A signed sale and purchase agreement is legally binding — so understand what you're signing, and know how each method of sale changes the game.
First things first
Lenders approve you and the house — they may want a registered valuation, and they'll want insurance arranged. Talk to your bank or adviser the day you decide to offer, not the day your finance condition expires.
The S&P agreement records the parties, the property and title type, price, deposit, chattels, any conditions and their deadlines, and the settlement date. There's no single universal form — your lawyer should review it before you sign, every time. The agent must also give you REA's official S&P guide and get written confirmation you've received it.
An unconditional offer has no escape hatches — once accepted, you're committed. A conditional offer must be fulfilled by set dates before it firms up. Common conditions:
Fewer conditions make an offer more attractive to a vendor; more make it safer for you. Do your research early and you can offer clean and safe.
Fixtures (attached — decks, wiring, showers) come with the property. Chattels (movable items) come only if listed in the agreement. Standard lists cover the stove, floor coverings, curtains, light fittings and heat pumps — if you want the dishwasher or the spa, write it in. In doubt? List it anyway.
Open bidding on the day (or earlier — many auctions are brought forward by a pre-auction offer). The winning bid at or above reserve is unconditional: you sign and pay the deposit immediately. Finance, research, insurance and legal advice all happen before auction day. Set your walk-away number in advance and stick to it.
Marketed without a price, offers due by a set date — though vendors can often accept a strong offer early, so don't sit on your hands. Offers can be conditional.
You make a written offer and it runs back and forth via counter-offers until price and terms are agreed — or aren't. Your lawyer should see the final form before you sign.
If two or more buyers offer at once, the agent must tell everyone it's a multi-offer. Each submits their best offer by a deadline and the vendor picks one. No second round is guaranteed — treat it as your one shot, on price and conditions.
Our tip: in a multi-offer, clean beats clever. A slightly lower price with fewer, shorter conditions often wins against a higher price wrapped in escape clauses.
This guide is general information, not legal or financial advice — always have your lawyer review any agreement before you sign. See also the Real Estate Authority's settled.govt.nz, including the official NZ Residential Property Sale and Purchase Agreement Guide.
We run plenty of them. Happy to walk you through exactly how it works before you bid.