Buying and selling property can be exciting, but also involves some of the biggest financial and legal decisions many people will make. Given the unique mix of lifestyle, rural, and residential properties across the North, finding the right fit can feel high-stakes, often tempting buyers to submit offers quickly. A little preparation and a good understanding of the process can help avoid costly mistakes.
One of the most important steps is speaking with your lawyer early. If an agreement has not yet been signed, legal advice can help ensure it contains the right protections for you. If it has already been signed, legal advice can help prevent the agreement becoming unconditional before you are ready. This is important for both buyers and sellers because once an agreement goes unconditional, the deal is effectively done. Buyers can no longer rely on finance, LIM, building report or other conditions that remain outstanding, while sellers cannot change their minds because their own purchase falls through or a better offer appears.
Understanding some of the terminology used during a property transaction is also important. Take the word “deposit”. When a lawyer refers to a deposit, they are usually talking about the amount specified in the agreement for sale and purchase that is paid once the agreement becomes unconditional. When a bank refers to a deposit, it is generally talking about the buyer’s contribution towards the overall purchase price. These figures are often different, which can be confusing if buyers are not aware of the distinction.
KiwiSaver can be a valuable tool for first-home buyers. If you have been a member for at least three years, you may be able to withdraw your savings to help purchase your first home, or qualify under the second-chance withdrawal rules. However, KiwiSaver funds are not available immediately. Withdrawals typically take between 10 and 15 working days to process, meaning forms should be completed and submitted well in advance. If the funds are needed for a deposit, the seller must also agree to them being paid to a stakeholder, usually the seller’s lawyer, rather than directly to the real estate agent.
Auctions present another set of considerations. If you are the successful bidder, the agreement is unconditional from the moment the hammer falls. Buyers therefore need to complete all due diligence beforehand, including reviewing LIM and building reports and obtaining any necessary lending approval. When timeframes are tight, important issues can easily be overlooked.
For sellers, one of the most common problems arises when home improvements have been completed without the necessary council approvals, or where work has been consented but a Code Compliance Certificate has never been obtained. Even relatively minor additions such as decks, sleepout bathrooms or garage conversions can raise concerns during a buyer’s due diligence. These issues can delay a transaction and, in some cases, cause a sale to fall over altogether. Providing accurate information and addressing potential concerns early can help keep the process on track.
Whether buying or selling, taking the time to understand the process and seeking legal advice early can save significant stress and expense later on.
How can we help?
Our friendly team of experienced, conveyancing specialists will be happy to talk through your situation and review your contracts, whether existing or before you sign. Please give us a call.
Our thanks to Caitlin Halls and Patrick Steuart for writing this article which was first published in the Mangawhai Focus in June 2026.
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