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Deed Of Redemption

Deed Of Redemption Template for New Zealand

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Key Requirements PROMPT example:

Deed Of Redemption

"I need a Deed of Redemption for my residential property in Auckland, where I'm paying off my mortgage from ANZ Bank early on March 15, 2025, and want to ensure all securities are properly released."

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Document background
The Deed of Redemption is a crucial document in New Zealand property and finance transactions, used when a borrower seeks to redeem a mortgage or security interest over property before its scheduled maturity. This document is particularly important in scenarios involving early loan repayment, refinancing, or property sales where existing securities need to be discharged. The deed must comply with New Zealand legislation, including the Property Law Act 2007 and the Land Transfer Act 2017, and typically includes details of the original security, property description, redemption amount, and release terms. It provides legal certainty to both parties regarding the discharge of the security interest and helps ensure smooth property transactions. The document is commonly used by financial institutions, property owners, and their legal representatives to formalize the agreement and process for removing a registered security interest from a property title.
Suggested Sections

1. Parties: Identifies the parties to the deed, including the mortgagor (borrower/property owner) and mortgagee (lender)

2. Background: Recitals setting out the existing mortgage or charge, its registration details, and the intention to redeem

3. Definitions: Defines key terms used throughout the deed

4. Redemption Sum: Specifies the exact amount required to redeem the mortgage, including any interest and fees

5. Payment Terms: Details of how and when the redemption sum will be paid

6. Release of Security: Confirms the discharge of the mortgage upon payment and the mortgagee's obligations to release security

7. Further Assurance: Obligations of parties to execute any additional documents necessary to give effect to the redemption

8. Costs: Specifies who bears the costs of preparing and registering the deed and discharge

9. Governing Law: Confirms New Zealand law governs the deed

10. Execution: Formal execution blocks for all parties, including witness requirements

Optional Sections

1. Partial Redemption: Required when only part of the secured property is being redeemed, specifying which portion remains subject to the mortgage

2. Conditions Precedent: Used when certain conditions must be met before the redemption can take effect

3. Release of Claims: Optional mutual releases of claims between the parties

4. GST Provisions: Required when the redemption involves GST considerations

5. Third Party Consents: Required when other parties' consents are needed for the redemption

6. Relationship Property Statement: Required when the property involves relationship property considerations

Suggested Schedules

1. Property Description: Detailed legal description of the property being redeemed, including title references

2. Existing Security Details: Details of the mortgage or charge being redeemed, including registration number and date

3. Redemption Amount Calculation: Detailed breakdown of the redemption sum, including principal, interest, and fees

4. Required Discharge Documents: List of documents required to effect the discharge of mortgage

5. Settlement Requirements: Specific requirements for settlement, including timing and payment details

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Banking & Finance

Real Estate

Legal Services

Property Development

Construction

Agricultural

Commercial Property

Residential Property

Investment & Fund Management

Relevant Teams

Legal

Property

Credit

Mortgage Services

Settlement

Compliance

Risk Management

Corporate Banking

Real Estate

Documentation

Relevant Roles

Property Lawyer

Banking & Finance Lawyer

Mortgage Broker

Property Manager

Bank Manager

Credit Manager

Legal Counsel

Conveyancing Manager

Settlement Officer

Compliance Officer

Real Estate Agent

Financial Advisor

Trust Manager

Property Developer

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