The Same Legal Process, Different Timing
The core legal mechanics of settlement — lawyers, LINZ, title transfer — are the same whether you're buying a new build or an existing home. What differs is the timing and structure of payments leading up to it, particularly for a new build that isn't finished yet when you sign.
Existing Home
New Build (Off the Plan)
What's Different to Check for New Builds
Code Compliance Certificate (CCC)
Settlement generally can't happen until the council issues a CCC confirming the build meets the building code.
Staged or deposit-only payments
Some new build contracts require a deposit at signing, with the balance due at settlement rather than progress payments.
Sunset clause
Check the sunset date — the point at which either party can cancel if the build isn't finished.
Pre-settlement inspection
Walk through the finished property to check for defects before settling, since remedying issues is harder afterward.
New builds are often exempt from standard loan-to-value ratio (LVR) restrictions, which can mean a smaller deposit — but your finance approval still needs to remain valid until the (potentially delayed) settlement date.
Quick Summary
- Existing homes: a fixed settlement date, agreed at signing.
- New builds: settlement is tied to construction completion and a Code Compliance Certificate — timing can shift.
- Check the sunset clause and do a pre-settlement inspection before settling on a new build.