The sale and purchase agreement is a core part of every transaction. You won’t be buying or selling a house without one. It’s important because it outlines the legal obligations of both the buyer and the seller - if you don’t meet those obligations, there will be consequences.
If you've never seen a sale and purchase agreement before, then here's a publically available sample from the Auckland District Law Society. It can be handy to familiarise yourself with what major buyers' documents look like before starting the process yourself. There's a lot of fine print in these, but your lawyer will be sure to go through all the relevant details with you.
Your sale and purchase agreement should contain information about what comes with your property, the price of the transaction, who’s buying from who, and conditions that all parties have to agree to. This is where you’ll get the chance to put down specifics about building reports, LIM reports, home inspections, and tenants if necessary.
Lawyers are the ones who put together sale and purchase agreements. Some agents might already have a copy on hand for you to sign as the buyer, but any amendments to them should only be made after you've sought legal advice. Because a sale and purchase agreement is legally binding, it's important to dot your is and cross your ts with a professional.
No two sale and purchase agreements are the same, but there are some conditions that will show up in the majority of them. We're talking things like:
Conditions about building reports and property files
Conditions about LIM reports
Finance conditions
Pre-settlement inspection conditions
We have a number of lawyers who are conveyancing specialists, so get in touch with us and we can help you get into the property of your dreams. Take our quiz below to start the process.
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