The ASP is the binding contract to buy or sell property in New Zealand. What it contains and why the standard form matters.
An Agreement for Sale and Purchase (ASP) is the binding written contract in which a vendor agrees to sell a property and a purchaser agrees to buy it, setting out the price, the settlement date and all other terms.
Three elements: an offer, acceptance, and consideration (the price and terms). Once both parties have signed, it is a contract — whether or not it is conditional.
Most residential transactions in New Zealand use the ADLS/REINZ standard agreement. Its general terms cover deposit handling, settlement, default interest, chattels, risk and warranties. Special conditions are added in the further terms section.
Read the further terms carefully. That is where the deal-specific risk sits, and it is where an agent's or vendor's lawyer will have made changes.
Anything not specifically listed does not go with the property. Curtains, appliances, heat pumps, light fittings — if it is not written into the agreement, the vendor can remove it. Disputes over this are common and entirely avoidable.
Signing is the commitment, not settlement. People routinely treat a conditional agreement as an expression of interest. It is a contract from signature.
Always have your lawyer review before signing, not after. Once signed, changes require the other party's agreement.
Last reviewed: 1 August 2026 · General information only, not legal advice.
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