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Buying property in New Zealand is generally straightforward, thanks in no small part to the ease in which English speakers can conduct business. Nevertheless, a local, trusted lawyer is essential to help with all proceedings, and to make sure any potential pitfalls are avoided when looking for New Zealand properties for sale.
Once a property for sale in New Zealand has been decided upon and an inspection has been carried out, the buying process can begin in earnest. There are two main methods of how properties are sold in New Zealand: either at a fixed price or at auction - both are self explanatory, it either sells at a set price or the buyer is involved in a series of bids at auction, getting the house for the bid that wins. Obviously each method has its own benefits and drawbacks, so it is mostly down to personal choice whether a buyer involves themselves in a particular buying method. It should be noted that sales made at auction usually need full amounts to be paid within a short amount of time after the end of the auction, so adequate funds should be found beforehand.
Once a price has been agreed upon, a contract is drawn up, checked and signed by both parties, a further inspection is carried out to make sure there are no outstanding issues with the local council and a deposit is paid, usually of around 10 percent. Once these elements are sorted, the sale moves to closing, which can take anything up to 60 days to process. Once this is finished, the sale is completed, all remaining funds are transferred, the property is legally registered with the buyer and any outstanding fees are paid.
Fees in New Zealand tend to be low, thanks to the absence of stamp duty. Lawyer fees are usually set, rather than being a percentage and real estate agents are generally paid by the seller, rather than individually.
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