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NZ Sale & Purchase (S&P) Agreement Walkthrough

Click through a New Zealand Sale and Purchase Agreement in plain English before you make an offer. See how contract deposits, KiwiSaver timing, finance conditions, and settlement dates actually work.

How Contract Timing Works: One Clock Finishes Before the Next Starts

Follow the 3 milestones below to see why your Finance Date and Settlement Countdown run end-to-end like a relay race.

Example: 10d + 20d = 30 Working Days
  1. 1
    Day 0 • Starting Line

    Conditional Offer Signed

    Both sides sign and the seller dates Page 1. Clock 1 starts ticking now. Hold off giving landlord notice while your offer is conditional.

  2. →
    Clock 1 • Days 1 to 10

    10 Working Days (Checks)

    You complete Finance, Builder's Report, LIM, and title checks (and start KiwiSaver paperwork early). Clock 2 is still paused at zero.

  3. 2
    Day 10 • The Baton Pass

    Unconditional Day!

    Your solicitor confirms in writing that all conditions are met. Your contract deposit is triggered (or 10-day KiwiSaver clause), and Clock 2 starts today.

  4. →
    Clock 2 • Days 11 to 30

    20 Working Days (To Keys)

    Now you can give landlord notice! You sign loan and KiwiSaver docs with your solicitor, lock in house insurance, and do your pre-settlement walk-through.

  5. 3
    Day 30 • Finish Line

    Settlement Day (Keys!)

    Your bank sends the home loan money to your solicitor, the balance of the price is paid, ownership transfers into your name, and you get the keys.

What buyers often assume (Parallel) ✕ Common Myth

Buyers often see "10 working days for finance" and "20 working days to settlement" and assume both clocks start together on signing day, leaving only 10 days after going unconditional.

How rolling settlement works (Relay) ✓ Matches Milestones 1, 2 & 3

When settlement is written as "20 working days after unconditional", Clock 2 stays paused at zero until Milestone 2 (Day 10): 10 + 20 = 30 working days total (~6 weeks).

Check whether Page 1 uses "Working Days" or a "Fixed Calendar Date": The 1 → 2 → 3 relay above applies when settlement is written as "X working days after the unconditional date" (handy if you are renting, because if Clock 1 gets extended by 5 working days to Day 15, Milestone 3 automatically shifts out to Day 35 too). If your contract instead lists a fixed calendar date like "Thursday 17 December", that end date stays put on the calendar unless your solicitor negotiates to move it. Always check your dates with your solicitor and mortgage adviser before signing.

Inside a NZ Sale & Purchase Agreement

Explore every section in plain English to see what it means and who to check with before signing.

16 Sections

Checking a real contract? Best viewed side-by-side on desktop

Open this page on a laptop or desktop monitor to explore the full 5-page visual agreement layout with follow-along notes, or tap through the complete 16-section mobile checklist below.

Tap any section below (or dotted words for definitions)
General educational guide: Always ask your NZ property solicitor and mortgage adviser to review your actual contract before signing. Hover over dotted terms for quick definitions.
Attached Before Page 1 • Real Estate Agency Pack Pre-Offer Disclosures

PRE-CONTRACT PROPERTY & AGENT DISCLOSURES

Provided by the listing agency before you sign an offer (Educational Illustration)

VENDOR & AGENT WRITTEN DISCLOSURES 1 • Must Send to Lender
1. Unconsented Works / Permits: Vendor advises downstairs laundry toilet was added ~2014 without council consent.
2. Weather-tightness & Roof History: No known active leaks; garage flashing repaired in 2022.
3. Previous EQC / Natural Hazard Claims: Minor 2016 cosmetic plaster claim settled ($4,200); documentation attached.
4. Boundaries, Shared Driveways & Multi-Offer Notice: Shared right-of-way maintenance split 50/50 with 42A Example St.
Purchaser Acknowledgement Initials: [ AJT ]Pre-Contract Disclosure Sheet
Educational Layout Simulation • Not an Official REINZ/ADLS Form Page 1

