The Document That Controls the Whole Deal
A sale and purchase agreement (often called an S&P agreement) is the legally binding contract between a buyer and seller for a property in New Zealand. Nearly every residential sale uses the standard ADLS/REINZ form, which sets out the price, the parties, the settlement date, and any conditions the sale depends on.
It matters because once both parties sign, it's binding — not a preliminary step or a statement of intent. Everything from your finance to your building report to your final settlement date is governed by what's written in this one document.
The Essentials
Conditions
Chattels and Extras
A signed sale and purchase agreement is binding — it's not a preliminary step, and you can't simply change your mind once both parties have signed.
Why It Matters So Much
A few reasons this single document deserves careful attention.
It's legally enforceable
Once signed by both parties, courts treat it as a binding contract with real consequences for breach.
It controls your conditions
Finance, building report, and LIM conditions only protect you if they're drafted and dated correctly.
It sets your settlement date
This becomes the legal deadline for the balance of funds and the transfer of ownership.
Quick Summary
- A sale and purchase agreement is the binding contract for an NZ property sale.
- Once signed by both parties, it's enforceable, not a preliminary step.
- It governs price, conditions, chattels, and the settlement date.