Considerations prior to signing a Sale and Purchase Agreement on your next Property Transaction

Often our property lawyers at Quay Law NZ receive calls regarding conditions to include within an Agreement for Sale and Purchase of a property.

It is advisable to consult with your property lawyer prior to signing the agreement however it should be noted that on the fall of the hammer at a property auction the agreement becomes an unconditional legal agreement.

Considerations to be taken into account prior to signing a property agreement are detailed below but please note that each property law transaction is unique and your own set of considerations may differ from those outlined below.

1. How do you intend to purchase the property. What legal entity is the most appropriate for your circumstances?

2. Your settlement date for either giving (sale) or taking (purchase) possession of the property.

3. When is your deposit payable? What is the amount of deposit you will be required to pay? Is it payable upon signing of the agreement or is payable upon the agreement becoming unconditional?

For more information on your property transaction, please contact the property team at Quay Law NZ, an Auckland based law firm.

Quay Law NZ Phone Number: (09) 523-2408