Company Clauses
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Arizto App Clauses
The following clauses are the clauses already inside the Arizto App
Access Prior to Settlement
The Vendor agrees to allow the Purchaser access to the property from the Unconditional date and prior to the Settlement date for the purpose of showing prospective tenants and/or renovation work to the property. The Purchaser agrees not to make any structural changes to the property and warrants that they will not tenant or inhabit the property prior to the Settlement date. If the property is currently tenanted, the Purchaser agrees to provide the tenants with the required notice period for access. The Purchaser shall only be granted access once the deposit has been paid.
Building Insurance
This agreement is conditional upon the purchaser arranging building insurance in respect of the building(s) and any other improvements on the property on terms and conditions satisfactory to the purchaser within {working_days} from the date of this agreement. The parties agree, the terms and conditions are deemed satisfactory to the purchaser and that this condition is deemed to be satisfied if insurance is available to the purchaser on terms and conditions that are no less favourable as is currently maintained by the Vendor(s) in respect of the property, and irrespective of any difference in the terms and conditions that are minor and non-material.
Cancellation of Prior Agreement (Back Up Agreement)
This agreement is conditional on the cancellation of the prior agreement referred to below ("Prior Agreement").
The vendor must not (without obtaining the prior written consent of the purchaser):
(a) extend any of the conditional dates in the Prior Agreement; or
(b) waive any right of the vendor to cancel the Prior Agreement.
The vendor must cancel the Prior Agreement as soon as the vendor is lawfully entitled to do so.
The Prior Agreement is an agreement for the sale of the property by the vendor to {under_contract_purchaser_names} dated {under_contract_agreement_date}.
Covid Settlement Clause
In the event of the COVID-19 Alert Level being increased to Alert Level 4, or an Alert Level which restricts personal movement to the extent that the Purchaser is not able access the Property at the date scheduled for settlement, the Settlement Date shall be deferred to the 10th working day after the reduction of the COVID-19 Alert Level to such an Alert Level at which the Purchaser is able to access and take possession of the Property.
Electrical Report
This agreement is conditional on the purchaser obtaining and being satisfied with the contents of an electrical report for the property. If the report does not meet the purchasers satisfaction, then the purchaser shall serve notice to the vendor that the agreement is at an end. This clause is inserted for the sole benefit of the purchaser.
Independent and/or Specialist Advice
The Purchaser(s) acknowledges that the agent has recommended prior to the contract becoming unconditional, they should consider independent legal, building, or specialist advice in relation to the property, including but not limited to the ordering of LIM Report, Building Report, and confirmation that the property can be insured.
Meth Testing/Drug residue
This agreement Is conditional upon the Purchaser being satisfied that the property has not been contaminated with the abuse or production of narcotics, including (without limitation) the production or abuse of methamphetamines on or before {date_or_workingdays}. This condition is inserted for the sole benefit of the purchaser.
Purchasers Solicitors Approval
This agreement is conditional upon the approval in all respects of the lawyer for the Purchaser who may take into account the commercial and conveyancing aspects of this agreement and any other matters which the lawyer considers are relevant. The lawyer is entitled in his or her absolute discretion to give or withhold approval. This condition has been inserted for the benefit of the Purchaser and is to be satisfied by {date_or_workingdays}.
Vendors Solicitors Approval
This agreement is conditional upon the approval in all respects of the lawyer for the Vendor who may take into account the commercial and conveyancing aspects of this agreement and any other matters which the lawyer considers are relevant. The lawyer is entitled in his or her absolute discretion to give or withhold approval. This condition has been inserted for the benefit of the Vendor and is to be satisfied by {date_or_workingdays}.
Due Diligence
This agreement is conditional upon the purchaser being satisfied with the results of a due diligence investigation of the property and the purchaser\'s intended development of it on or before {date_or_workingdays}.
Earthquake Insurance
This agreement is conditional upon the solicitors for each of the purchaser(s) and vendor(s) agreeing, not later than 4pm on the day that is {working_days} after the date of this agreement, on the terms upon which insurance claim(s)(including Earthquake Commission claim(s)) relating to the property are to be dealt with.
Escape Clause
If before this agreement becomes unconditional the vendor receives an acceptable offer from a third party to purchase the property, then the vendor may serve on the purchaser a notice requiring the purchaser to advise within {working_days} after service of the notice whether all conditions for the benefit of the purchaser have been satisfied or waived and whether the requisition procedure in clause 6.0 of the General Terms of Sale has been completed to the purchaser\'s satisfaction. If the purchaser does not notify the vendor within the period set out above that the above matters have all been satisfied and that this agreement is accordingly unconditional, then this agreement will immediately terminate.
NZRET Deposit Clause
The Vendor and Purchaser agree that the deposit payable under this Agreement will be lodged with Public Trust, to be held on behalf of the Vendor and the Purchaser. NZ Real Estate Trust is an independent third party trust account service provided by SafeKiwi (New Zealand) Limited. Safe Kiwi (New Zealand) Limited acts as a stakeholder in respect of the deposits paid into NZ Real Estate Trust. Interest earned on the deposit whilst it is held by Public Trust is payable to SafeKiwi (New Zealand) Limited. Terms of use can be viewed at www.realestatetrust.co.nz/termsofuse
Pre-Contract Disclosure Statement
The Vendor agrees to provide the signed Pre-Contract Disclosure Statement to the Purchaser or the Purchaser\'s Solicitor on or before {date_or_workingdays}.
