Buying a home is usually the largest purchase of your life. A sale and purchase agreement is legally binding, so the best protection is to have it reviewed before you sign. Use this checklist as a starting point.
Before you sign
- Get your lawyer to review the agreement. Conditions, deposit, settlement date and the chattels list can all be negotiated.
- Finance condition. Make sure the timeframe is realistic for your lender's process.
- Due diligence condition. This is your window to check the property. Do not waive it lightly.
- Builder's report. Especially important for older homes, renovations, monolithic cladding or any signs of weathertightness issues.
- LIM (Land Information Memorandum). Reveals council information on consents, notices, hazards, services and any unconsented work.
- Title search. Check for easements, covenants, caveats, mortgages and any limits on what you can do with the land.
- Unit titles. Review the body corporate's financial position, long-term maintenance plan, levies, rules and any planned major spend.
- Chattels. Confirm what stays: heat pumps, oven, curtains, light fittings, and so on.
- GST. If the seller is GST-registered or the property is new, the GST treatment must be clear in the contract.
Between contract and settlement
- Satisfy conditions in writing and on time. Missing a date can put the contract at risk.
- Arrange insurance so cover starts when risk passes to you, which can be before settlement.
- Do a pre-settlement inspection to confirm the property is in the condition you agreed to buy.
Settlement day
Settlement is completed electronically, with funds moving between lawyers and the title registered in your name through Land Information New Zealand (LINZ). Keep your phone on and be ready to sign final documents.
Beware of payment scams
Fraudsters impersonate lawyers and agents to redirect deposits and settlement funds. Never act on emailed changes to bank details without calling your lawyer on a number you already trust.
Our team can review your agreement, run the legal checks and guide you through to settlement.
General information only, not legal advice.
