Once you and the vendor sign, you have a contract. Conditions are the only legal way out, and each one has a working-day deadline that starts ticking immediately.
Finance condition
Gives you time to get formal, unconditional approval from your lender for this specific property. Pre-approval is not enough — the bank still has to accept the house and, usually, a valuation.
Ten to fifteen working days is realistic. Five is optimistic unless your adviser has everything ready.
LIM condition
A Land Information Memorandum from the council tells you about consents, drainage, hazards, flooding, and any notices on the property. Councils typically take up to ten working days (faster if you pay for urgency), and it costs roughly $300–$450.
Make the condition 'subject to a LIM satisfactory to the purchaser in the purchaser's sole discretion' — your solicitor will word it.
Builder's report condition
A qualified inspector, ideally a member of a recognised inspection body, reports to the standard set out in NZS 4306. Expect $600–$1,000. For any home from the 1994–2004 era, add moisture testing.
Title and body corporate conditions
Your solicitor reviews the record of title, easements, covenants, and for unit titles the body corporate records and disclosure statements. Cheap protection, and it catches cross-lease defects.
Due diligence
A broad clause that lets you investigate anything and withdraw if you are not satisfied. Vendors dislike it in a competitive market, but it is worth asking for when you are the only offer.
Working days, not calendar days
Deadlines are counted in working days and exclude weekends and public holidays. If you need more time, ask for an extension in writing before the date passes — after it, the vendor can cancel.
Going unconditional
When every condition is satisfied or waived, you confirm in writing and the agreement is unconditional. The deposit (commonly 10%) becomes payable, is held in the agency's trust account, and you are committed. Do not confirm until your lender has said yes in writing.
The short version
- Each condition has a working-day deadline — diary them all.
- Pre-approval does not replace a finance condition.
- Budget $1,000–$1,500 for LIM plus builder's report on a serious offer.
- Only go unconditional on written lender approval.
General information for New Zealand first home buyers, not financial or legal advice. Rules and lender criteria change — check anything important with your solicitor, your lender or a mortgage adviser. Sources: Real Estate Authority (REA) — sale and purchase agreement guide; NZS 4306 — residential property inspection standard.