For many buyers, the moment an offer is accepted feels like a finish line. In reality, it is just the start of a new stage in the property process. From the time the contract is signed until the keys are handed over, there are several steps every buyer needs to understand. Kristy Jones from Denham Bramwell Lawyers explains how it really works.

Step one: signing the contract

Once a vendor accepts your offer, you have a signed sale and purchase agreement. This is a binding contract. The terms and conditions written into it will decide how the rest of the process unfolds.

Kristy says too many people underestimate its weight. A sale and purchase agreement is not just a formality; it sets the obligations, timeframes, and protections for both buyer and seller.

Step two: the conditional period

Most agreements include a conditional period. This is the time to carry out checks such as finance approval, LIM reports, and building inspections. Only once these conditions are satisfied can the contract move forward.

Kristy points out that buyers cannot treat conditions as an easy exit. “You actually have to make all reasonable efforts to satisfy that particular condition.” That means providing evidence that you tried to secure finance or complete inspections, not simply changing your mind.

Step three: going unconditional

Once all conditions are met, the contract becomes unconditional. “Unconditional in the simplest way is you’re locked into purchase,” Kristy says.

A deposit, often 10 percent, is usually payable. If you are using KiwiSaver, the contract must be worded correctly so the funds can be released. This stage also triggers a wave of paperwork. Banks issue loan and mortgage documents, which lawyers check and prepare for signing. Sellers arrange to discharge their mortgage and ensure rates and water bills are up to date. Buyers sign loan documents and prepare settlement funds.

Kristy stresses that early conversations make this much easier. “If a first-time purchaser wants to utilise their KiwiSaver funds towards payment of the deposit, we actually need to be involved as early as possible.”

Step four: settlement day

Settlement is when ownership officially transfers. Lawyers confirm funds have been paid, mortgages are discharged or registered, and once everything is balanced, the property changes hands. The buyer’s lawyer confirms completion and the real estate agent is authorised to hand over the keys.

The seller still carries responsibilities right up until this point. “You need to keep the power on to the property so when the purchaser carries out their pre-settlement inspection, they can ensure that everything is in working order,” Kristy says.

Settlement can take place any time during the day, so Kristy advises booking movers later in the afternoon or even the following day. That simple step helps avoid stress and extra costs if funds or paperwork run behind schedule.

Buying a home is not one big leap. It is a series of steps, each with its own rules and deadlines. Understanding what happens from contract to keys helps you prepare properly and keeps your dream home journey on track.

Disclaimer: This article is based on a podcast featuring insights from experienced professionals and is intended for general information and inspiration only. While we aim to share valuable guidance, please seek personalised advice from qualified professionals before making decisions about your property, finances, or renovation plans.