Exact clause wording for when your buyer's deposit is locked in KiwiSaver.
I made this for you to help first home buyers.
The exact further terms wording for when your buyer's deposit is tied up in KiwiSaver.
Two options.
Copy the wording.
Drop it in the agreement.
KiwiSaver withdrawals take up to 10–15 working days.
Standard conditions run for 10.
If the deposit doesn't land in time, the vendor can cancel.
The deposit of 10% of the purchase price shall be payable within one (1) working day following receipt of the Purchaser's KiwiSaver funds into the Purchaser's solicitor's trust account.
The deposit shall be paid into the Vendor's solicitor's trust account and held until settlement day or until the Vendor's solicitor has provided settlement undertakings to the Purchaser's solicitor.
Stage 1 — cash on unconditional:
$[insert amount] to be paid to [insert real estate agent's trust account] upon the agreement going unconditional.
Stage 2 — KiwiSaver remainder:
Following payment of the initial deposit, the residual amount of the 10% of the purchase price shall be payable within one (1) working day following receipt of the Purchaser's KiwiSaver funds into the Purchaser's solicitor's trust account.
The deposit shall be paid into the Vendor's solicitor's trust account and held until settlement day or until the Vendor's solicitor has provided settlement undertakings to the Purchaser's solicitor.
Both options protect your buyer's KiwiSaver by holding funds in the solicitor's trust account.
