, including termination rights
12. General Provisions: Contains standard contract clauses including notices, entire agreement, governing law, etc.
13. Execution: Formal signing section including witness requirements
1. Deposit Requirements: Used when a deposit is required upon exercise of the option, detailing amount and payment terms
2. Due Diligence: Included when the option holder is granted rights to conduct property investigations during the option period
3. GST Provisions: Required when either party is GST-registered or the transaction may have GST implications
4. Tenant Provisions: Included when the property is tenanted, addressing tenant rights and obligations
5. Property Maintenance: Used when specific obligations regarding property maintenance during the option period need to be addressed
6. Overseas Investment: Required when the option holder is or may be an overseas person under the Overseas Investment Act
7. Real Estate Agent: Included when a real estate agent is involved in the transaction
8. Assignment Rights: Used when either party wishes to have the right to assign the option
1. Property Schedule: Detailed description of the property including title references, boundaries, and improvements
2. Option Exercise Notice: Template notice for exercising the option
3. Purchase Price Calculation: Details of how the purchase price is calculated if there are variables or adjustments
4. Due Diligence Requirements: List of due diligence materials to be provided and requirements for investigations
5. Permitted Encumbrances: List of permitted encumbrances that will remain on the title
6. Special Conditions: Any special conditions or requirements specific to the property or transaction
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Agricultural Land
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Investment
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Real Estate Agent
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