Step 1 Due Diligence

On tamakukuterrace.co.nz the following information is available:

1. An Agreement for Sale and Purchase – including:
   • Further Terms,
   • Subdivision Plan (Annexure 1),
   • Form of the Land Covenants (Annexure 2), and
   • Design Guidelines (Annexure 3).
     (together called the Agreement).

Before submitting an offer, you need to be sure that you are eligible to buy a property in New Zealand according to the Overseas Investment Act 2005. If you are an overseas visitor and not a New Zealand resident or New Zealand born, then you need to check your status with this Act.

If your offer is accepted, it becomes a legally binding contract, which means you are committed to its terms.  We recommend you seek legal advice before submitting your offer to ensure you understand the terms and what is required of you. We are available to discuss questions you may have.

You’ll need to make sure your finances are organised before you submit an offer.  We recommend you discuss lending approval with your bank. Sometimes your bank will require a ‘turn key’ house and land price, so speak with a local builder or building company about what house designs will work on your desired lot and confirm build costs.

You must pay a deposit of 10% of the purchase price for the lot when your offer is accepted, so please make sure you have these funds available.

Step 2: Making an offer

Your offer MUST:

1. have your initials on the bottom right-hand corner of every page of the Agreement.  This means every page of the Agreement (including all attachments as set out in paragraph 1 of Step 1),
2. have a completed schedule 1 relating to the GST aspect of the transaction,
3. be signed in full by the purchaser on the Memorandum of Contract page where it says “Signature of Purchaser” and have the full name of the purchaser completed where it says “Purchaser’s Name”. If a trust is submitting the offer, then make sure the full names of the trustees are named as the purchasers (i.e. do not simply insert the name of the trust) eg “[name of person] and [name of person] as trustees of the [name of Trust] Trust”,
4. have your contact details eg (email address and phone number) and your solicitor’s details completed, and
5. must be submitted via our Bayleys team of Raewyn or Jack.  Offers must include the full Agreement document and all attachments as set out in paragraph 1 of Step 1.  Offers sent to any other address will not be accepted  – please do not send your offer directly to the Council. The files are quite large so please seek email confirmation that your offer has been received or send via dropbox or other cloud based sharing service. 

Please do not submit a deposit with your offer. If your offer is accepted, you will be notified and required to pay a deposit of 10% of the purchase price within 2 working days of notification that your offer has been accepted. Payment details will be provided at the time of notification.

The sale process is completed by Bayleys and Simpson Grierson who are the legal counsel.  

Legal Advice

The enclosed Agreement is a legal document and if it is accepted by the Council, you will be legally bound.  The Council is registered for GST which might have consequence depending on your situation, accordingly we strongly recommend you seek advice from your solicitor and/or accountant before signing and submitting an offer.