Property Conveyancing Terminology
In todays blog I thought I’d outline some of the common Property Conveyancing Terminology used by our Profession so you maybe better informed when talking with your Property Conveyancing Practitioner:
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Agreement or Contract: In New Zealand the Contract is prepared by the Real Estate Agent, Conveyancing Practitioner or Solicitor in a Private Treaty. This is document prepared when the Purchaser (Buyer) is ready to present an offer detailing the terms and conditions to the Vendor (Seller) on a property transfer. The document used in New Zealand is the Agreement for Sale and Purchase.
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Chattels: These are the moveable objects to be left at the house and property when settlement has been completed. Generally being Carpets, Curtains, Drapes, Blinds, Light fittings, Dishwasher, Stove, Oven or what ever else has been agreed between the parties. It is very important to have every thing listed in the Agreement, so there is no confusion at settlement.
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Conditional Agreement: This is the Agreement prepared between the parties but is subject to either the Vendor or the Purchaser completing and satisfying certain conditions within a specified time frame. Such as Finance Approval, Builders Report, Valuations, Approval of Title or a Land Information Memorandum, or whatever has been agreed.
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Cross Lease Title: This type of Title is quite common in New Zealand, even though they can be a nightmare to deal with. This is when there is more than one dwelling (or Flat) on a Title. The owners of each property co-own the land, and each leases their own property which forms the Cross Lease Title.
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Deposit: A percentage of the purchase price to be paid by the Purchaser will need to be paid as a deposit, this is generally either 5 or 10%, or what has been negotiated. This can be due and payable upon signing of the Agreement or upon the Agreement being confirmed unconditional. It is always in your best interest to have this paid upon unconditional.
It is always in your best interest to have your Conveyancing Practitioner check your Agreement prior to you signing.
Stay posted for an update on the terms used by the Conveyancing Profession and if you would like some more advice or help then please visit https://www.propertyconveyancingservices.com
Cheers Kim 
