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A Real Estate Sale Contract is the binding legal agreement between a property buyer and seller in New Zealand that sets out the terms of their property transaction. It spells out the agreed price, deposit requirements, settlement date, and any special conditions like building reports or finance approval deadlines.

Under NZ law, these contracts must be in writing and include precise details about both the property and the parties involved. Most Kiwi real estate agents use the standard REINZ-ADLS agreement form, which covers essential elements like chattels included in the sale, LIM requirements, and the buyer's right to inspect the property before settlement. The contract becomes legally binding once both parties sign and all conditions are met.

You need a Real Estate Sale Contract any time you're buying or selling property in New Zealand - from houses and apartments to commercial buildings and vacant land. The contract becomes essential as soon as you've agreed on a price and basic terms with the other party, but before any money changes hands.

Put this agreement in place before paying a deposit or starting property inspections. It protects both parties by clearly documenting the deal's terms, including settlement dates, conditions around finance approval, and what chattels are included. For investment properties or commercial real estate, get the contract reviewed by your lawyer before signing to ensure all specific requirements are covered.

• House Buying Agreement: Standard residential contract used for buying homes, includes standard chattels and typical residential conditions
• Commercial Real Estate Purchase Contract: More complex version for business properties, with additional clauses for tenancies and commercial compliance
• Home Selling Contract: Seller-focused version with specific protections around settlement and possession
• Seller Agreement Form: Simplified version for straightforward residential sales without complex conditions

• Property Buyers: Sign the contract and must meet conditions like securing finance, completing due diligence, and paying the deposit
• Property Sellers: Sign the agreement and must provide clear title, maintain the property until settlement, and meet disclosure requirements
• Real Estate Agents: Prepare the initial contract using standard REINZ forms and facilitate negotiations between parties
• Property Lawyers: Review and modify contracts, conduct title searches, handle settlement processes, and protect their clients' interests
• Banks/Lenders: Review contracts when providing mortgage finance and may require specific conditions or clauses

• Property Details: Gather accurate legal description, title reference, and property address from Land Information NZ
• Party Information: Collect full legal names, addresses, and contact details for all buyers and sellers
• Price and Terms: Document the agreed purchase price, deposit amount, and payment schedule
• Chattels List: Create detailed inventory of all items included in the sale (appliances, fixtures, etc.)
• Key Dates: Set clear timelines for conditions, finance approval, building inspection, and settlement
• Special Conditions: Note any specific requirements like LIM reports, tenant arrangements, or property modifications

• Property Identification: Legal description, title reference, and physical address as registered with LINZ
• Party Details: Full legal names and addresses of all buyers, sellers, and guarantors
• Purchase Price: Total amount, deposit requirements, and payment terms clearly stated
• Settlement Terms: Specific date, time, and method of final payment and property transfer
• Conditions: Finance approval, LIM report, building inspection, and other contingencies with deadlines
• Chattels Schedule: Detailed list of all items included or excluded from sale
• Default Provisions: Consequences and remedies if either party breaches the agreement

A Real Estate Sale Contract often gets confused with a Deed of Sale, but they serve different purposes in New Zealand property transactions. The key differences include:

• Timing and Purpose: A Real Estate Sale Contract outlines the terms of a future property transfer and includes conditions that must be met before settlement, while a Deed of Sale is the final document that actually transfers ownership
• Legal Effect: The Sale Contract creates binding obligations between parties but doesn't transfer title - the Deed of Sale is the actual instrument that transfers legal ownership
• Conditions: Sale Contracts typically include finance, inspection, and other contingencies, whereas Deeds of Sale are unconditional documents executed at settlement
• Documentation: Sale Contracts require detailed terms and conditions, while Deeds focus primarily on confirming the transfer of ownership and recording the final transaction