This is a legal document that the seller and the buyer sign when you are negotiating to purchase a property. We recommend that you seek legal advice before signing this.

This is a document that details the land dimensions and the owners of the property. It also details any ‘encumbrances’ such as mortgages or covenants.

A Land Information Memorandum (LIM) is available from your local council for a fee. We recommend that you obtain a LIM on a property before you purchase a property. LIM report provides information about the property (including consents, licenses, outstanding charges, rateable value and the surrounding area).

New Zealand is one of the few countries that does not restrict non-residents owning residential properties.

A deposit of usually 10% of the purchase price is payable which goes into the real estate agent’s trust account which would be disbursed when the contract becomes unconditional. If any conditions are not met, then your solicitor could cancel the contract and the deposit would be refunded.

You have placed one or more special conditions on the purchase – requirements that must be met before a sale becomes unconditional. They are usually subject to a stated time and commonly include:

Subject to Finance

Subject to Title Search

Subject to LIM Report

Subject to Solicitor’s Approval

Subject to selling of your existing property

Subject to completion of specific work to be carried out on the property prior to settlement