Step by Step Sale of Real Estate

1. The Vendor requests and receives an appraisal from the real estate agent and/or registered valuation from the Valuer to establish the current market value of their property.
Contact Zone Realty Limited, MREINZ for a free appraisal.

2. The Vendor develops relationship with a real estate agent to sell their property and signs the Agency Agreement. Zone Realty Limited, MREINZ has a database of over 10,400 contacts, positive attitude and efficient marketing tools to effect sale of property as soon as possible.

3. The Purchaser obtains a pre-approval for finance so that a maximum amount for borrowing is established and the search for appropriately-priced property begins. Contact Zone Realty Limited, MREINZ now to discuss sale requirements.

4. The Purchaser contacts couple of active real estate agents. At Zone Realty Limited, MREINZ we aim to know about every single property for sale on market in the inner city fringe area and constantly update our records to display current listings only. As a result we are able to offer you vast majority of available properties for sale which saves a lot of time. All Zone Realty Limited, MREINZ customers receive regular updates on all new listings too.

5. The Purchaser makes an offer using a standard Law Society Sale and Purchase Agreement (such agreement satisfies the requirements of Contracts Enforcement Act 1956) prepared by the real estate agent as per the Purchaser’s instructions and checked by the Purchaser’s solicitor.

6. The real estate agent presents the Purchaser’s offer to the Vendor. We, at Zone Realty Limited, MREINZ always go an extra mile to ensure Sale and Purchase agreements are drafted in compliance with all relevant current legislation. Zone Realty Limited, MREINZ strongly recommends using a Due Diligence clause which gives the Purchaser right to investigate the property properly once it is secured under the contract. Acceptance of this clause also records the Vendor’s good faith in terms of providing the Purchaser with reasonable opportunity to investigate the property thoroughly before committing to purchase.

7. The Vendor checks the offer with their solicitor and accepts it (the length of negotiations may vary).

8. Upon signing of the Sale and Purchase Agreement by both parties, each party in their capacity as the Purchaser pays the deposit to the real estate agent’s Trust Account which is to be held in such account for at least ten working days and until the Unconditional Date of the Sale and Purchase Agreement (unless both parties consent to earlier release). This is when the Purchaser acquires an equitable interest in the other party’s property which may be protected by Caveat (if the Purchaser feels there might be some problems with transaction).

9. The Purchaser makes relevant enquiries to local territorial authorities and requests LIM, PIM, property file and other reports (if necessary) to establish rates information and any outstanding amounts due (if any), special characteristics of the land, property’s compliance with Resource Management Act 1991 and The Building Act 2004, etc. Purchasers need to be aware that all of the abovementioned reports are subject to various disclaimers imposed by territorial authorities.

10. The Purchaser obtains a building report prepared by a registered, certified and competent building inspector.

11. The Purchaser obtains a formal approval for finance and the Financier sends all relevant documentation (re: loan offer) to the Purchaser’s solicitor for signing purposes.

12. Certificate of Currency should be obtained by The Purchaser from the Financier prior to the Settlement Date. The Financier subsequently transfers the borrowed sums to the Purchaser’s solicitor Trust Account prior the Settlement Date.

13. Each party in their capacity as the Purchaser confirms to the other party in their capacity as the Vendor that Sale and Purchase Agreement is now Unconditional.

14. The Purchaser’s instructs the solicitor as to the form of ownership the property is to be purchased under (re: private ownership, company’s ownership, Trust, etc) prior to the Settlement Date.

15. The Purchaser’s solicitor prepares the Memorandum of Transfer and sends it to the Vendor’s solicitor.

16. Within 14 days prior to the Settlement date the Purchaser’s solicitor searches the Guaranteed Certificate of Title to make sure that such features as size and boundaries of land, ownership particulars, tenure and details of all other interests in land are accurate, up-to date and free of unexpected encumbrances, so that a state-backed guarantee as to accuracy of title for up to 2 months after the Settlement Date can be obtained.

17. The Purchaser does a final inspection on the Settlement Date to ensure that the property is in the same condition and that all conditions of Sale and Purchase Agreement (if any) were satisfied by The Vendor.

18. On the Settlement date the vendor’s solicitor hands over the signed Memorandum of Transfer back to the Purchaser’s solicitor in consideration of receiving the balance of the purchase price payable from the Purchaser’s solicitor Trust Account to the Vendor’s solicitor Trust Account.

19. Upon funds changing the hands and upon receiving the Memorandum of Transfer the Purchaser’s solicitor sends out the Sale Notice to all parties concerned.

20. Land Registry Office notes and registers transfer of ownership on the Certificate of Title and the Purchaser’s solicitor sends a copy of updated Certificate of Title to the Purchaser. The Purchaser thus obtains indefeasibility of legal title and becomes a new registered owner of the land.

21. Keys are released to the Purchaser on the Settlement Date.

Disclaimer. The contents of this Information Guide are provided as a general outline only for the guidance of prospective purchasers, and do not constitute an offer or for part of any contract. Whilst due care has been taken in the preparation of this guide, no representation is made and no responsibility is accepted for the accuracy of the whole or any part. Interested parties are advised that it is their responsibility to carry out such checks as they deem appropriate on the accuracy of the information contained herein and to satisfy themselves in all respects as to the nature of the property they are proposing to purchase. Neither the whole nor any part of this Information Guide or any reference to it may be included in any public document, circular or statement, without our written approval of the form and context in which it would appear. Zone Realty Limited is not to be held responsible in Contract, Tort or any other way for any accuracy in, omission from, or other defect of whatever kind contained in this Information Guide, and the recipient waives any rights which it may now or in the future against Zone Realty Limited in receiving this information.