Dealing with offers

The paperwork

The sale and purchase agreement, from the vendor's side

Every offer arrives as a draft sale and purchase agreement — a legally binding contract. Have your lawyer review each one before you respond, and check:

• Price — against your appraisal evidence, not just your hopes.
• Conditions — finance, building report, LIM, sale of the buyer's home. Fewer and shorter is stronger; a "sale of buyer's property" condition means your sale depends on someone else's.
• Deposit — how much and when. It's usually held in your lawyer's trust account as your security.
• Settlement date — as negotiable as price. Does it fit your next move?
• Chattels — listed item by item. Taking the good dishwasher? Say so now.

Counter-offers and negotiation

You don't have to accept or reject — most deals are made in the middle. Counter on price, dates, conditions or chattels; every change is initialled by both sides. Keep in mind:

• A counter-offer generally ends the buyer's original offer — counter with intent, not reflex.
• Momentum matters. Deals that drag lose buyers.

Multi-offer situations

When more than one buyer offers at once, each is told and invited to put forward their best terms by a deadline. You choose which to work with — it doesn't have to be the highest price. A clean offer at a fair number often beats a bigger number wrapped in conditions.

From accepted to unconditional

Accepting a conditional offer starts the clock: the buyer works through their conditions by the agreed dates. During this time:

• Provide access promptly for inspections and valuations.
• Keep the property insured and in the same condition as when the agreement was signed.
• If a condition fails, the buyer may withdraw — or renegotiate. Good documentation from stage 2 pays off here.
• When every condition is satisfied in writing, the sale is unconditional — locked in for both sides, and the deposit is released in due course (less commission).

Until it goes unconditional you can still withdraw the property — but once unconditional, you're committed to settle. And you can't quietly accept a second, better offer once you've signed with a buyer.

This guide is general information, not legal or financial advice — always have your lawyer review every offer and counter-offer before you sign. See also the Real Estate Authority's settled.govt.nz.