NZ Buyers Guide Buyers Guide - Ray White_2019_NZ - single page no | Page 20

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Buying
To make the settlement period a smooth process, there are
a few items to check off the list:
Funding
One of your top priorities after signing the sale and purchase agreement is to get your
funding in place - failure to do this is one of the major reasons that a sale can fall over or
settlement can be delayed. An alternative to this is to find a bank that will pre-approve
the loan, so you don’t have to worry as you go into the settlement phase.
(See the finance section, page 10).
Pre-settlement inspection
A pre-settlement inspection provides the chance for you to check the property and
chattels are in the same condition they were in when you signed the sale and purchase
agreement to buy the property and that the seller has met any conditions listed in the
agreement. The inspection is not an opportunity to uncover problems that existed when
you signed the agreement.
A pre-settlement inspection should be carried out at least two working days before the
settlement date so there is time for the seller to address any issues.
Insurance
Full insurance is usually a condition of the property finance. You must arrange insurance
before settlement day so the property is insured from the day you take possession.
Your lawyer or conveyancer and lender will ask for proof that the property will be
insured.
Legalities
Your lawyer or conveyancer will work with your bank or lender to make sure all the
paperwork and payments happen on settlement day. You will need to visit your lawyer
or conveyancer before settlement to complete paperwork such as the transfer of title
and your bank’s home loan and finance agreements if you are borrowing money.
Important: In accordance with the AML/CFT Act 2009 a lawyer or conveyancer will
need to verify your identity before they can act for you.
For any questions about the buying process,
or to locate your local office, visit raywhite.co.nz
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