AGREEMENT FOR SALE AND PURCHASE OF REAL ESTATE

Illustrative Front Page Walkthrough

Initials on Front Page: [ AJT ] [ DWK / SJK ]Page 1
Standard Legal Clauses & Custom AdditionsPages 2-12 (Condensed onto 1 Page)
Initials: [ AJT ] [ DWK / SJK ]Pages 2-12
Attached Schedules • Included Items & Tax TablesPages 13-15

SCHEDULES TO AGREEMENT

Lists movable items staying with the home and commercial GST tables

Initials: [ AJT ] [ DWK / SJK ]Pages 13-15
Execution & Contact DirectoryPages 16-17

SIGNATURES & CONTACT DIRECTORY

Final execution blocks and full details for Vendor, Purchaser, Solicitors & Real Estate Agent

End of Agreement PackPages 16-17
Before Page 1: Agency Disclosures
Section 1 of 16Before Page 1 • Disclosures

Agent & Vendor Disclosures (Send These to Your Lender)

Examples on a Disclosure Sheet: 1. Unconsented works (e.g. downstairs laundry toilet added without consent) • 2. Past roof/flashing repairs • 3. Past EQC or hazard claims • 4. Shared-driveway rules & multi-offer notices.

Before you even get to Page 1 of the contract, the real estate agent will often give you a written disclosure sheet (or email) listing any known issues with the property. Under New Zealand real estate rules, agents have to tell buyers upfront about known defects like unconsented alterations, past leaks, old EQC or insurance payouts, or shared-driveway disputes.

Many buyers read this sheet, shrug, and forget to forward it on. Your bank and your insurance company need to see these disclosures too. Every bank requires full-replacement house insurance with no surprise exclusions before releasing your home loan. If an unconsented toilet, old roof leak, or hazard claim sits on a disclosure page and only comes out two days before settlement, your insurance or mortgage approval can stall at the worst possible moment.

✓ What you need to do here
  • Ask the agent upfront for all written vendor and agency disclosures (plus any multi-offer forms) before making an offer.
  • Email every disclosure sheet straight to both your solicitor and your mortgage adviser (so we can clear any quirks with your lender and insurer early).
Dealing With Real Estate Agents → HLF Signing Guide →
Page 1: Front Page Details & Conditions
Section 2 of 16Page 1 • Top Line

The Agreement Date

What's printed on Page 1: DATE: [ Leave blank until final party signs ]

When your contract uses working days for your conditions (such as having 10 working days to confirm finance and a building check), that countdown starts from the date written on this top line.

If you write Monday's date when you sign your offer, and the seller (vendor) takes until Thursday to accept and sign back, three working days of your check-up window could already be gone before you even get the signed agreement back.

✓ What you need to do here

Generally leave this blank for the vendor (or their agent) to complete once the final person signs and accepts the offer, then ask your solicitor to confirm your exact condition deadlines as soon as the dated copy comes back.

Section 3 of 16Page 1 • Parties

Vendor, Purchaser & "And/Or Nominee"

What's printed on Page 1: VENDOR: David & Sarah Kawiti • PURCHASER: Alex Jordan Taylor and/or nominee

This records the current legal owner selling the house (the Vendor) and you as the buyer (the Purchaser).

In the top-right corner of the Purchaser box you will spot the words and/or nominee. Leaving those words in simply keeps the door open: if your solicitor advises before settlement day to buy under a family trust or add a partner onto the title, you can nominate them without needing the seller's permission. If nothing changes, you just settle in your own name. (Note that you remain personally responsible for the contract even if you nominate someone else, and your bank must approve any change of borrower names.)

✓ What you need to do here

Add in your full legal name(s) as shown on your passport or NZ driver licence, and leave and/or nominee in (uncrossed), as there is generally no downside to keeping that option open. Always speak with your solicitor and mortgage adviser before nominating anyone else later.

