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 and Purchase Agreement is the legally binding contract for any NZ property transaction. It outlines all terms, including price, deposit, and key dates for settlement. It is essential to get legal advice before signing.
Agreements are often conditional, allowing time for checks like securing finance or a building report. Once conditions are met, the agreement becomes unconditional, legally committing both parties to the sale. Failing to settle can result in significant 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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