Registered Valuation
This agreement is conditional upon the purchaser being satisfied with a Registered Valuation Report on the property on or before {date_or_workingdays}. This condition is inserted for the sole benefit of the purchaser.
Sale of Purchaser's Property
This agreement is conditional upon the purchaser obtaining an unconditional agreement for the sale of the purchaser\'s property situated at {purchasers_property_address} on terms and conditions acceptable to the purchaser by {date}. This condition is inserted for the sole benefit of the purchaser.
Vendors warrant they are not GST Registered
The vendors warrant that they are not registered for GST as at the date of this agreement and that they will not be registered for GST at settlement. If the vendor is in breach of this warranty at settlement, then the purchase price shall be divided by 1.15. Further if, in consideration for the vendor agreeing to sell the property to the purchaser, it transpires after settlement that the vendor is GST registered and the purchaser has already settled, then the person or persons signing, agree that they are liable in their personal capacity for any GST claim denied to the purchaser, as a result of deemed zero rating by IRD on the transaction to the purchaser, resulting from the vendor misrepresenting their GST registration status under the agreement.
Other Common Clauses
The following clauses are NOT already in the Arizto App but may come in useful
Approval of Vendor’s Title
The purchaser accepts the vendors title and warrants not to object or requisition the vendor in respect as to title. This clause replaces clause 6.2 (1)
Non Specific Due Diligence
This agreement is conditional upon the purchaser completing any and all due diligence that they see fit on the property. This may include but not be limited to Finance, LIM, Building Inspection, Insurance. This condition will need to be satisfied on or before the tenth (10) working day from the date of this agreement. If the purchaser wishes to cancel the agreement based on their own due diligence, they will not be required to give reason for cancellation. This clause is inserted for the sole benefit of the purchaser.
Amendment to Start of Conditional Period for Specific Clauses
In relation to the purchaser's conditions to Finance, LIM, Building Report and Building Insurance, the confirmation date for these clauses will be 10 working days from the satisfaction of clause xx.0 (Name of the other Clause).
Disclosure of Licensee Benefits
The purchaser acknowledges that the licensee or a related person to the licensee as laid out in s.137 of the Real Estate Agents Act 2008 is the vendor of/has an interest in the property. The purchaser confirms they have sighted and signed the in house disclosure form explaining the licensee benefits/ownership and have had the opportunity to seek legal advice prior to signing
Change Deposit to Vendors Solicitors Trust Account
Variation to Deposit Clause 21.0
The deposit noted on the front page of this agreement will be paid to the vendor’s lawyers trust account and the vendor’s lawyer will hold the deposit as stakeholder until settlement. The deposit will be refunded to the purchaser if the sale does not settle and the agreement is cancelled save in the event of a default by the purchaser. This clause hereby replaces clause 21 and overrides the front page of the agreement.
Early Release of Deposit
The Purchaser(s) Acknowledges that the Vendor is seeking an early release of the deposit for the purchase of their next property. Upon the unconditional date, the Vendor's Solicitor (through the Vendor's Agent) will request early release of the deposit to the Purchaser's Solicitor. The Purchaser agrees that they will authorise this early release via instruction to their respective solicitor.
Access to Complete Due Diligence
The purchaser must be given all reasonable access to the property to complete their own due diligence on the property. This access must be given without impacting any current tenancy in place, or any other legal possession of the property. During the due diligence checks on the property, the purchaser warrants not to cause any damage or impact the property in any way. In doing so, the purchaser will be required to compensate the vendor for any damage caused.
Offer Deadline
This agreement is valid until 5pm [INSERT DATE]. If the purchaser/vendor [DELETE ONE] has not been informed of the outcome of this offer by the date and time stated in this clause, this offer will hereby be cancelled. This clause is inserted for the sole benefit of the purchaser/vendor [DELETE ONE].
Parties Acknowledgement of Earthquake Claims
The Vendor and Purchaser acknowledge that the property has sustained land and/or building damage resulting from the Kaikoura Earthquakes from 14 November 2016 onwards (“the damage”).
The vendor has lodged claims with the Earthquake Commission (“the EQC”) in respect of the damage and may have lodged a claim with its own insurer (“the Private Insurer”), including under claim number(s):
Claim Number:
Claim Number:
Claim Number:
In respect of the Claims the parties acknowledge as follows:
(a) That if the Vendor has cash settled the Claims and the repair works are uncompleted, the Vendor and Purchaser agree that on settlement the Vendor will retain all settlement monies paid in relation to the Claims (which monies shall be the sole and separate Property of the Vendor) and no funds will be credited to the Purchaser upon settlement;
(b) In consideration of the settlement of the purchase of the Property by the Purchaser, the Vendor as from the settlement date assigns to the Purchaser the Vendor’s residual rights, interest and title to the Claims together with any future proceeds under the Claims and agrees to execute a Deed of Assignment recording the said assignment in a form prepared by the Purchaser’s solicitor (and being subject to the reasonable approval of the Vendor’s solicitor);
(c) Prior to settlement the Vendor must provide all information reasonably required by the Purchaser in relation to the Claims and co-operate with the Purchaser in dealing with any representative of the EQC or the Private Insurer.
Standard Disclaimer
This document has been supplied to Arizto Limited (the Agency) by the vendor or a third party and is merely passing this information over. The Agency has not verified the information nor warrants its accuracy. The Agency is hereby indemnified of any errors in the document and will not be held accountable for any persons who rely on this document to complete their own due diligence. We recommend you seek your own independent legal and/or technical advice.