How long does conveyancing take in New Zealand?

Short answer: There's no single standard timeframe. Immigration New Zealand says buying a house can take as little as 3 to 4 weeks once you've found the place you want. In practice, the timeframe depends mainly on the conditions and settlement date in the sale and purchase agreement.

A typical purchase

A transaction usually involves several stages:

  1. Review and signing of the agreement.
  2. Satisfaction of conditions such as finance, LIM, title review and building inspection.
  3. Confirmation that the agreement is unconditional.
  4. Preparation for settlement. This includes signing the transfer authority and any loan documents, arranging insurance, and a pre-settlement inspection at least one day prior to settlement day.
  5. Settlement and transfer of ownership.

Every buyer of residential or lifestyle land must complete a Residential Land Statement confirming whether they need OIO consent. Your lawyer will help you with this before settlement.

The dates for each condition and for settlement are negotiated before you sign. More complicated transactions can take considerably longer.

What can extend the timeframe?

Common reasons include:

  • obtaining finance
  • obtaining and reviewing a LIM
  • building inspections
  • title issues
  • KiwiSaver first-home withdrawal requirements
  • trust or company buyers
  • new builds
  • subdivisions
  • resource consent issues
  • overseas buyers
  • OIO consent. LINZ takes up to 10 working days for a home on residential land that isn't otherwise sensitive, and up to 30 if it is. Investor visa holders using the $5 million-plus house pathway can usually expect about 5 working days.
  • commercial property
  • conditions negotiated between buyer and seller

What happens on settlement day?

The lawyers or conveyancers handle the transfer of funds and ownership.

For a buyer, the balance of the purchase price is paid to the seller's lawyer or conveyancer. The transfer of ownership and any mortgage are then registered on the record of title. Once settlement has happened, the buyer can collect the keys.

There can sometimes be delays on settlement day, particularly where one transaction depends on another property settling first. Settled.govt.nz suggests planning to move in at least a day after settlement if you can.

Buying property in Queenstown?

If you're considering buying, involve your lawyer before you make the offer, not after the agreement has been signed. From our Queenstown and Cromwell offices, Mactodd can review the agreement and property before you commit, then handle the transaction through to settlement.

Talk to us about your situation

If you're about to buy or sell in Queenstown or Central Otago, call us before you sign. We'll tell you whether the proposed dates work and what to have ready.

Call 0800 228 110 or request a call back.

Related guides

Sources

This is general information only. Each purchase depends on the details of the property and the buyer.