Nolans HomeFront
1st Floor Treble Court, Palmerston Rd, Gisborne
Phone:- 06 867 1209
Email:- info@NolansHomeFront.co.nz

An Unconditional Contract

This is one that has no conditions attached to it.

Once both parties have signed the contract it is binding on both of them. Neither party can simply change their minds. It is important that the buyer is certain in their choice and have readily available funds to complete the purchase. Similarly the seller must be sure of their own decision to accept the offer.

HAVE YOUR LAWYER CHECK THE CONTRACT AND DISCUSS IT WITH THEM BEFORE YOU SIGN THE CONTRACT.

It is NOT a good idea to sign an unconditional contract if Bank mortgage finance is required. The Bank may have approved the buyer as a potential borrower (that is they can afford the mortgage repayments) but the Bank still needs to consider whether the house being offered as security is suitable to protect the Bank’s interests. If the Bank turns down the loan the buyer is still required to buy the house.