Section 4 of 16Page 1 • Tax Strips

Vendor GST & Purchase Price Allocation (PPA)

What's printed on Page 1: Vendor registered under GST Act for this sale? No • Purchase price allocation (PPA) relevant? No

Right underneath your name sit two narrow tax boxes that look confusing at first glance, even though they rarely affect a normal home purchase:

1. Vendor GST: Everyday residential house sales between private homeowners do not have GST added on top, so "No" is normally circled here.

2. Purchase Price Allocation (PPA): A commercial tax rule used mainly on farms, commercial buildings, or mixed-use sales. On a standard home, both sides normally circle "No".

✓ What you need to do here

These are normally pre-marked "No" on standard residential homes. Ask your solicitor to double-check them before you sign (especially if buying from a property developer, buying lifestyle land, or buying short-stay accommodation).

Section 5 of 16Page 1 • Property

Street Address, Ownership Type & LINZ Title

What's printed on Page 1: Address: 42 Example St • Estate: FREEHOLD (or Cross-Lease / Stratum Unit Title / Leasehold) • Area: 512 m2 • Lot 2 DP 482910 • Record of Title: WN984/21

Every property in New Zealand is listed here in two ways: first is the everyday street address you know the home by (like 42 Example Street), and underneath is the technical legal label held by LINZ, Land Information New Zealand (like Lot 2 DP 482910 and the Record of Title number).

In the middle sits the ownership type (Estate): Freehold (standard ownership of house and land), Cross-Lease (shared land with neighbours), Stratum / Unit Title (apartments and townhouses with annual Body Corporate fees), or Leasehold. Banks apply different lending rules to each title type.

✓ What you need to do here

This box is generally pre-filled by the real estate agent from LINZ records, so you don't need to worry about filling it out yourself. Simply send the listing and Record of Title to your solicitor and mortgage adviser so they can verify the title type before you commit.

NZ Property Titles Explained → Body Corporate Fees Guide → Buying a Unit Title →
Section 6 of 16Page 1 • Deposit Trap

Purchase Price, Bank vs. Contract Deposit & KiwiSaver

What's printed on Page 1: Purchase price: $800,000.00 (Inclusive of GST, if any) • Deposit: $40,000.00 (check accessible cash vs 10-day KiwiSaver clause)

This is where your offer price goes (and where any back-and-forth price changes get crossed out and initialled). Before you write anything on the Deposit line underneath, stop and read the red Key Trap box below.

Key Trap Two Different "Deposits" & KiwiSaver Timing!
"Deposit" means two completely different things to your bank vs. the real estate agent, so we strongly recommend reading our full guide on The Two Deposits Trap before signing. Agents often write a 10% contract deposit out of habit, yet if your savings are inside KiwiSaver, you won't have 10% cash sitting in your bank account ready to transfer:
  • 10 to 15 working days: Pulling out a KiwiSaver first-home withdrawal takes roughly two to three weeks.
  • $1,000 stays behind: You must leave at least $1,000 in your KiwiSaver account.
  • Solicitor trust rules: KiwiSaver funds must go through your solicitor's trust account under a stakeholder clause, not straight to the agent.
1. Your Bank Deposit
Your total equity contribution toward the purchase (cash, gifts, and KiwiSaver) completed on settlement day.
2. Contract Deposit
An upfront slice of that same total deposit paid early to lock in the deal (which the printed form can require on signing unless amended).
✓ What you need to do here

Check the deposit amounts and due date with both your mortgage adviser and your solicitor before you sign. Your mortgage adviser will confirm how much accessible cash vs KiwiSaver you actually have available, so you can either put down an amount you hold in cash (as a dollar figure or a percentage) or ask your solicitor to add a clause allowing the deposit to be paid 10 working days after going unconditional to give your KiwiSaver time to clear.

