NZ Buyers Guide Buyers Guide - Ray White_2019_NZ - single page no | Page 19

What is a
contract of sale?
An agreement for sale and purchase of real estate is
between the buyer and the seller of the property and is a
legally binding contract.
It sets out all the details, terms and conditions of the sale. This includes things such as
the price, deposit payable, any chattels being sold with the property, whether the buyer
requires finance and the settlement date.
A sale and purchase agreement provides certainty to the buyer and the seller about
what will happen when.
I  t’s a legally binding contract so you’ll need to get it checked by a lawyer or
conveyancer before you sign it.
You can negotiate the conditions in a sale and purchase agreement.
 sale and purchase agreement becomes unconditional when all the conditions
A
are met.
 he agent helps the buyer and the seller to include the conditions you both need/
T
want. Even though the agent works for the seller, they also have to deal fairly and
honestly with the buyer.
 efore you sign a sale and purchase agreement, the agent is required to give you a
B
copy of the REA New Zealand Residential Property Sale and Purchase Agreement
Guide. They must also ask you to confirm in writing that you’ve received it.
buyer's guide