The Buying Process
Deals on our website listed for sale by Buyers Agents, Property Traders, Directly by the Vendor, Developer or their Agent/Representative.
This is a general short explanation for for the process of buying a property in NZ.
Here are the sequences of events:
1. Once you spot a deal which meets your buying criteria via receiving our Hot Property Newsletter ™ or viewed at the Deals Room ™ and you wish to start your Due Diligence we recommend that you contact the Seller or Agent as soon as possible thorough sending a message or phoning if a number is available, As always He/She can commence work on a “First in first served basis”.
2. Following your inquiry the Seller or Agent will forward all the available information so you can evaluate the deal and see if you wish to pursue it.
3. If you are genuinely interested and require a few days for completing the Due Diligence the Seller or their Agent may forward to you a Conditional Sale & Purchase agreement OR Conditional deed of Assignment (if working with Buyers Agent) which would allow you to complete your Due Diligence within the agreed time-frame.
** This Agreement / Deed is to be signed and returned to the Seller or Agent, only then you will secure the First opportunity for purchasing the property.
Please note that at this stage you are not obliged to buy the property ONLY once you declared the agreement unconditional.
( Note: a cash unconditional offer may be looked at more favourably by the seller.)
4. Once you complete your Due Diligence you will then need to confirm that the Due Diligence Clause (or any condition) in the Sale and Purchase Agreement has been satisfied and that you are ready to declare the contract unconditional, pay the deposit and settle the property on time as per the agreement.
5. Once you have completed the above we can congratulate you on your new Property Investment purchase.
Visit our Property Law Category for Videos and articles about buying property in NZ: www.propertygenie.co.nz/property-legal
We hope you find this helpful,
The team at propertygenie.co.nz