Read: The Two Deposits Trap → Working Out What to Offer →
Section 7 of 16Page 1 • Settlement

Settlement Date (Fixed Date vs. Rolling Working Days)

What's printed on Page 1: Settlement date: 20 working days after unconditional date (or a fixed date) • Late settlement penalty rate: 14% p.a.

The settlement date is key-handover day, when your bank sends the loan funds to your solicitor and ownership transfers into your name. (Don't worry about the 14% p.a. printed in the corner: that is just the daily penalty rate if someone fails to settle on time, not your mortgage rate.)

A handy tip if you are renting: your settlement date does not have to be a fixed calendar date. It can be written as something like "20 working days after the unconditional date". Because those working days only start counting after you have met all your conditions and confirmed you are unconditional with your solicitor, you will still have time to give notice to your landlord even if your checks get pushed out.

✓ What you need to do here
  • Factor in how much notice you need to give your landlord, remembering that rolling working days start counting after your conditions are confirmed unconditional with your solicitor.
  • Check with your adviser to make sure the settlement date works for your situation, and confirm the wording with your solicitor before signing.
Section 8 of 16Page 1 • Conditions Left

The Finance Condition (And Valuation Question)

What's printed on Page 1: Finance required: Yes / No • Finance date: 10 working days

Notice how simple this box looks on modern agreements: it just asks Finance required: Yes/No and Finance date (you no longer have to name a specific bank on the front page). Even if you hold a written pre-approval, that pre-approval only covers you, not the specific house. Your bank still has to sign off on the property title, full-replacement insurance, and sometimes a Registered Panel Valuation.

Vital Safety Net Always Include a Finance Condition!
You should always select Yes for Finance unless both your mortgage adviser and your solicitor have given you written confirmation beforehand that you are cleared to remove the finance condition for that exact property. Also note that if you ever rely on a finance clause to cancel, the seller can ask for evidence that you took reasonable steps to apply for finance.

Should I add a separate clause for a valuation? Clients often ask whether they should put in a specific valuation clause on top of finance. If you need a valuation purely for your home loan, it is generally covered under your finance clause (since your bank won't approve unconditional finance until it is happy with the valuation), though you should always check with your solicitor.

✓ What you need to do here

Keep Yes selected for Finance unless you hold written sign-off from both your mortgage adviser and solicitor to waive it, ask your adviser how many working days to allow for the Finance date (commonly 10 to 15 working days if a valuation is needed), and check with your solicitor if you want a separate valuation clause.

Pre-Approval vs Unconditional → Registered Valuations Guide → Buying at Auction →
Section 9 of 16Page 1 • Conditions Left

LIM Report, Builder's Report & Toxicology

What's printed on Page 1: LIM required: Yes / No • Building report required: Yes / No • Toxicology report required: Yes / No

Selecting Yes here gives you a set timeframe (standardly 10 working days unless amended) to check the home properly:

1. LIM Report: The official council property file showing building consents, Code Compliance Certificates (CCC), drains, and flood or slip hazard notices (which affect your house insurance).

2. Building Report (Builder's Report): An on-site inspection by an independent, qualified building inspector checking the roof, foundations, moisture/cladding, plumbing, and structure for hidden defects. Read our full guide to Builder's Reports in NZ to see what inspectors look for and how banks treat them.

3. Toxicology Report: A lab test checking for methamphetamine ('P') residue. It is quite rare for buyers to get one on a standard purchase nowadays unless there are specific concerns, though you should always check with your solicitor.

✓ What you need to do here

Ask your solicitor and mortgage adviser which report boxes to select before signing (most conditional buyers select Yes to a LIM and Building Report, and check with their solicitor on whether a Toxicology test is warranted).

Builder's Reports Guide → What Banks Require on Reports → Plaster / Leaky Home Guide →
Section 10 of 16Page 1 • Conditions Right

OIA Consent & Land Act Boxes

What's printed on Page 1: OIA consent required: Yes / No • Land Act consent required: Yes / No

On the right-hand side of the Conditions box sit OIA consent (Overseas Investment Act rules for non-resident foreign buyers) and Land Act consent (used for pastoral or Crown lease land).

