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 timelines. It is crucial for both buyers and sellers to get legal advice before signing this document.
The agreement becomes unconditional once all conditions are met, locking in the sale. Common buyer conditions include:
- Securing finance
- A satisfactory building report
- A LIM report
Failing to meet a condition can cancel the deal, but defaulting on an unconditional agreement risks major financial penalties.
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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