Buying a new home usually involves a lot of paperwork, but there are key documents for buying a house that are vital to ensure that your sale goes smoothly and is legal. Before you go unconditional you need to make sure you have all your documents in order. The professionals on your team will help you get the paperwork you need.
Five key documents for buying a house
Sale and purchase agreement – this is the agreement you sign with the vendor to agree to buy the property. It will list any conditions of the sale as well as important information like deposit amounts and settlement dates.
LIM and title
These documents show information about the property you are buying. The Land Information Memorandum (LIM) is provided by the local authority and contains details such as where the utility pipes are, zoning status and any consents or notices on the property and any risks from things like erosion and flooding. The title document shows who legally owns the property and whether there are any restrictions or covenants on the land. It also shows you if the property is freehold or on a cross lease. Your solicitor will source these documents for you.
Confirmation of finances if you are borrowing money
If you are using a mortgage to buy your property you may need written confirmation from the bank that they are willing to lend you the appropriate amount. You may also need documentation if you are using KiwiSaver funds to help buy the house. If you are buying at auction you may need conditional pre-approval from your bank.
You must have insurance in place for the property from the date the sale goes unconditional. If you are using a mortgage, the bank may ask to see proof of insurance before releasing the money to you.
A pre-purchase inspection checks the state of the property inside and outside. Usually, the inspection covers a number of areas. This enables you to see the condition of the property and whether anything might be a dealbreaker before you commit to the sale.
A building inspection is usually part of the standard sale and purchase agreement.
Make sure your inspection documents are in order with help from InnoHome in Auckland
Your pre-purchase inspection report is one of your key documents for buying a house so it needs to be done properly. A house inspection should be done by a reputable inspector with plenty of experience. There is nothing to say you can’t get a builder to do it or ask a tradie that you know, but for a thorough inspection, a professional is best.
InnoHome offers house inspections across Auckland. All our inspections include non-invasive moisture testing to help detect hidden leaks or damp issues. Once the inspection is complete we’ll provide you with a detailed written building report.
To book an inspection get in touch