The buyer satisfies, waives, or fails their conditions. The seller waits and responds to extension or non-satisfaction notices.
What happens at this step
Once the SPA is signed, the buyer has the agreed period to satisfy each condition. The seller is locked in during this period. If the buyer cannot satisfy a condition, they serve a non-satisfaction notice and the contract falls away. If they satisfy or waive, they confirm and the deposit becomes payable.
What NZ Legal does
We track every condition deadline. We respond to every notice from the buyer's lawyer. We negotiate extensions where asked, and where granting them is sensible for the seller. We push for deposits to be paid promptly once the agreement goes unconditional.
What you do
Stay close. If the buyer wants to come back for a second building inspection, we tell you. If the buyer asks for an extension, we tell you. Decisions during this period happen on tight timelines.
Common pitfalls
- Granting extensions casually. An extension is a real concession with real costs in lost market time.
- Allowing the buyer to use a wide due diligence condition as a free option.
- Not confirming a non-satisfaction is genuine. Sometimes a buyer is bluffing for a price reduction.
