Plain words
Ten words you will meet when you buy a home, each in one sentence, each from the government page it links to.
- Deadline sale
- In a deadline sale the home is marketed for a set time with an advertised end date, and buyers make their offers by then.settled.govt.nz (Te Kāhui Kāinga Ora / REA): Buying by deadline · read 2026-10-30
- Tender
- In a tender, buyers give the agent confidential written offers before a set end date, and the seller then decides whether to accept one.settled.govt.nz (Te Kāhui Kāinga Ora / REA): Buying by tender · read 2026-10-30
- Auction
- An auction is a public sale where the highest bid wins once the seller's reserve price is met, and the winning bid is unconditional, with the deposit usually paid on the day.settled.govt.nz (Te Kāhui Kāinga Ora / REA): Buying by auction · read 2026-10-30
- By negotiation
- By negotiation means there is no end date for offers: you offer what you think the home is worth, with any conditions you need, and agree the price and terms with the seller.settled.govt.nz (Te Kāhui Kāinga Ora / REA): Buying by negotiation · read 2026-10-30
- LIM
- A LIM (land information memorandum) is a report from the local council about the property, such as its rates and what the council's records hold on it.settled.govt.nz (Te Kāhui Kāinga Ora / REA): Understanding the sale and purchase agreement · read 2026-10-30
- Building report
- A building report is a written check of the property by an accredited inspector that lists any defects; settled.govt.nz suggests one that meets the standard NZS 4306:2005.settled.govt.nz (Te Kāhui Kāinga Ora / REA): Learning about the property · read 2026-10-30
- Bright-line test
- The bright-line test can make you pay income tax when you sell a home within the bright-line period, which IRD says is 2 years for property sold on or after 1 July 2024.Inland Revenue (IRD): The bright-line test · read 2026-10-30
- OIO
- The Overseas Investment Office (OIO), part of Toitū Te Whenua LINZ, decides whether an overseas person gets consent to buy sensitive land, which can include a home.Toitū Te Whenua LINZ: Overseas investment · read 2026-10-30
- Conditional offer
- A conditional offer has one or more conditions, such as finance, a LIM or a building report, that must be met by a set date before the agreement becomes unconditional.settled.govt.nz (Te Kāhui Kāinga Ora / REA): Understanding the sale and purchase agreement · read 2026-10-30
- Settlement
- Settlement day is the day you pay the balance of the purchase price and the property becomes yours.settled.govt.nz (Te Kāhui Kāinga Ora / REA): Settling on settlement day · read 2026-10-30
General information, not advice. Ask a lawyer or conveyancer before you sign or bid. On other pages, tap the after one of these words to read it where you are.