What you need to know when selling

You will need to:

• find a lawyer or conveyancer
• select a licensed real estate agent (or know how to sell the property yourself)
• decide on a selling price
• know how to deal with offers
• understand how to complete the transaction
• understand if you have any tax obligations.

The Inland Revenue (IR) website has information about selling:

• your main home or rental property
• a holiday home or inhertited property
• due to a relationship settlement or an unexpected event.

My buying or selling situation

The Settled NZ website has general guidance on:

• Setting a price for your house
• Preparing to sell

Information to give property lawyers and conveyancers

The IR website has information about what tax details you will need to provide, depending on your situation and your relationship to the buyer.

• My buying or selling situation
• Apply for or find your New Zealand IRD number

You may need to pay tax on any profit you make

Check the IR website for information on your tax obligations when selling a residential property including:

• whether you’re considered a property dealer 
• dates for when bright-line periods applies
• resident land withholding tax for offshore persons
• when you’re a dealer, developer or builder
• providing a land transfer tax statement.

You can also use IR’s Property tax decision tree online tool. Use it to help you work out if the residential property is taxable under any property rules.

What you need to know when you buy and sell residential property

Leaky home claims when you sell

Your claim ends when you sell your house, but the new owners may be able to make their own claim.

Leaky homes

Selling a property after a natural disaster

Understand your rights and obligations when selling your damaged property after a natural disaster.

Selling property damaged in a natural disaster

Ways to sell property

You can sell your house yourself or use a real estate agent.

Selling your house privately

Selling with an agent

You can sell by auction, tender or at an advertised price.

Understanding the methods of sale

Using a real estate agent

An estate agent may help attract buyers to your property.

Find a licensed real estate agent

What to expect from your agent

Real estate agents have to follow a code of conduct, which sets out how they must behave and act.

Selling with an agent

If you have any problems with an agent, contact the Real Estate Authority (REA). They’re an independent government body that regulates the real estate industry.

Make a complaint about an agent

Receiving and making counter offers

At some stage of the sale process, you will hopefully receive one or more offers for your property. You have a number of options to consider.

Receiving and making counter offers

The sale and purchase agreement sets out what you’ve agreed with the buyer about the house sale, for example the price, chattels to be included and settlement date.

Understanding the sale and purchase agreement when selling

If your property is rented

If your property is rented, you must let your tenants know you’re selling. You must also get their permission if you need to enter the house to take photographs or show people the property.

You may need to transfer the tenancy and the bond to the new owner or give your tenants notice to leave.

Sale of a rented property

Depreciation on rental property

If you’ve claimed depreciation on your rental property in the past, you’ll need to take it into account when you sell your property and include it in your tax return (IR3).

Including depreciation in your tax return