For both buyers and sellers, the period between an offer being accepted and a property becoming officially sold can feel a little uncertain, especially if it’s your first time navigating the process. While every transaction is different, there’s usually a clear sequence of events that takes place behind the scenes.

Here’s what you can expect:

1. The offer is presented and negotiated

It starts when a buyer submits an offer on a property through a Sale and Purchase Agreement, with the assistance of their salesperson and solicitor. This document outlines the price they’re willing to pay, along with any terms and conditions attached to the offer.

Common conditions may include:

• Finance approval
• Building inspection
• LIM report review
• Sale of another property
• Due diligence
• Solicitor approval

The seller can then choose to:

• Accept the offer
• Reject the offer
• Negotiate the price or conditions
• Consider other offers (depending on the sale method)

This stage may involve some back-and-forth before both parties agree on the final terms.

2. The property becomes “under offer”

Once both buyer and seller have signed the agreement, the property is considered under offer. If the agreement includes conditions (which many do), the sale is considered conditional until those conditions are satisfied, which must happen within the agreed upon timeframe (eg. 10 working days).  

At this point:

• The buyer begins working through their conditions
• The seller may continue preparing for their next move
• The salesperson helps coordinate communication between both parties

If the offer made was unconditional, all conditions we already satisfied or there were none to begin with, meaning the agreement is locked in.

Note - If the property is sold by auction, the process is typically more straightforward — once the hammer falls and the winning bid is accepted, the sale is unconditional, meaning there’s no ‘under offer’ period and the transaction moves directly toward settlement.

3. The buyer completes their due diligence

This is often the busiest stage for buyers. Depending on the conditions in the agreement, buyers may need to:

Secure finance - The buyer works with their bank or mortgage broker to obtain formal loan approval.

Arrange a building inspection - A qualified building inspector may assess the property for any structural issues, maintenance concerns, or hidden problems.

Review legal documents -The buyer’s solicitor may review:

• The Certificate of Title
• LIM report
• Council records
• Any easements or covenants
• Body corporate documents (if applicable)

4. The seller waits — but still has responsibilities

While buyers are completing their checks, sellers often enter a waiting period. During this time, sellers may:

• Provide requested documentation
• Allow access for inspections or valuations
• Stay in touch with their solicitor
• Begin planning their move

It’s important that the property remains in the same condition it was in when the offer was accepted.

5. Conditions are confirmed or renegotiated

Once the buyer completes their checks, one of three things usually happens:

The buyer confirms the conditions have been satisfied - This is the best-case scenario — the buyer is happy and confirms the agreement can proceed.

The buyer requests changes - If an issue arises (such as unexpected repairs), the buyer may attempt to renegotiate.

For example:

• Requesting repairs before settlement
• Asking for a price reduction
• Requesting additional documentation 

The buyer cancels the agreement - If a condition cannot be met — such as finance being declined — the agreement might be able to be terminated.

6. The agreement goes unconditional

Once all conditions are met or waived, the agreement becomes unconditional.

At this stage:

• The sale is now legally binding
• The sold sticker may go up
• Moving plans can be locked in
• Deposits are usually paid (if required under the agreement)

7. Settlement day

Settlement day is when ownership officially transfers to the buyer. On settlement day:

• The balance of the purchase price is paid
• Legal paperwork is completed
• The property title changes ownership
• Keys are handed over 

The buyer can now officially move in, and the seller receives the proceeds from the sale (less any outstanding mortgage or legal costs).

What can delay the process?

Not every transaction moves quickly. Common delays include:

• Slow finance approvals
• Waiting on property reports
• Delays with legal documentation
• Sale of another property taking longer than expected
• Negotiations around repairs or conditions 

Good communication between agents, solicitors, buyers, and sellers can help keep things on track.

How long does it usually take?

This varies depending on the agreement. Conditional periods can last anywhere from a few days to several weeks, depending on how long buyers need to complete their checks.

Settlement may occur shortly after an agreement goes unconditional — or several weeks later if both parties agree to a longer timeframe.

The role of your real estate salesperson

A good real estate salesperson helps guide both buyers and sellers through this stage by:

• Managing communication
• Keeping deadlines on track
• Coordinating paperwork
• Helping resolve issues
• Making the process feel less overwhelming 

For both buyers and sellers, this stage can feel like a bit of a waiting game. Understanding the process can make this transitional period far less stressful, and your EVES salesperson is there to help guide both parties through each stage and keep things moving smoothly.

If you would like more information on buying or selling, get in touch with one of our helpful EVES experts today! www.eves.co.nz/our-people

*This information is intended as a guide only. Consult with your legal representative throughout any property transaction.