Hanley’s Farm (the “development”) is located on a 3-kilometre stretch of land situated between Lake Wakatipu, Deer Park Heights and The Remarkables. Accessed by State Highway 6, Hanley’s Farm is 10 minutes from Frankton. Next door, is residential development and golf course Jack’s Point which also has a retail precinct on the way.
The development is being be sold in stages and from what we understand there will be in excess of 1200 lots once complete. On the sales day for each release, prospective purchaser(s)’ will be required to sign an Agreement for Sale and Purchase (the “agreement”) that is unconditional (subject to paragraph 3 below) from the purchaser(s)’ perspective. Therefore, sound legal advice is needed before signing.
TERMS OF THE AGREEMENT
A summary of the terms of the agreement can be found on our resources page or by clicking here.
A number of the conditions are standard clauses for this type of development. The exceptions that we highlight are those we have noted in bold print in the summary.
We stress that this is purely a summary of the specific terms of the agreement, design controls and covenants. Purchasers should read the agreements in full as, upon signing, it will constitute an unconditional and binding agreement.
TODD & WALKER Law regularly act for clients who are purchasing properties in subdivisions and developments in the Queenstown Lakes Region, so we are familiar with the various complexities involved. Find out more information about how our team can help and our services.
- For those Purchasers relying on Kiwisaver to pay their deposit it can take up to 10 working days to process an application. An application must contain all the required documentation which includes a signed agreement. Therefore, if a Purchaser is relying on Kiwisaver to pay their deposit there is the possibility that the application will not be processed within the time the deposit becomes due, and the Vendor may have the right to cancel the agreement.
- Generally, a pre-approved home loan from a bank is valid for three months. Therefore, it is important to be aware that some banks are unlikely to grant pre-approvals because title may not pass for up to three years.
Should you have any queries concerning the terms of the agreement you should not hesitate to contact us as follows: