Each condition in the contract is either satisfied, waived, or the agreement falls away.
What happens at this step
Each condition has a deadline. Finance, LIM, building inspection, due diligence, OIO consent. As each one is satisfied or waived, you give a written notice. If a condition cannot be satisfied and you do not want to waive, you serve a non-satisfaction notice and the agreement is cancelled cleanly.
What NZ Legal does
We diary every condition deadline at the start of the matter. We serve confirmation notices when conditions are satisfied. We serve non-satisfaction notices where conditions cannot be met. We negotiate condition extensions with the seller's lawyer where extra time is needed.
What you do
Tell us as soon as a condition is satisfied (for example, the bank approval lands). Tell us immediately if a condition cannot be met. Decide quickly whether you want to waive, extend, or walk. Do not let a deadline slip without instructions to us.
Common pitfalls
- Letting a condition deadline pass without serving a notice. The contract may go unconditional automatically, locking you in.
- Trying to extend a deadline informally with the agent. Extensions need to be in writing, signed by both lawyers.
- Waiving a condition before the underlying issue is fully resolved.
