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Essentials of a legal binding Contract Thanks to:
Kim Matheson
Regent Conveyancing
www.regent.net.nz
Here are some tips to ensure your Contract is legal and binding;
1. The Vendors full names as described on the Title.
2. The Purchasers full names as noted on Passports or Birth Certificates.
Note; There are only 2 legal entities in which property can be purchased;
A. Companies
B. Individual names.
3. The full address of the property to which the transaction relates.
4. Purchase price. If there is a counter offer each offer must be initialled by all parties.
5. Deposits; Good on the Banks requiring a bigger deposit. Please ensure that the deposit to be paid is actually (Upon the Agreement for Sale and Purchase becoming unconditional). Not on the date the Agreement is signed.
6. Settlement and possession date. At present we are experiencing a mixture of both fixed date and a certain number of days from unconditonal date. Settlement can be completed in 5 working days thanks to eletronic conveyancing.
7. Finance condition; the more specifice the better. In all cases if we are acting for a Vendor or Purchaser and have been advised Finance has been declined we will require evidence in writing from the Lender. An Agreement should never be cancelled without written confirmation. It is a performance condition.
8. Tenancy; if the property is subject to a Tenancy information must be provided covering Bond, Rent, Term and right of renewal. There may be and adjustment of the bond and rent at settlement.
9. Further terms to the Agreement be specific;
A. Inspection and satisfaction of the property file held at Council.
B. Obtaining and being satisfied with a Builders Report.
C. Obtaining and being satisfied with a Valuation.
D. Your Conveyancing Practitiones approval of the Title in all respects.
E Any other matter you may think relevant to the property.
Kim Matheson
Regent Conveyancing
www.regent.net.nz
Here are some tips to ensure your Contract is legal and binding;
1. The Vendors full names as described on the Title.
2. The Purchasers full names as noted on Passports or Birth Certificates.
Note; There are only 2 legal entities in which property can be purchased;
A. Companies
B. Individual names.
3. The full address of the property to which the transaction relates.
4. Purchase price. If there is a counter offer each offer must be initialled by all parties.
5. Deposits; Good on the Banks requiring a bigger deposit. Please ensure that the deposit to be paid is actually (Upon the Agreement for Sale and Purchase becoming unconditional). Not on the date the Agreement is signed.
6. Settlement and possession date. At present we are experiencing a mixture of both fixed date and a certain number of days from unconditonal date. Settlement can be completed in 5 working days thanks to eletronic conveyancing.
7. Finance condition; the more specifice the better. In all cases if we are acting for a Vendor or Purchaser and have been advised Finance has been declined we will require evidence in writing from the Lender. An Agreement should never be cancelled without written confirmation. It is a performance condition.
8. Tenancy; if the property is subject to a Tenancy information must be provided covering Bond, Rent, Term and right of renewal. There may be and adjustment of the bond and rent at settlement.
9. Further terms to the Agreement be specific;
A. Inspection and satisfaction of the property file held at Council.
B. Obtaining and being satisfied with a Builders Report.
C. Obtaining and being satisfied with a Valuation.
D. Your Conveyancing Practitiones approval of the Title in all respects.
E Any other matter you may think relevant to the property.