New Zealand citizens, resident visa holders living in NZ, and Australian or Singaporean citizens buying normal suburban homes almost always select No for both.

✓ What you need to do here

For NZ citizens and residents buying a standard residential home, "No" is normally selected. If you hold a temporary work visa, live offshore, or are looking at rural/coastal sensitive land, check eligibility with your solicitor before signing.

Buying on a NZ Work Visa → Singaporean Buyer Guide →
Section 11 of 16Page 1 • Bottom Strip

Tenancies (Empty House vs. Existing Renters)

What's printed on Page 1: TENANCIES: Yes / No (Vacant Possession)

Spanning right across the bottom of Page 1 is the Tenancies bar. Selecting No means the house must be handed over completely empty on settlement day (called Vacant Possession). Selecting Yes means current tenants stay in the house and you become their landlord on settlement day.

If you are using KiwiSaver, a Kāinga Ora First Home Loan, or owner-occupier bank lending, you are required to move into the property yourself. If tenants live there currently, the seller must have enough time to give valid legal notice under tenancy law before settlement day.

✓ What you need to do here

If you plan to live in the home, check that No (Vacant Possession) is selected, and tell your solicitor before signing if renters currently live there so your settlement date allows enough legal notice time.

Pages 2 to 12: Standard Rules & Custom Clauses
Section 12 of 16Pages 2-12 • Standard Rules

Why Is My Real Contract 12+ Pages Long?

What's in Pages 2 to 11: ~10 pages of standard pre-printed NZ rules covering working days, trust accounts, seller insurance risk until settlement, vendor building warranties, and your pre-settlement walk-through right.

Don't be put off when the PDF the agent emails you is 16 or 18 pages long. Pages 2 through 11 are simply the standard pre-printed legal rules used on residential house sales across New Zealand.

You don't fill anything out in those middle pages, and your solicitor checks how they interact with your offer. One very practical right tucked inside those pages is your right to one pre-settlement walk-through inspection a couple of days before settlement day to check nothing has been damaged and all appliances work.

✓ What you need to do here

Leave the pre-printed legal fine print to your solicitor, and diary a reminder to do your pre-settlement walk-through with the real estate agent 2 to 3 working days before settlement day.

Section 13 of 16Pages 2-12 • Custom Clauses

Further Terms of Sale (Where Custom Clauses Go)

Examples added in Further Terms: 1. KiwiSaver 10-working-day deposit timing • 2. Offer deadline for Vendor to accept • 3. Extra items staying (e.g. double-door kitchen fridge) • 4. Broad due-diligence clause.

Right after the standard fine print sits a blank section called Further Terms of Sale. Essentially, anything that does not fit into a tick-box on Page 1 goes in here.

Sometimes extra clauses here are written for the vendor's benefit (such as a sunset clause or giving the seller time to buy another home), and sometimes they are for your benefit as the purchaser. For example, you could ask your solicitor to add a KiwiSaver deposit-timing clause, a broad due-diligence clause, a deadline requiring the vendor to accept your offer within a set number of days, or a clause requiring the seller to leave behind a specific item (like the kitchen fridge that wasn't in the standard chattels).

✓ What you need to do here

Read every clause already typed into Further Terms carefully, tell your solicitor about any extra items or conditions you want added, and always have your solicitor draft or approve the exact wording before you sign.

Off-the-Plan & Sunset Clauses → Selling Your Home First? →
Pages 13 to 17: Chattels, GST & Signing
Section 14 of 16Pages 13-15 • Schedules

The Chattels List (Movable Items Included)

Examples on the Chattels Page: Stove, rangehood, dishwasher, fixed carpets, blinds, curtains, light fittings, heat pump + remote, heated towel rail, alarm, garage opener + 2x remotes (plus any excluded items leaving).

