The process for purchasing property in New Zealand is well regarded to be generally efficient, without undue bureaucracy and without incorporating astronomical expense. Broadly speaking, there are three ways to purchase residential property in New Zealand, these are:
1. Sale by private treaty
This follows a similar process to the UK system. The owner puts the property on the market and offers it at a specified price. The buyer is then able to negotiate on the price, making a verbal offer in the first instance.
Once accepted the seller then has to produce a Land Information Memorandum (LIM) which serves a similar purpose to a solicitors search for a UK property.
A sale and purchase agreement is then compiled by the buyer’s lawyer. Once ready to proceed, the buyer signs the contract and pays a 10% deposit. Completion follows and the balance of funds is transferred.
2. Sale by tender
By this method, the seller offers a guide price and states a closing date. Those interested in purchasing the property, complete the sales and purchase agreement. From the bids made, the seller then chooses which the offer they which to accept. Completion follows and the balance of funds is transferred.
3. Sale by auction
With this method, interested prospective purchasers can obtain a building inspection or survey before the auction takes place. Once a successful bidder is selected, they must pay 10% as a deposit and the balance on completion.
We be happy to advise you on any aspect of the removals process to any part of New Zealand. Please contact our international department on 01902 714555 or email sales@burkebros.co.uk. Information on our international removal services to and from New Zealand can also be found here.
