What is a Sale and Purchase Agreement?

Residential Property
Written By Turner Hopkins

The Sale and Purchase Agreement is a legally binding contract outlining the agreed conditions of the buyer and seller of a property. If you are using a real estate agent, they will probably use the ADLS form from the Auckland District Law Society and Real Estate Institute of New Zealand.

The agreement should include the following:

  • Names(s) of the buyer and seller
  • Property's address and type of title
  • Any chattels to be sold with the property (for example, drapes, white ware, light fittings and fixed floor coverings)
  • Price
  • Rate of interest for late settlement
  • Deposit amount
  • Any buyer conditions
  • Date when the agreement becomes unconditional
  • Settlement date
Turner Hopkins
Previous

What is a unit title?
Next

Can I get sponsored by a business?