When a property is advertised with a price, price band or by negotiation, buyers are invited to make an offer and negotiate with the seller.
Types of offers
Unconditional
A straightforward offer to buy according to the terms set out in the contract.
Conditional
This is when your offer to buy has conditions attached. For example, it may be conditional on obtaining finance, selling your own property or getting a satisfactory building inspection.
Making an offer
All offers must be made in writing using documentation that complies with New Zealand Real Estate contract law. If the seller doesn’t accept your offer, they may countersign it and negotiate with you until an agreement is reached.
Scott will guide you through the whole process of making an offer in writing, paying the deposit, agreeing on settlement/possession dates and the inclusion of any conditions.
What happens once an agreement has been made?
An offer is accepted once everyone has agreed to the terms, including the price, and the contract has been signed.
If the agreement is conditional, it’s the buyer’s responsibility to ensure any conditions are met by the agreed date. Once the conditions are met, the offer becomes unconditional and neither the buyer or seller can change their mind.
The buyer pays the deposit to the real estate agency, which is required by law to hold the money in an audited trust account, only releasing it when legally authorised to do so.
The balance of the purchase price is paid on settlement, usually the day you take possession of the property.