Who Can Buy Property in New Zealand?
Generally, only residents and citizens can purchase residential property in New Zealand. However, there are some exceptions to this rule. Our lawyers can advise you on your eligibility and guide you through the process.
Making an Offer
When you find a property you're interested in, you can make either a conditional or an unconditional offer. A conditional offer includes specific requirements that must be met before the sale becomes final, such as finance approval, property inspection, or due diligence clauses.
Common Conditions to Consider
Title Search
Finance Conditions
Sunset Clause (for properties under construction)
Land Information Memorandum (LIM) Report
Building Inspection Report
Toxicology Report
Lawyer's Due Diligence Clause
Types of Land Ownership
New Zealand offers various types of land ownership, each with its own requirements and restrictions:
Freehold
Leasehold
Unit Title
Cross-Lease
Working with Real Estate Agents
Most property transactions in New Zealand involve a real estate agent representing the seller. It's important to remember that unless the agent is explicitly working as a buyer's agent, they are obligated to act in the seller's best interests.
Professional Support
To ensure a successful property purchase, we recommend seeking assistance from:
A lawyer or conveyancer to review all legal documents
A qualified property inspector to assess the condition of the property
A bank, lender, or mortgage broker (if financing is required)
It’s always beneficial to have a detailed discussion to fully understand your specific situation. Let’s catch up to explore more about how we can assist you best.
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Disclosure Obligations
As a vendor, you have a legal obligation to disclose any relevant information you are aware of, including issues or defects with the property. Failure to do so could result in legal consequences.
Sale and Purchase Agreement
A sale and purchase agreement is a legally binding contract between you and the buyer. It's crucial to have a lawyer or conveyancer review the agreement before signing and to understand its terms and conditions thoroughly.
Negotiating Conditions
The sale and purchase agreement allows you to negotiate conditions that must be met before the sale becomes unconditional. Your agent can assist you and the buyer in including the desired conditions.
Agent's Role and Responsibilities
While real estate agents work for you as the seller, they also have a duty to deal fairly and honestly with the buyer. They cannot withhold information or fail to disclose known defects with the property.
Legal Advice and Representation
Throughout the selling process, it's advisable to seek legal advice from our experienced property lawyers. We can guide you through every step, ensuring your rights and interests are protected.
