Property Sale & Purchase Agreement — New Zealand

The ADLS/REINZ standard form

NZ's standard residential and commercial sale uses the Sale and Purchase Agreement jointly published by the Auckland District Law Society (ADLS) and the Real Estate Institute of New Zealand (REINZ). The current version is the 11th edition (2022). The form is split into two parts:

• Front page — the deal-specific details: parties, property, price, deposit, settlement date, conditions and any special agreements.
• General terms — the standardised legal clauses that apply to every NZ sale (default and remedies, what happens if settlement is delayed, GST treatment, vendor warranties, etc.). Most buyers don't read these because their lawyer does.

The form isn't a free download you can print and sign — it's licensed to real estate agencies and legal practitioners. Your agent or lawyer will provide the version for your transaction.

What you actually negotiate

The "standard form" leaves you free to negotiate the deal-specific terms. The most common buyer's conditions:

Finance

Usually 10–15 working days to confirm a mortgage. The condition specifies the loan amount and any rate cap. If finance falls through, you must give written notice by the deadline to cancel — silence won't save you.

Builder's report

Typically 10 working days for a Licensed Building Practitioner to inspect and report. The buyer is entitled to walk if the report is "not satisfactory" — most lawyers draft this so the buyer (not the agent) decides what's satisfactory.

LIM (Land Information Memorandum)

The Council's record of consents, hazards, services and zoning. Usually 15 working days. Reveals issues like flood overlays, significant trees, weathertightness claims, unpermitted work, or planned road widening. Always pair with a title search.

Title search

Your lawyer pulls the certificate of title and underlying instruments — easements, covenants, building line restrictions, body corporate rules (for unit titles). Should be done on day one and is usually a precondition rather than a separate "subject to" condition.

Sale of own home

If you need to sell to fund the purchase, this condition makes the new purchase subject to your existing home selling. It usually triggers a "cash-out" clause where the seller can give you 3 working days to confirm finance if they get a better offer.

Body corporate records (unit titles)

Pre-Contract Disclosure Statement under the Unit Titles Act 2010 — the body corporate's financial position, planned levies, recent disputes, building defects history. Critical for apartments and townhouses.

Auction sales — different rules

Buying at auction means you bid unconditionally. You can't add a builder's report condition or finance condition after the hammer falls. So all your due diligence — title, LIM, builder's report, finance pre-approval — must be done before the auction. Your property lawyer should:

• Review the auction agreement (subtly different from the standard ADLS/REINZ form).
• Pull and review the title.
• Review the LIM if you've ordered one.
• Review the builder's report.
• Confirm your finance limit with you in writing before the auction.

This is the most expensive form of conveyancing — typically $1,500–$2,500 for the pre-auction review even if you don't end up the winning bidder.

Settlement — what happens on the day

Settlement is the day funds and title change hands. Your lawyer:

1. Confirms the discharge of any existing mortgage with your bank.
2. Prepares the settlement statement — purchase price, less deposit already paid, less any apportionment of rates and Council levies.
3. Receives your finance from the lender into the lawyer's trust account.
4. Pays the seller's lawyer.
5. Lodges the transfer with LINZ (Land Information NZ).
6. Releases the keys to you (usually via the agent).

If you fail to settle on time, the seller can charge penalty interest from the contractual settlement date. If the seller fails to settle, you can charge them. Late settlement is a common dispute area — your lawyer manages the pressure on both sides.