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Real Estate Sales Contract

Real Estate Sales Contract Template for New Zealand

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Key Requirements PROMPT example:

Real Estate Sales Contract

"I need a Real Estate Sales Contract for a residential property in Auckland that's currently tenanted, with settlement planned for March 2025 and including provisions for the existing tenancy to continue under the new ownership."

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Document background
The Real Estate Sales Contract is a fundamental legal document used in New Zealand property transactions to formalize the agreement between a vendor (seller) and purchaser (buyer) of real estate. This document is essential for any property sale in New Zealand, whether residential, commercial, or industrial. It incorporates requirements from key legislation including the Property Law Act 2007, Land Transfer Act 2017, and Real Estate Agents Act 2008. The contract typically includes critical information such as property details, purchase price, settlement terms, conditions of sale, and warranties. It may also address specific New Zealand requirements such as overseas investment considerations, GST implications, and compliance with local council regulations. The document serves as the primary reference point for all parties involved in the transaction, including legal professionals, real estate agents, and financial institutions.
Suggested Sections

1. Parties: Identification of the vendor(s) and purchaser(s) with full legal names and addresses

2. Background: Context of the sale and brief property description

3. Definitions and Interpretation: Defined terms used throughout the agreement and rules of interpretation

4. Property Details: Comprehensive legal description of the property including title details and boundaries

5. Purchase Price: Agreed purchase price, deposit amount, and payment terms

6. Settlement: Settlement date, time, and process including key obligations of both parties

7. Title and Transfer: Provisions regarding transfer of title and associated requirements

8. Property Inspection: Rights and process for property inspection before settlement

9. Vendor's Warranties: Warranties about the property's condition, title, and compliance with regulations

10. Purchaser's Warranties: Warranties regarding finance, ability to complete purchase, and compliance with regulations

11. Risk and Insurance: Allocation of risk and insurance requirements until settlement

12. Default: Consequences and remedies for default by either party

13. General Provisions: Standard contract clauses including notices, entire agreement, and governing law

Optional Sections

1. Chattels: Detailed provisions for moveable items included in the sale, used when specific chattels are part of the transaction

2. Tenancies: Provisions regarding existing tenancies, required when the property is sold with tenants in place

3. GST: GST-related provisions, required when the transaction is subject to GST

4. Overseas Investment Act Provisions: Additional clauses required when the purchaser is an overseas person under the OIA

5. Building Warranty: Specific warranties for newly constructed properties or recent renovations

6. Resource Consent Conditions: Special conditions relating to resource consents or planning requirements

7. Due Diligence Condition: Allows purchaser to conduct comprehensive due diligence, optional but common for commercial properties

8. Finance Condition: Makes the agreement conditional upon the purchaser obtaining satisfactory finance

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property description, including certificate of title reference and legal boundaries

2. Schedule 2 - Chattels List: Comprehensive list of all chattels included in the sale

3. Schedule 3 - Special Conditions: Any special conditions agreed between the parties

4. Schedule 4 - Warranties: Detailed vendor warranties about the property

5. Appendix A - Title Documents: Copy of certificate of title and relevant instruments

6. Appendix B - LIM Report: Land Information Memorandum report if obtained

7. Appendix C - Property Inspection Report: Building inspection report if obtained

8. Appendix D - Tenancy Agreements: Copies of current tenancy agreements if applicable

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

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Property Investment

Residential Housing

Commercial Property

Agricultural Real Estate

Retail Property

Industrial Property

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Finance

Operations

Business Development

Sales

Risk Management

Documentation

Settlement

Property Development

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Lawyer

Property Manager

Commercial Property Manager

Real Estate Partner

Property Development Manager

Legal Counsel

Compliance Officer

Real Estate Transaction Manager

Settlement Officer

Property Valuer

Real Estate Business Development Manager

Property Finance Manager

Real Estate Operations Manager

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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