Receiving a contract

When a buyer and seller sign a conditional sale and purchase agreement, both parties are legally committed subject to the conditions recorded in that agreement.

Your lawyer or conveyancer should advise you on the agreement, the conditions and the steps required before settlement. The information below is a general overview only.

Receive and review the signed agreement

Keep a copy of the fully signed agreement and confirm your lawyer has received it. Note each condition date, the settlement date, deposit arrangements, included chattels and any special terms.

Working through the conditions

The buyer may need to satisfy conditions such as finance, a building report, LIM, title review or the sale of another property. Conditions differ between agreements. Your salesperson will communicate progress, but legal confirmation that a condition is satisfied or waived should be managed through the parties’ lawyers where required.

Continuing to market the property

Whether the property remains actively marketed and whether back-up offers may be considered depends on the agreement and the seller’s instructions. Your salesperson and lawyer can explain the options and any relevant clauses.

When the agreement becomes unconditional

Once all conditions are satisfied or waived in accordance with the agreement, the sale becomes unconditional. The parties must then complete their remaining obligations in preparation for settlement.

Preparing for settlement

• Complete any work or obligations recorded in the agreement.
• Keep the property and included chattels in the agreed condition.
• Arrange moving, utilities and insurance with advice from the relevant providers.
• Remove items that are not included in the sale.
• Provide keys, remotes, alarm details and other agreed access items.

Pre-settlement inspection

The buyer will normally complete a pre-settlement inspection shortly before settlement. This allows them to check that the property and chattels are in the agreed condition and that any agreed work has been completed. If an issue is identified, refer it promptly to the lawyers and salesperson.

Settlement day

The lawyers complete the financial and legal transfer. Keys are released only after settlement is confirmed. Do not hand possession directly to the buyer unless your lawyer and the agency have confirmed that this is appropriate.

If you have questions about your sale, contact your Ray White Bream Bay salesperson or call 09 433 0334. Obtain independent legal advice about the agreement and your obligations.