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.