Buying your Home

When buying a new home you should also do some careful research into the location, the value of the property, and whether there are any restrictions on the title or the use of the land.

  Choose your Sales Consultant - Decide what you're looking for in a home - Work out finances - Determine overall costs involved - Understand current market conditions -  Find the right home - Enter into an agreement to purchase - Finalise the legal requirements - Plan your move - Pre-settlement inspection - Settlement and possession day.

Read more: Buying a Property

Commonly Used Real Estate Terms

Real Estate Terms in Plain English

A-C

Agreement
The written contract for the sale and purchase of property between the
seller (vendor) and the buyer (purchaser).

Appraisal
A written analysis of the estimated value of a property prepared by a qualified appraiser.

Asking Price
The listed price of the property buy may not always be the selling price.
The owner may be willing to negotiate.

Read more: Commonly Used Real Estate Terms

Real Estate Agent Authority (REAA)

The Real Estate Agency or REAA is the independent government agency that regulates the New Zealand real estate industry. Their job is to promote a high standard of service and professionalism in the real estate industry and help protect buyers and sellers of property. They provide information for buyers and sellers, provide guidance for agents and deal with complaints about agents’ behaviour.

Buying or selling a property is a complex legal process and is probably the biggest financial transaction you’ll ever be involved in, so it’s essential you find out as much as possible about the buying and selling process before you begin.

REAA is also publishing guides to understand these important legally binding contracts. Agents must give you a copy of the relevant guide before you sign an agency agreement or a sale and purchase agreement. We also recommend reading the guides before meeting with agents.

Agency Agreement Approved Guide (.pdf 246KB)
Sale and Purchase Agreement Approved Guide (.pdf 349KB)

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