A lot of purchasers are happy to ‘buy off the plan’ to lock in price, pay a lower deposit and know they have a house to live in sometime in the near future. In New Zealand, there are a few differences to know about when it comes to your Sale and Purchase Agreement for a property yet to be completed.
The Sale and Purchase Agreement includes a date by which time, if the building has not obtained a Code Compliance Certificate, or the Certificate of Title has not been issued, you are able to cancel the agreement and have your deposit refunded.
This protects the customer who won’t have to wait indefinitely for their new home.
A specification and finishing schedule is included in the Sale and Purchase Agreement, itemising which appliances / chattels are supplied with the property. As materials may not be available at the time of completion or due to design development, the plans and details may be subject to change and variations on those terms and conditions set out in the agreement.
