Every condition is met, the deposit becomes payable, and the contract is now binding on both sides.
What happens at this step
Once every condition is satisfied or waived, the contract goes unconditional. The deposit (typically 10 percent) becomes payable to the agent's or seller's lawyer's trust account. From this moment, you are committed to settle on the agreed date, and the seller is committed to deliver the property.
What NZ Legal does
We confirm in writing that the agreement is unconditional. We arrange for the deposit to be paid (or, if you are using a deposit bond, we coordinate that). We start the pre-settlement work: title transfer preparation, mortgage instructions, rates and water apportionments.
What you do
Pay the deposit when we tell you to. Confirm your move-in plans and any access requirements with the seller's agent. Update your insurer that you will own the property from settlement.
Common pitfalls
- Delaying the deposit payment. Late deposits can give the seller a right to cancel.
- Assuming you can still walk away after going unconditional. You generally cannot, and any walk has serious financial consequences.
- Forgetting to lock in insurance from settlement day.
