What Is A Sale And Purchase Agreement Nz

It is important for buyers to ask which Goods would remain in the house – if it is not on the list of Goods, the seller has the right to take the Movable Property with them. The listed goods must be functional and in the same condition as they were when you signed the purchase contract. A conditional agreement means that the purchase contract contains one or more conditions that must be met by a certain date. Toxicological report: It is now possible for a buyer to receive a toxicological report as a standard condition in the agreement. If selected, the condition requires the buyer to hire a professional to test the property for drug contamination, primarily methamphetamine. The buyer has 15 working days to initiate the test to be performed and approve the written toxicological report. The ADLS/REINZ agreement also provides for 15 working days for an objective assessment prepared in good faith by a duly qualified inspector. Again, a seller is entitled to a copy of a negative report terminating the contract. You can submit an unconditional offer, which means that no specific conditions must be met, or you can include one or more conditions (which must be met by a certain date) in your offer.

Ask your lawyer or intermediary to review the purchase agreement and any terms you will contain before signing it. Here are some common conditions: You may need to sell your existing home to buy another one. You can add the condition that the contract depends on an unconditional contract for the sale of your home being concluded first on a certain date.