NZ SALE & PURCHASE AGREEMENT WHEN BUYING

About The Sale And Purchase Agreement Buyers

A sale and purchase agreement is a legally binding contract between a buyer and a seller. It sets out all the details, terms and conditions of the sale.

It includes things such as the price, any chattels being sold with the home, whether the buyer needs to sell another property first and the settlement date.

LEGAL ADVICE KEY TO NZ SALE AND PURCHASE AGREEMENT PROCESS

While it’s important to engage a lawyer or conveyancer early in your house hunting journey, they are particularly key when it comes to the sale and purchase agreement. The Real Estate Authority strongly recommends you don’t sign anything before speaking with your lawyer or conveyancer.

New Zealand Sale and Purchase Agreement Buying

Your sale and purchase agreement to buy should include:

RESIDENTIAL PROPERTY SALE AND PURCHASE AGREEMENT GUIDE

The licensed real estate agent or salesperson handling the sale will provide both the buyer and the vendor with a copy of the New Zealand Residential Property Sale and Purchase Agreement Guide.

This guide explains the sale and purchase agreement, what happens after you have signed the contract and what to do if you have a problem. If the property is being sold privately, it’s still recommended that you read the guide.

Including conditions in your sale and purchase agreement

Before you submit an offer, talk to your lawyer or conveyancer about any conditions that should be included in the sale and purchase agreement.

You can submit an unconditional offer, which means there are no specific conditions to be fulfilled, or you can include one or more conditions.

See Wise Up NZ's Buying a House Checklist which has all the most important advice from multiple organisations centralised in one place.

Some common conditions in an NZ Sales and Purchase Agreement include:

What Happens after both parties have signed the agreement?

The Sale And Purchase Agreement For Buyers

If the agreement includes conditions

Both parties will now work through these until the agreement is unconditional. These must be met by a specific date. Once all the conditions set out in the agreement have been met, you must complete the purchase of the property.

The buyer will pay the deposit

Depending on what the agreement says, you may pay the deposit when you sign the agreement or when the agreement becomes unconditional.

Payment of a commission

The seller will pay the real estate agent or salesperson for their services. The agent cannot ask you to pay for their services if they have been hired by the seller.

Paying the rest

On settlement day, you’ll pay the balance of the purchase price, usually through your lawyer or conveyancer.

Make an Enquiry

Wise Up NZ Awarded Most Reputable Property Advice Hub NZ 2021

Page updated April 18, 2023 by Trish Willis | Member of Property Institute of NZ (IPAC)

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