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, detailing the price, deposit, chattels, and key dates. It is crucial for both buyers and sellers to get legal advice before signing.
Agreements are often conditional, allowing time for due diligence such as:
- Securing finance
- Obtaining a building report or LIM
Once all conditions are met, the agreement becomes unconditional, legally committing both parties to finalise the sale on the agreed settlement date.
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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