Written from the trenches of Auckland real estate by Amit Sharma — Bayleys agent, 10+ years marketing experience.
Deposit: usually 10 percent on a residential sale, paid when the contract becomes unconditional. It is held in the agency's trust account and released after settlement.
Conditions: the most common are finance, building report, LIM, and toxicology. Each has a deadline. Miss a deadline and you may lose the right to rely on that condition.
Going unconditional: the moment you confirm all conditions are met. From this point, you cannot back out without serious legal and financial consequences.
Settlement: usually four to six weeks after going unconditional. On settlement day, your lawyer transfers the balance, the title transfers to you, and you receive the keys.
Common surprises: rates apportionment, legal fees, LIM cost, building report cost, and moving costs. Budget another one to two percent of the purchase price for these.
Always — always — instruct a solicitor before you sign anything. Real estate contracts in New Zealand are binding the moment they are signed.