Document background
The Real Estate Memorandum (Real Estate) is a fundamental document in New Zealand property transactions, designed to capture and formalize the agreed terms between parties involved in property transfers. This document is typically prepared following initial negotiations and before the final sale and purchase agreement is executed. It serves as a comprehensive record of the transaction's key elements, including property details, price, settlement terms, and conditions precedent. The memorandum must comply with New Zealand's property law framework, including the Property Law Act 2007, Land Transfer Act 2017, and relevant real estate regulations. It is particularly important in complex property transactions where detailed terms need to be documented and agreed upon before proceeding to formal contracts. The document provides a crucial reference point for all parties and their advisors throughout the transaction process.
