A purchaser has a finance condition that expires on Wednesday. Their lawyer receives written confirmation of finance approval on Tuesday evening but the lawyer's office is closed. When must the condition be waived to keep the agreement alive?

This question tests understanding of condition waiver requirements in New Zealand sale and purchase agreements. The key principle is that conditions must be actively waived by the purchaser before the specified deadline, regardless of when the underlying requirement is satisfied. Even though finance approval was received Tuesday evening, the condition doesn't automatically disappear - it requires formal waiver action. This protects purchasers by giving them the full time period to consider their position, even if circumstances change earlier. The distinction between satisfaction of underlying requirements and formal waiver is crucial in property transactions, as it prevents automatic progression of agreements and ensures purchasers retain control over their decisions until the deadline expires.