NZ Buyers Guide Buyers Guide - Ray White_2019_NZ - single page no | Page 35

U-V
Unconditional Agreement
The legal contract that binds both the purchaser and the seller to settle on the agreed
date at the agreed price. It is either not subject to any conditions or those conditions have
already been satisfied. You should only consider entering an unconditional agreement if
and when you are absolutely sure you want to buy a particular property and you already
have the full purchase price or 'pre-approved' loan finance from a lender. You should also
be confident that there are no other issues or requirements that must be satisfied before
you are committed to purchase the property. An unconditional agreement commits you to
purchasing the property.
Unconditional Offer
This is when someone offers to buy a property without attaching any conditions to the sale.
Unit Title (stratum estate)
A title to a unit or lot on a plan of subdivision associated with townhouses, units and blocks
of flats and based on the horizontal and vertical subdivision of air space.
Valuation
A written analysis of the estimated value of a property prepared by a qualified valuer.
Valuer
A person qualified by education, training and experience to estimate the value of real
property and personal property.
Vendor
The person or entity legally authorised to sell a property.
W-X-Y-Z
Zoning
Local authority guidelines for the permitted use of land.