Let's Talk About The Legal Stuff

 

For an NZ Private House Sale

 

Although we, here at Your Property Solutions aren’t qualified to give you legal advice, we do have a comprehensive working understanding of Sale and Purchase Agreements. We understand all of the clauses that go in, around, and out of this agreement. It is our job!

 

When working with Sale and Purchase Agreements in the industry believe me – we’ve seen the good, the bad, and the ugly! Here today we are going to help you avoid one of the biggest mistakes people make when signing a Sale and Purchase Agreement – this one clause will save you from disaster and regret when selling your home!

 

The Vendor’s Solicitor’s Approval Clause

 

What is the vendor’s solicitor’s approval clause? While it can come in several different forms, it will look something like this:

 

“This agreement is conditional upon the approval in all respects of the solicitor for the vendor who may take into account the commercial and conveyancing aspects of this agreement and any other matters which the lawyer considers are relevant. The solicitor is entitled in his or her absolute discretion to give or withhold approval. This condition has been inserted for the benefit of the vendor and is to be satisfied by 3 working days of the date of this agreement.”

 

Essentially this clause allows both parties to sign the agreement on the spot creating a commitment between both parties at the time but then allows for a three-day grace period for the seller to take the contract to their solicitor so they can look over it and make any amendments to the document if required.

 

Why is the vendor’s solicitor’s approval clause so important? By requiring a solicitor’s approval it ensures safety, security, and peace of mind for all parties involved in the transaction. When you’re selling your house privately or otherwise, always make sure and ask the purchaser if the solicitor’s approval clause has been inserted.

 

At Your Property Solutions, it is our company policy to insert this clause into every Sale and Purchase Agreement that goes out our door. If you are considering selling privately please do not hesitate to get in touch with us. We would love to hear from you.

 

Billy 

 

Your Property Solutions

www.yourpropertysolutions.co.nz