Buying and Selling Property

Whether you are buying, selling or refinancing a property, you will require the services of a conveyacing professional to manage the legal process of transferring ownership from one person or entity to another. 

As New Zealand’s professional body representing Conveyancing Practitioners, the NZSOC recommends that consumers utilise the services of one of their expert conveyancing members.

We strongly recommend that you consult with a conveyancer prior to signing the any contract, to ensure that the contract contains the appropriate clauses to protect your interests.

To appoint a conveyancer, simply insert their details in the final page of the Agreement for Sale and Purchase, and ensure that they are provided with a copy of the agreement as soon as possible.

BUYING PROPERTY

When buying a property, some of the matters that you can expect your conveyancer to attend to include;

• Drafting the Agreement for Sale and Purchase and appropriate conditions for your requirements (where necessary)
• Receive and carefully peruse the contract and advise you appropriately
• Search the title and fully explain to you any encumbrances on the title
• Ascertain the outcome of the conditions of the contract, and communicate outcome of conditions with the sellers conveyancing professional
• Prepare the Sales Notice for the Local Authority
• Ascertain the manner in which joint Purchasers are to hold the Property
• receive and check the statement from the sellers conveyancing professional, including checking the accuracy of apportionment calculations (ie rates, body corp levies, rental)
• receive and complete Bank loan documentation for your signing (if necessary)
• Establish online the electronic transfer (and mortgage if required) for property ownership to be transferred to the new owner
• Prepare all legal documentation necessary to transfer ownership to you
• Ensure property is sufficiently insured
• If applicable, receive loan documentation, and explain the obligations of the mortgage and the terms of finance with you prior to signing and returning back to the bank
• receiving settlement funds from you and your bank (where applicable)
• attend to transfer of funds to the vendors conveyancing professional’s Trust Account
• ensure that the house keys are released to you (where applicable) as soon as funds have been transferred
• complete registration of the transfer and mortgage (if applicable)
• provide to you a full statement of all transactions, along with copy of Certificate of title detailing your ownership
• reporting to the bank

SELLING PROPERTY

When selling a property, some of the matters that you can expect your conveyancer to attend to include;

• Receive and carefully peruse the contract and advise you accordingly
• Obtain a search of the title to investigate what encumbrances, if any, need to be attended to prior to settlement
• Report in writing to you on the terms of the contract
• Receive correspondence from the purchasers conveyancing practitioner regarding outcome of conditions, and update you accordingly
• Where applicable, obtain the discharge of mortgage authorisation from your Bank and the amount that the Bank requires to be repaid
• Obtain rates information from the Local Authority, and order a water meter reading (where applicable)
• calculate the rates apportionment
• preparing and send settlement statement to the purchasers conveyancing professional
• receive the Notice of Sale disclosing purchasers details from the purchasers conveyancing professional
• ensure online transfer has been established correctly by the purchasers conveyancing professional
• Prepare and have you sign all legal documentation necessary to transfer ownership to the new purchaser
• On settlement date, receive your Banks final repayment figure
• Upon receipt of full settlement proceeds authorise the release of house keys to the purchaser
• attend to repayment of mortgage, payment of any land and water rates outstanding, transfer of surplus funds (less conveyancing fee) to your nominated bank account
• Update the LINZ online system to enable discharge of mortgage and transfer of the ownership
• send the Notice of Sale to the Local Authority
• report to you with our complete statement disclosing all monetary transactions