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How it works
1) Download and Read Property E-Book
To help you make an informed buying decision we compile e-books on all our properties. The e-books include information such as specifications, plans, prices, valuations, rental assessments and statistics.
- You will be sent a password after registering with us. This will allow you to unlock and download the property e-books.
- E-books may also include an attached sample contract. This contract is not an official contract and is only supplied to you for a further understanding of the opportunity.
2) Download, Fill out and return Reservation form
Download and complete a property reservation form (link to reservation form pdf) and send it back to us via fax or email. Alternatively, call us and we will complete the form for you and send it to you for your signature.
- Reserving gives you the exclusive right (option) to purchase the property within the reservation period. The reservation period expires 21 days after the day that you receive the contract.
- Print off the reservation form and fax or scan and email it to us as we require your hand written signature in this document.
3) Pay your Reservation fee
Your reservation period will begin when your reservation fee of $2,000NZD is received. (link to PayPal).
- Your reservation fee is payable to 'Premark Property Limited'
- Your reservation fee is credited against your deposit on exchange of contracts (unconditional date).
- You can deposit your reservation fee through our PayPal facility or pay by wire transfer. Paypal is recommended because it is fast, easy and secure. Your reservation fee is non-refundable.
- To pay your reservation fee, click here (insert Paypal link)
4) We will contact you
We will contact you via phone or email to discuss your requirements, if any. The main topics of discussion will be your intentions for your mortgage (and if you would like us to arrange this for you) as well as your legal representation. We will have recommendations but of course there is no obligation to use the professionals that we suggest.
5) New Zealand Solicitor will contact you
Your New Zealand solicitor will contact you in due course and help you through the legal process.
- A New Zealand lawyer acting on your behalf will be required.
- Your New Zealand lawyer can either liaise directly with yourself or your local lawyer if residing overseas.
Note: Steps 2-5 usually occur within one or two working days.
6) Receive the Contract
You will be sent a comprehensive sale and purchase contract to sign. This Agreement sets out the full terms and conditions of your purchase.
- The contract will consist of an official Sale and Purchase agreement as well as other supporting documentation that is required for the transaction.
- You will have 21 days from the start of the reservation period to return the contract to us at Premark by post.
7) Arrange Finance (Mortgage)
If you have not yet arranged finance, we recommend that you attend to this. Also this is the period for you to complete any due diligence before committing to your investment.
- We will at this point, if you wish, put you in touch with one of our chosen mortgage advisers/brokers who will assist you in finding the best way to fund your purchase.
- We can also help you with organising a 'deposit bond' in lieu of a deposit if this option is available. This will require you to have equity in other property that you currently own.
8) Sign and Return Contract
Once the contract has been signed and returned the agreement becomes unconditional (exchange of contracts), the agreement is now legally binding. At this stage you are required to pay your deposit which is typically 10% of the purchase price. Our fee of 2% of the purchase price will also be due at this time.
- Your deposit is held in the solicitors trust account. This can not be accessed by the developer until completion.
- Deposit is now due; note that your reservation fee of $2,000 forms part of your deposit so the amount due is the developer's deposit less the amount you paid for your reservation.
- The arrangement fee of 2% is due at the same time the sale becomes unconditional (exchange of contracts).
- Note that the contract should be returned to us within 21 days from the start of the reservation period.
9) Settlement/Completion
Once the property is completed you are required to pay the balance of the purchase price. Note that this may be many months in the future.
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