Chattels are movable household items that are not permanently built into the house, such as curtains, blinds, dishwashers, stoves, heat pump remotes, and garage door remotes.

If a movable item is not listed on this page (or written into Further Terms), the seller is entitled to pack it on the moving truck when they leave. Under the standard rules, the seller promises that listed appliances and systems will be in reasonable working order on settlement day.

✓ What you need to do here

Check that curtains, blinds, stove, dishwasher, heat pump + remotes, and garage remotes are all listed here (and check nothing you expected to keep has been crossed out). Test every listed item during your pre-settlement walk-through.

Section 15 of 16Pages 13-15 • Schedule 1

Schedule 1: Commercial GST Tables

What's in Schedule 1: Two pages of commercial GST zero-rating questions (left blank when Vendor answered "No" to GST on Page 1).

Behind the chattels list sit two pages of commercial GST questions ("Schedule 1"). When buying a normal home to live in or rent out long-term where the vendor circled "No" to GST on Page 1, this schedule does not apply and is left blank.

✓ What you need to do here

Leave this blank on a standard residential purchase and let your solicitor confirm whether any GST schedule is required.

Section 16 of 16Pages 16-17 • Back Pages

Signatures & Swapping Everyone's Details

What's on Pages 16 & 17: Purchaser & Vendor signature blocks + full contact details for Purchaser, Vendor, Purchaser's Solicitor, Vendor's Solicitor, and the Licensed Real Estate Agent & Branch.

While price negotiations happen back on Page 1, the final pages are where both sides formally sign the agreement and swap contact details for the Purchaser, the Vendor, both sides' solicitors, and the licensed real estate agent.

Keep in mind that New Zealand has no general cooling-off period on standard residential house contracts: once both you and the vendor have signed, it is a legally binding contract (subject only to the conditions written into your offer).

✓ What you need to do here
  • Line up a property solicitor early so you can add their details onto this back page, and have your solicitor and mortgage adviser check the draft agreement before you sign.
  • Once signed by all parties, send the complete copy (including the Pre-Offer Disclosures) straight to your solicitor and mortgage adviser on day one.
7 First-Home Buyer Mistakes → Chat With an HLF Adviser →
Browse Plain-English Definitions of Contract & Mortgage Terms (+)
Working Day
Any Monday to Friday excluding NZ public holidays, the relevant regional anniversary day, and the statutory Christmas/New Year break.
Vendor
The current legal owner selling the property.
Nominee
Another person, partner, company, or trust named before settlement to take legal ownership, while the original buyer stays liable under the contract.
Record of Title
The official LINZ register document recording the legal owner, land description, and any mortgages, easements, or covenants.
Freehold (Fee Simple)
Standard NZ ownership where you own both the house and the land underneath it with no lease expiry date.
Cross-Lease
Shared ownership where neighbours jointly own the underlying land and lease their individual homes back from each other under a flats plan.
Unit Title (Stratum)
Common for apartments and townhouses: you own your unit and share common property (roof, lifts, driveways) via a Body Corporate.
KiwiSaver First-Home Withdrawal
Allows eligible members after 3+ years in KiwiSaver to withdraw most of their balance (leaving at least $1,000 behind) toward a first home.
Settlement Date
Key-handover day, when your bank sends loan funds to your solicitor, the balance of the price is paid, and title transfers into your name.
Unconditional
The stage where every condition in your contract has been satisfied in writing, legally locking both buyer and seller into completing the sale.
Stakeholder Clause
Wording used by your solicitor so KiwiSaver funds can go toward a contract deposit and stay safely held in a trust account until settlement.
Pre-Approval
Conditional written confirmation of how much you can borrow based on your finances, subject to the bank approving the specific property you pick.
Registered Panel Valuation
An independent valuation ordered through the bank's central portal where a registered valuer inspects the house on the lender's behalf.
LIM Report
A council Land Information Memorandum summarising building consents, drainage plans, zoning, and flood or slip hazard records.
Code Compliance Certificate (CCC)
Council sign-off confirming building work was completed in line with the approved building consent and NZ Building Code.
Due Diligence vs. Solicitor's Approval
Standard solicitor's approval only covers narrow legal title issues, whereas a custom due-diligence clause lets you investigate broader property matters.
Chattels
Movable household items included in the sale and listed in the schedules, such as curtains, dishwashers, and heat pump remotes.

