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Particulars and conditions of sale of real estate by - Foss Shanahan

Particulars and conditions of sale of real estate by - Foss Shanahan 2025

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The document outlines the conditions and particulars for the auction sale of a property located at 125 Prices Valley Road, Prices Valley, Canterbury. It includes details about the amalgamation of Lot 2 with Lot 1, the auction process, terms of sale, vendor and purchaser obligations, GST implications, and various legal provisions related to property transactions in New Zealand.

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Who governs real estate contracts?

The purchase or sale of real property is governed by both common law (judge-made law) and state and federal statutes (enacted by state legislatures or Congress). As a result, the requirements for a valid and enforceable purchase agreement vary from state to state.

Does common law govern real estate contracts?

Contract law is governed by the common law and the Uniform Commercial Code UCC. Common law governs contractual transactions with real estate, services, insurance, intangible assets and employment. UCC governs contractual transactions with goods and tangible objects (such as a purchase of a car).

Are real estate transactions are always governed by Article 2 of the UCC?

The UCC does not apply to any transaction to buy or sell the real estate itself. More importantly, Article 2 does not cover any service contract like an employment contract for a salesperson. [7] The UCC also does not apply if labor is a significant part of a contract.

Who are contracts governed by?

Contracts are mainly governed by state statutory and common (judge-made) law and private law (i.e. the private agreement). Private law principally includes the terms of the agreement between the parties who are exchanging promises. This private law may override many of the rules otherwise established by state law.