Buying guide
Understanding a Sale & Purchase Agreement in NZ
You can’t buy or sell a house in NZ without both parties signing a sale and purchase agreement.
AI summary
A Sale & Purchase Agreement is the legally binding contract for any NZ property transaction, outlining all terms, conditions, and key dates for the buyer and seller.
It is critical to get legal advice before signing. An agreement is often conditional on factors like securing finance or a satisfactory building report. Once all conditions are met, the agreement becomes unconditional.
This legally commits both parties to completing the sale on the settlement date, with significant financial penalties for defaulting on an unconditional agreement.
What is a sale and purchase agreement?
Before you sign a sale and purchase agreement, make sure you have all these things checked.
What does a sale and purchase agreement include?
Both buyers and sellers can add conditions to a sale and purchase agreement.
Conditional vs. unconditional agreements
Checking your pre-settlement obligations
What if you can’t meet the conditions?
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