Selling your property in 2022

13 July 2022

There is a definite chill in the air in New Zealand residential property auctions. Demand has weakened, sale rates are down, and the annual price growth is slowing yet residential property prices remain high. Many vendors are questioning whether now is the right time to sell and some may have no choice.


Do I sell privately or through an agent?

There are advantages and disadvantages to both options; we have covered this in a previous blog. Ultimately, it will depend if you are pressured to sell the property and if you have a realistic price expectation.


You can decide on whether you sell the property via deadline sale, tender, or auction. All of these options will conduct open homes for a set period and then have a date for the deadline sale, tender, or auction. The deadline sale will accept conditional offers and the tender process or auction will usually only accept unconditional offers.


The tender and auction files will usually include a copy of the LIM and building report that has been obtained by the vendor. This allows the purchaser time to conduct due diligence (or their lawyer!) prior to submitting an unconditional tender or offer in writing.


Accepting an offer

Some properties may turn it at auction; however, they may still have interested parties that may not be in the position to put down an unconditional offer. Many purchasers that are obtaining finance may require a valuation for their lender. Hence, they may need to submit an offer that is conditional on finance.


You need to be aware of accepting an unconditional offer with a late settlement date and low deposit. Due to the volatility of the market, you do not want to be in a position where the purchaser fails to settle.


There are actions that you can claim against the purchaser for failing to settle such as;

  • Penalty interest
  • Claim for loss of the deposit
  • Loss of value



However, you need to keep in mind if the purchaser is a company, they may not be solvent at the time of settlement. Hence if they default, you may have very little recourse, if any, against them.


Weston Ward & Lascelles’ team of property lawyers has helped thousands of Christchurch clients successfully buy and sell a property. We urge you to seek legal advice at the beginning of the property selling process to help lower the risk of issues arising and to protect your current and future financial positions.


There are many different elements that influence which is the best course of action, so contact us today to learn how our property legal services can help you.


A shopping cart with a model house in it.

The life cycle of buying property in New Zealand: your complete guide

13 June 2025
Purchasing property represents one of the most significant financial decisions you'll make in your lifetime. Whether you're a first-home buyer stepping onto the property ladder or an experienced investor expanding your portfolio, understanding the complete lifecycle of property acquisition in New Zealand is crucial for making informed decisions and avoiding costly mistakes. The property buying journey is far more complex than simply finding a house you like and signing papers. It involves multiple stages, each requiring careful consideration, professional guidance, and adherence to New Zealand's property laws . This comprehensive guide will walk you through every phase of the process, highlighting where professional property law expertise becomes essential. Stage 1: Initial planning and preparation Before you begin searching for your dream property, thorough preparation forms the foundation of a successful purchase. This preliminary stage involves establishing clear goals, understanding your financial position, and assembling your professional support team. Financial preparation extends beyond simply knowing how much you can borrow to buy a property . You must consider additional costs including legal fees, building inspections, insurance, rates, and potential renovation expenses. Some buyers underestimate or even forget these ancillary costs, which can significantly impact the budget and purchasing power. Building your support crew early is crucial. You'll need a mortgage broker or bank, insurance provider, and most importantly, a qualified property lawyer specialising in conveyancing who can answer your questions about buying property . In Christchurch, where earthquake-related property issues remain relevant, having experienced property law professionals becomes even more critical. These experts understand local regulations, potential hazards, and the intricacies of property law in Christchurch. 
A man and a woman are holding a model house in their hands.

Relationship property and KiwiSaver: what happens if you split?

28 May 2025
Learn how relationship property is divided after a split in NZ, including what happens to KiwiSaver. Know your rights & what to expect during separation.