The Unit Sale Agreement is a specialized contract used in New Zealand for transactions involving unit title properties, such as apartments, townhouses, or commercial units. This document is essential when transferring ownership of units governed by the Unit Titles Act 2010 and must comply with specific legislative requirements including mandatory disclosure obligations. The agreement includes comprehensive details about the unit, common property rights, body corporate obligations, levies, and maintenance responsibilities. It is particularly important as unit title properties involve shared ownership elements and body corporate governance structures. The document serves both residential and commercial unit sales, incorporating necessary provisions for pre-settlement disclosure, settlement procedures, and post-settlement obligations. This agreement differs from standard property sale agreements due to its specific focus on unit title complexities and body corporate matters.
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1. Parties: Identification and details of the vendor and purchaser
2. Background: Context of the sale and brief description of the unit title property
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Agreement to Sell and Purchase: Core agreement terms including property description and purchase price
5. Payment Terms: Deposit and payment structure, including timing and method of payment
6. Pre-settlement Obligations: Obligations of both parties before settlement, including disclosure requirements under the Unit Titles Act
7. Unit Title Provisions: Specific provisions relating to unit title ownership, body corporate rules, and levies
8. Settlement and Possession: Settlement process, timing, and requirements for completion
9. Risk and Insurance: Assignment of risk and insurance requirements
10. Default: Consequences of default by either party
11. General Provisions: Standard contract clauses including notices, amendments, and governing law
1. GST Provisions: Required if either party is GST registered or if the unit is commercial
2. Tenant Provisions: Required if the unit is currently tenanted
3. Development or Renovation Provisions: Required if there are pending body corporate repairs or developments
4. Mortgage Terms: Required if there is vendor financing involved
5. Chattels: Detailed provisions about included/excluded chattels if significant items are involved
6. Conditional Terms: Special conditions such as finance, due diligence, or body corporate approval
7. Property Inspection: Specific terms regarding building inspection rights and requirements
1. Property Details Schedule: Detailed description of the unit, including unit plan number, accessories, and allocated parking
2. Pre-settlement Disclosure Statement: Mandatory disclosure information required under the Unit Titles Act
3. Additional Disclosure Statement: If requested by purchaser under Section 148 of the Unit Titles Act
4. Chattels Schedule: List of chattels included/excluded in the sale
5. Body Corporate Rules: Current body corporate operational rules
6. Unit Plan: Copy of the relevant unit plan showing the unit and common areas
7. Outstanding Works Schedule: Details of any pending body corporate works or maintenance
8. Settlement Schedule: Detailed breakdown of settlement figures and adjustments
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Property Management
Legal Services
Banking and Finance
Construction
Residential Property
Commercial Property
Property Investment
Relevant Teams
Legal
Real Estate
Property Management
Conveyancing
Sales
Settlements
Commercial Property
Residential Property
Compliance
Documentation
Relevant Roles
Property Lawyer
Real Estate Agent
Property Manager
Body Corporate Manager
Conveyancing Specialist
Property Development Manager
Legal Counsel
Settlement Officer
Real Estate Transaction Coordinator
Property Investment Advisor
Unit Title Specialist
Commercial Property Manager
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