Once you have satisfied yourself as to all the aspects of the due diligence investigation, the agreement will be confirmed as being unconditional by your solicitor. Confirmation of sale means that the sale price is now official and the agreed transaction must, by law, be honored by both parties. You will pay a deposit to the NZRE trust account who receipts it on behalf of the seller and holds it in their audited trust account. The deposit is normally 10% of the purchase price. The deposit must be held for a period of 10 days in the trust account before the funds can be dispersed. Earlier release can be agreed upon with the approval of both solicitors. The solicitors for both parties now complete all the required legal paperwork and consents to allow the transaction to be complete and settled on the date nominated in the sale and purchase agreement. UNCONDITIONAL CONTRACT eieio.co.nz
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