Important Legal & Financial Advice Disclosure: This interactive tool is an original, simplified educational simulation created by Home Loan Factory to help New Zealand home buyers understand common property terms and prepare questions for their advisers. It is not an official REINZ or Law Association (TLANZ/ADLS) agreement form, and nothing in this tool constitutes legal conveyancing advice, contract-drafting advice, or personalised financial advice. Do not rely on this simulation to fill out, amend, or sign a binding contract on your own. As registered Financial Advisers, we provide mortgage and KiwiSaver advice (see How We Get Paid) and are not lawyers or licensed conveyancers. Contract editions, vendor amendments, and bank policies vary: always have a New Zealand property lawyer or licensed conveyancer review your actual Sale and Purchase Agreement and draft any custom clauses before you sign.

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Information

How a New Zealand Sale and Purchase Agreement Works

A Sale and Purchase Agreement (often shortened to an S&P Agreement) is the written legal contract used to buy and sell residential property in New Zealand, most commonly prepared on the standard form published jointly by the Real Estate Institute of New Zealand (REINZ) and The Law Association of New Zealand (TLANZ, formerly ADLS).

Unlike putting in a casual verbal expression of interest, signing a Sale and Purchase Agreement is a formal legal step. Once both you (the purchaser) and the seller (the vendor) have signed the document, you have a legally binding contract. From that moment, you can only cancel the purchase if one of the written conditions included in your offer (such as finance, a building inspection, a council LIM check, or a custom due-diligence clause) genuinely cannot be satisfied by its due date.

Before you sign an offer, use the interactive walkthrough above alongside our Borrowing Power Calculator and NZ Mortgage & Property Glossary to prepare your questions for your property solicitor and mortgage adviser.

How Your Offer Changes Across NZ Sale Methods

While the core clauses stay largely the same, how you structure your conditions, deposit, and price depends on how the property is being sold:

Price by Negotiation or Asking Price

You can submit a conditional offer at any time. The vendor can accept your offer, decline it, or send it back as a counter-offer with changes to the price, settlement date, or condition timeframes crossed out and initialled until both sides agree on the exact same terms.

Deadline Sale

All buyers submit their offers on or before a set deadline date (unless the listing states "unless sold prior", meaning the vendor can accept an early offer). Because Deadline Sales frequently turn into multi-offer situations, talk to your mortgage adviser early so we can check the property disclosures and confirm the shortest safe finance timeframe for your situation without removing vital protections.

Sale by Tender

Tenders use a formal Tender contract pack rather than the standard private-treaty front page. Offers are submitted in confidence by a strict closing time, and tender rules vary on how and when the contract deposit must be paid. Always send tender documents to your solicitor well ahead of tender day so any amendments or KiwiSaver deposit-timing clauses are drafted properly.

Multi-Offer Situations

If another buyer submits an offer on a house at the same time as you, the real estate agent must run a formal multi-offer process and ask every buyer to sign a Multi-Offer Acknowledgement form. Because the seller can pick one offer outright without negotiating back and forth, you need to put forward your strongest realistic price and cleanest safe conditions upfront. Read our guide on how to work out what a house is worth when there is no asking price before setting your walk-away limit.

Buying at Auction

Auction contracts are unconditional the moment the auctioneer's hammer falls. You cannot add finance, building inspection, LIM, or KiwiSaver timing conditions after winning an auction, and a 10% cash deposit is normally payable immediately on auction day unless your solicitor arranges a signed variation with the vendor beforehand. Every legal check, building inspection, insurance confirmation, and property-specific bank approval must be finished before you bid. Read our full guide on buying at auction and preparing your finances for the hammer.

