Deed Of Portion Sale

Deed Of Portion Sale Template for New Zealand

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Key Requirements PROMPT example:

"I need a Deed of Portion Sale for transferring a 500m2 section of my rural property in Canterbury, NZ to a neighboring farmer, with settlement planned for March 2025 and including easements for access and water rights."

Document background

The Deed of Portion Sale is a crucial legal instrument in New Zealand's property law framework, specifically designed for transactions involving the sale of part of a larger land holding. This document is typically used when a landowner wishes to sell a specific portion of their property while retaining the remainder. It must comply with New Zealand's Property Law Act 2007, Land Transfer Act 2017, and various local government regulations regarding land subdivision. The deed includes essential elements such as precise property descriptions, survey plans, easements, and conditions required for the subdivision and transfer of land. It's particularly important in development projects, rural land subdivisions, and urban property developments where partial land transfers are common. The document ensures that both parties' interests are protected and that the transaction meets all legal and regulatory requirements for property transfer in New Zealand.

Suggested Sections

1. Parties: Identifies and defines all parties to the deed, including the transferor (seller) and transferee (purchaser)

2. Background: Sets out the context of the transaction, including details of the main property and the portion to be sold

3. Definitions and Interpretation: Defines key terms used throughout the deed and establishes rules for interpretation

4. Agreement to Sell: The operative clause establishing the seller's agreement to sell and the purchaser's agreement to purchase the specified portion

5. Property Description: Detailed description of the portion being sold, including boundaries and measurements

6. Purchase Price: Specifies the purchase price and payment terms

7. Settlement and Possession: Details of settlement date, time, and process for giving possession

8. Title and Transfer: Provisions regarding title transfer and registration requirements

9. Vendor's Warranties: Warranties given by the vendor regarding the property and their authority to sell

10. Purchaser's Warranties: Warranties given by the purchaser, including capacity to purchase

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

12. Default: Consequences and remedies in case of default by either party

13. General Provisions: Standard legal provisions including notices, costs, and governing law

Optional Sections

1. GST Provisions: Required if the transaction is subject to GST

2. Easements: Required if new easements need to be created or existing easements affected

3. Subdivision Conditions: Required if the portion sale requires subdivision consent

4. Resource Consent Conditions: Required if specific resource consents are needed

5. Mortgagee Consent: Required if the main property is subject to a mortgage

6. Land Covenants: Required if new land covenants are to be registered

7. Development Conditions: Required if the portion is part of a development project

8. Rights of Way: Required if access rights need to be established

9. Service Easements: Required if utilities and services easements need to be created

Suggested Schedules

1. Schedule 1 - Property Details: Detailed legal description of the portion being sold, including reference to survey plan

2. Schedule 2 - Survey Plan: Survey plan showing the portion being sold and any easements or rights of way

3. Schedule 3 - Purchase Price Calculation: Breakdown of the purchase price including any adjustments

4. Schedule 4 - Special Conditions: Any special conditions specific to this transaction

5. Schedule 5 - Requisitions and Responses: Standard land transfer requisitions and responses

6. Appendix A - Land Information Memorandum: Copy of the LIM report for the property

7. Appendix B - Title Documents: Copy of relevant title documents and instruments

8. Appendix C - Consent Notices: Copies of any relevant consent notices or conditions

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Agriculture

Commercial Property

Residential Property

Legal Services

Banking and Finance

Local Government

Land Management

Relevant Teams

Legal

Property

Real Estate

Compliance

Development

Land Management

Conveyancing

Commercial

Risk Management

Operations

Relevant Roles

Property Lawyer

Real Estate Agent

Property Developer

Land Surveyor

Property Manager

Legal Counsel

Conveyancing Lawyer

Development Manager

Property Officer

Compliance Manager

Real Estate Manager

Land Development Manager

Property Consultant

Title Officer

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