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New Build Purchase Agreement

New Build Purchase Agreement Template for New Zealand

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Key Requirements PROMPT example:

New Build Purchase Agreement

"I need a New Build Purchase Agreement for a residential property in Auckland, New Zealand, with completion scheduled for March 2025, including specific provisions for sustainable building materials and solar panel installation."

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Document background
The New Build Purchase Agreement is a crucial document used in New Zealand property development transactions where a property is being constructed for a specific purchaser. This agreement combines elements of both a construction contract and a property purchase agreement, ensuring compliance with New Zealand building regulations, property law, and consumer protection requirements. It is typically used when a purchaser commits to buying a property before or during its construction phase, whether for residential or commercial purposes. The agreement includes detailed specifications for the building work, payment structures, completion timeframes, and warranty provisions. It must comply with various New Zealand legislation including the Building Act 2004, Property Law Act 2007, and Construction Contracts Act 2002. The document provides essential protection for both the developer/builder and the purchaser throughout the construction and property transfer process.
Suggested Sections

1. Parties: Identification and details of the vendor/builder and purchaser

2. Background: Context of the agreement, including property details and construction intention

3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpretation

4. Agreement to Build and Purchase: Core obligations of the parties regarding construction and purchase

5. Purchase Price and Payment Terms: Total purchase price, deposit requirements, and payment schedule

6. Construction Obligations: Builder's obligations regarding construction, timeframes, and standards

7. Variations: Process for requesting and implementing changes to specifications

8. Inspections and Access: Purchaser's rights to inspect during construction and builder's obligations

9. Practical Completion: Definition, process, and requirements for achieving practical completion

10. Title and Settlement: Requirements for title transfer and final settlement

11. Warranties and Guarantees: Builder's warranties and guarantees for the construction work

12. Default and Remedies: Consequences of default and available remedies for both parties

13. Dispute Resolution: Process for resolving disputes between parties

14. General Provisions: Standard contract clauses including notices, assignment, and governing law

Optional Sections

1. Staged Payments: Detailed payment structure for staged construction - used when progress payments are required

2. Finance Condition: Conditions relating to purchaser obtaining finance - used when purchaser requires mortgage funding

3. Resource Consent Conditions: Special conditions relating to obtaining necessary consents - used when consents are not yet obtained

4. Sunset Clause: Long-stop date for completion - used for protection in case of extended delays

5. Third Party Rights: Rights of third parties (e.g., guarantors) - used when third parties are involved

6. Development Conditions: Specific conditions for larger developments - used in multi-unit or subdivision scenarios

7. Maintenance Period: Post-completion maintenance obligations - used when extended maintenance is agreed

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the land and title details

2. Schedule 2 - Plans and Specifications: Architectural plans, engineering drawings, and detailed specifications

3. Schedule 3 - Inclusions and Exclusions: Detailed list of included and excluded items in the build

4. Schedule 4 - Payment Schedule: Detailed breakdown of payment stages and amounts

5. Schedule 5 - Timeframes: Construction timeline and key milestone dates

6. Schedule 6 - Warranties: Detailed warranty terms and conditions

7. Appendix A - Material Specifications: Detailed specifications of materials to be used

8. Appendix B - Fixtures and Fittings: Specifications for all fixtures and fittings

9. Appendix C - Consents and Permits: Copies of relevant consents and permits

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
Relevant legal definitions


















































Clauses











































Relevant Industries

Real Estate

Construction

Property Development

Residential Property

Commercial Property

Legal Services

Banking and Finance

Architecture and Design

Relevant Teams

Legal

Property Development

Construction

Sales

Compliance

Finance

Project Management

Real Estate

Design

Quality Assurance

Relevant Roles

Property Developer

Construction Manager

Project Manager

Real Estate Agent

Property Lawyer

Contract Manager

Development Manager

Quantity Surveyor

Building Inspector

Architect

Sales Manager

Commercial Director

Legal Counsel

Finance Manager

Compliance Officer

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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