Who Checks What Before You Sign?

Buying safely in New Zealand is a three-way team effort, and knowing who handles each part saves delays once your working-day clock starts ticking:

  • Your NZ Property Solicitor or Licensed Conveyancer: Reviews the actual contract wording before you sign, checks the LINZ Record of Title (freehold, cross-lease, unit title, or leasehold), reviews easements, covenants, and the council LIM, drafts custom Further Terms (such as a 10-working-day KiwiSaver stakeholder deposit clause or a broad due-diligence clause), and sends formal condition notices to the vendor's lawyer.
  • Your Mortgage Adviser (Home Loan Factory): Verifies your borrowing limit, checks how much accessible cash versus KiwiSaver you hold for the upfront contract deposit, submits agent disclosures, LIMs, and builder's reports to your lender, orders any required Registered Panel Valuation through the bank's portal, and confirms in writing when your finance condition is unconditionally approved.
  • You (The Buyer): Check that all movable items you expect to stay with the house (curtains, blinds, dishwasher, stove, heat pump remotes, garage openers) are written into the Chattels schedule, line up full-replacement house insurance from settlement day, and complete a pre-settlement walk-through inspection with the real estate agent two to three working days before settlement.
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FAQS

Frequently Asked Questions

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Is a New Zealand Sale and Purchase Agreement legally binding as soon as I sign it, or is there a cooling-off period?

Once both you and the vendor (seller) have signed a standard residential Sale and Purchase Agreement, it becomes a legally binding contract, and New Zealand has no general cooling-off period for everyday existing homes. You can only cancel if one of the written conditions in your offer (such as finance, a building report, or a LIM check) genuinely cannot be satisfied in time. That is why you should always have your New Zealand property solicitor and mortgage adviser check the draft agreement and any agent disclosures before you sign.

What is the difference between my bank deposit and the deposit on a Sale and Purchase Agreement?

Your bank deposit is your total contribution toward the purchase price (combining cash savings, gifts, and KiwiSaver) completed on settlement day, whereas the contract deposit on Page 1 is an upfront part-payment of that same money paid early to lock in the deal. Real estate agents often write a 10% contract deposit out of habit, which catches buyers out when most of their money is sitting in KiwiSaver. Because a KiwiSaver first-home withdrawal usually takes 10 to 15 working days, must leave at least $1,000 behind, and must pass through your solicitor's trust account under a stakeholder clause, always check your deposit figure and due date with both your mortgage adviser and your solicitor before signing (see our full guide to The Two Deposits Trap).

Do I still need a finance condition if I already have mortgage pre-approval?

Yes, you should always include a finance condition unless both your mortgage adviser and your solicitor have confirmed in writing beforehand that you can remove it for that specific property. A standard pre-approval only approves you based on your income and deposit; your bank still has to approve the actual house you are buying, check the Record of Title, sight full-replacement house insurance without surprise exclusions, and sometimes order a Registered Panel Valuation.

Why should I leave the date blank at the top of Page 1 when submitting an offer?

Every working-day deadline in your contract (such as having 10 working days for finance, a builder's report, and a LIM) counts forward from the Agreement Date written at the top of Page 1. If you write Monday's date when signing your offer and the vendor takes until Thursday to accept and countersign, you could lose three working days of your check-up window before you even receive the signed contract back. Leaving the date blank for the vendor or listing agent to fill in when the final party signs keeps your full working-day timeframe intact.

5. Does a standard solicitor's approval clause let me pull out of an offer if I change my mind?

No. Under New Zealand law, a standard solicitor's approval clause is very narrow and usually only allows your lawyer to raise technical legal or title defects, not cancel because you changed your mind, worried about the price, or spotted maintenance issues. If you want broad flexibility to investigate any aspect of the property, ask your solicitor before you sign to draft a proper due-diligence clause inside the Further Terms of Sale.

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