![]() ![]() The agent cannot ask you to pay for their services if they have been hired by the seller. The agent or agency usually takes the commission from the deposit they’re holding in their trust account. When the sale is complete, the seller pays the agent for their services. When you’ve signed the sale and purchase agreement and any conditions set out in it have been met, you must complete the purchase of the property. ![]() An agreement for sale and purchase commits you to buy However, if you pay the deposit before that notice is served, the agreement will not be cancelled, even if they serve the notice on you. If you do not pay the deposit in that time the seller can cancel the contract at any time by serving notice of cancellation on you. If you have not paid the deposit by the agreed time, then the seller’s lawyer may inform you that you have three working days to pay. If the sale is by tender, you provide a cheque or bank transfer for the deposit amount when you make the offer. Make sure you talk to your bank beforehand to make sure the money is available. Buyers usually pay the deposit by bank transfer. You pay the depositĭepending on what the agreement says, you may pay the deposit when you and the seller have both signed the agreement or when the agreement becomes unconditional. Both parties work through the conditions until the agreement is unconditionalĪ conditional agreement means the sale and purchase agreement has one or more conditions that must be met by a specified date. Signing the sale and purchase agreement is not the end of the purchase process. This way, it will be clear what items you are buying with the property. If you are in doubt about whether something is a chattel or a fixture, you should include it in the chattels list. It’s a good idea to talk to the real estate agent and to follow up in writing to confirm the specific chattels, for example, the make and model of the stove to ensure it isn't changed or removed by the vendors. The listed chattels should be in working order and in the same condition as they were when you signed the sale and purchase agreement. It’s important for buyers to ask what chattels would remain in the house - if it isn’t included on the list of chattels, the vendor is within their rights to take the chattel with them. fixed floor coverings (carpets, vinyl etc.).The list can be altered by the buyer or seller to include any chattels the parties agree to include in the property sale. A sale and purchase agreement includes a list of standard chattels. All other moveable items are chattels and are only included in the sale if they are listed in the sale and purchase agreement.Ĭhattels are personal property that is not fixed to the property and can be removed without causing damage. They must also ask you to confirm in writing that you’ve received it.įixtures are permanently attached to the property (for example, a deck, showers and electrical wiring) and are included with the land title. They can’t withhold any information, and they must tell you about any known defects with the property.īefore you sign a sale and purchase agreement, the agent must give you a copy of the REA New Zealand Residential Property Sale and Purchase Agreement Guide. Even though the agent works for the seller, they also have to deal fairly and honestly with the buyer. The agent helps you and the seller to include the conditions you both want. You can negotiate the conditions in a sale and purchase agreement.Ī sale and purchase agreement becomes unconditional when all the conditions are met. You should always get legal advice before you sign the agreement and throughout the buying process. ![]() ![]() You need to read and understand the agreement before you sign it. You must sign a written sale and purchase agreement when you buy a property.Īlways check your sale and purchase agreement with a lawyer or conveyancer before signing. ![]()
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