These deposits can be two very different things! We often see this causing confusion for our first home buyers and explain below: Deposit for the real estate agent In most circumstances, an agreement for sale and purchase will require that a purchaser pay 10% of the agreed purchase price once
Purchasing at auction or entering into a pre-auction offer means that you are purchasing the property unconditionally and should your offer be accepted you are committed to completing the purchase.
When purchasing property, under the fine print in both a standard REINZ agreement and auction agreement clauses 3.2(1) and 5.2(1) provide the right for you – (or a person nominated by you) to visit the property again during the week before the settlement day.
Changing the existing mortgage you have over your property to another bank is the process called “refinancing”. A legal practice needs to be involved to do this. We can help no matter where you are placed in New Zealand (and most countries).
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