Sale & Purchase Process

What is the standard form used for most residential property sales in New Zealand?

A conditional agreement for sale and purchase becomes unconditional on Friday at 5:00 PM when all conditions are satisfied. The purchaser's lawyer discovers on the following Monday that the vendor has accepted another offer for the same property on Saturday. What is the legal status of the original agreement?

A vendor receives multiple offers on their property. The first offer is conditional on finance, and the second offer is unconditional but for a lower price. What can the vendor legally do?

What is the standard cooling-off period for a residential property purchase under the TLANZ/REINZ Agreement for Sale and Purchase?

In what circumstances can a real estate agent bid at an auction for a property they have listed?

What happens if a property fails to sell at auction and there are no bids at or above the reserve price?

In an auction process, when must the vendor's reserve price be disclosed?

A property is passed in at auction for $800,000 with a reserve price of $850,000. The highest bidder approaches the vendor immediately after. Which statement is most accurate about the subsequent negotiation?

When a property is sold at auction, what happens to the agreement?

What is the typical deposit amount required immediately after a successful auction bid in New Zealand?

A property is sold at auction for $850,000 with a 10% deposit required. The successful bidder has concerns about the LIM report after the auction. What is their legal position?

At an auction, the reserve is $800,000 but bidding stalls at $750,000. The vendor then negotiates with the highest bidder and they agree to sell at $780,000, signing on the auction terms with no conditions. What type of sale is this?

Under what circumstances can a vendor withdraw a property from auction after advertising it for auction sale?

In a property auction, when is the sale considered complete?

A property is passed in at auction for $800,000 with a registered bidder offering $820,000 immediately after. The vendor's reserve was $850,000. What are the vendor's obligations?

A property sells at auction for $850,000 but the purchaser discovers after signing that they misunderstood the boundary location shown in the title plan. Can they cancel the agreement?

Which document sets the terms that will bind the successful bidder, and so should be available for bidders to inspect before the auction begins?

In a commercial purchase, the agreement includes a further-term condition, for the purchaser's sole benefit, requiring resource consent for a proposed development. The consent is declined, but the purchaser believes an appeal would succeed. What can the purchaser do?

A buyer has made an offer conditional on finance approval within 15 working days. On day 14, their bank indicates approval is likely but requires one additional document. What should the buyer do to protect their position?

A conditional offer includes a building inspection clause with a 5 working day deadline. The inspection reveals minor issues that can be remedied for $3,000. What options does the buyer have?

A vendor accepts an offer conditional on the sale of the buyer's existing property. The agreement includes an escape clause added as a further term. Two days later the vendor receives a higher unconditional offer. What can the vendor do?

Sarah has made an offer on a property with a LIM condition requiring the report within 5 working days. The LIM report reveals the property is in a flood-prone area. What are Sarah's options?

A purchaser has signed an Agreement for Sale and Purchase with a finance condition that expires in 10 working days. On day 8, they discover they cannot obtain finance. What should they do?

A vendor wants to include a condition in the Agreement for Sale and Purchase that allows them to continue marketing the property. What is this condition commonly called?

When does an Agreement for Sale and Purchase become unconditional?

A purchaser includes a building inspection condition in their offer that states 'subject to a satisfactory building report at the purchaser's sole discretion.' The report reveals minor cosmetic issues only. Can the purchaser use this condition to withdraw?

What happens to the deposit when a conditional agreement is cancelled due to an unsatisfied condition?

Sarah submits an offer on a property with a finance condition that must be satisfied within 10 working days. On day 8, her bank confirms loan approval. What should Sarah do to properly handle this condition?

A purchaser has included a building inspection condition in their offer with a 10 working day timeframe. On day 8, they discover significant structural issues. What options does the purchaser have?

A buyer includes a building inspection condition in their offer. The inspection reveals minor issues that don't affect the property's structural integrity. What options does the buyer have?

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?

A purchaser has included a building inspection condition in their offer with a 10 working day deadline. On day 8, they discover significant structural issues. What must they do to cancel the agreement based on this condition?

A conditional agreement has a building inspection condition that expires on Friday. The building inspector cannot complete the report until the following Monday due to weather delays. What is the legal position?

A property is sold with a building inspection condition. The inspection reveals minor issues that the purchaser considers acceptable. What must happen for the sale to proceed?

A purchaser has included a finance condition with a 10 working day deadline. On day 8, they receive loan pre-approval but final approval is pending. What should they do?

When does an Agreement for Sale and Purchase become unconditional if it contains a finance condition with a 10 working day timeframe?

A purchaser has a building inspection condition with a deadline of 5pm on Friday. They receive the building report at 2pm Friday revealing significant structural issues. What should they do to properly decline the condition?

When does an Agreement for Sale and Purchase become legally binding?

When does an offer become legally binding in a New Zealand property transaction?

A vendor receives two identical offers on the same day, both for the asking price with the same conditions. The first offer arrived at 2 PM and the vendor signed it at 4 PM. The second arrived at 3 PM and the vendor signed it at 3:30 PM, with that purchaser told immediately. Which purchaser has the earlier contract, and so the stronger claim to the property?

What typically happens to the deposit when an unconditional sale and purchase agreement is signed?

What happens if a purchaser fails to pay the deposit by the specified deadline in the Agreement for Sale and Purchase?

What deposit is most commonly agreed in New Zealand residential sale and purchase agreements?

Which document provides information about rates, building consents, and resource consent matters for a property?

Before signing, the vendor told the purchaser in writing that no one else had any right of way over the property. The purchaser's lawyer now finds that the vendor granted a neighbour an unregistered right of way across the section. The agreement has no condition covering this. What is the purchaser's most likely position?

What is the primary purpose of a LIM (Land Information Memorandum) in the sale and purchase process?

A LIM report reveals that the property has an outstanding notice to fix building code violations. How does this typically affect the sale?

A property is being sold by mortgagee auction due to the owner's default. The highest bid is $580,000 but the mortgage debt is $620,000. What typically happens in this situation?

At a mortgagee auction, the successful bidder later discovers the property has significant structural issues not disclosed before the auction. What legal recourse do they have?

In a private treaty sale, the vendor receives two offers on the same day: $750,000 conditional on a building inspection, and $740,000 unconditional. Settlement terms are identical. What should primarily influence the vendor's decision?

What is the key difference between a conditional and unconditional offer in terms of the purchaser's commitment?

Under the standard TLANZ/REINZ Agreement for Sale and Purchase, who is typically responsible for paying rates from the settlement date?

During settlement, what document transfers legal ownership of the property from vendor to purchaser?

What happens if a purchaser fails to settle on the agreed settlement date without valid reason?

Under the standard TLANZ/REINZ Agreement for Sale and Purchase, how are rates dealt with for the period up to settlement?

Shortly before settlement, the purchaser's lawyer finds an unregistered easement affecting the property that was never disclosed. What is the most appropriate course of action?

How is the settlement date set in a New Zealand residential sale and purchase?

What happens if a vendor fails to settle on the agreed settlement date without valid reason?

What happens to the deposit if a buyer fails to settle on the agreed settlement date without valid reason?

In a complex transaction, the purchaser's lawyer discovers a restrictive covenant on the title that prevents the intended use of the property. The sale agreement contains a standard 'requisitions on title' condition with a 10-working-day deadline that expires tomorrow. What is the most appropriate course of action?

When does an Agreement for Sale and Purchase become unconditional if no conditions are included?

A purchaser signs an unconditional agreement on Monday and discovers on Wednesday that their pre-approved finance has been declined due to a change in lending criteria. What are their legal options?

After settlement, a purchaser finds serious leaks behind freshly painted walls. Before the sale, the vendor had painted over the water damage and answered 'no' when the purchaser asked in writing whether the house had ever leaked. What legal principle applies?