Selling your house
Selling your house or rental property is a big decision. Find out what’s involved and how to go about it.
What you need to know when selling
You'll need to:
- find a lawyer
- 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.
You may need your tax details
You may need to give your tax details (eg your New Zealand IRD number and taxpayer identification number) to your property lawyer or the person doing your conveyancing.
You don't need to provide these details if you're an NZ citizen (or have an NZ residence visa) and you're:
- selling your main home, and
- living in NZ now.
You may need to pay tax on any profit you make
You may need to pay tax on any profit you make on a property's value when you sell it. If you've owned your house for less than 2 years, you may need to pay tax unless:
- the house is your main home
- you've inherited the house, or
- you now own it because of a relationship break-up.
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.
Ways to sell property
You can sell your house yourself or use a real estate agent.
You can sell by auction, tender or at an advertised price.
Using a real estate agent
An estate agent may help attract buyers to your property.
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.
If you have any problems with an agent, contact the Real Estate Agents Authority. They’re an independent government body that regulates the real estate industry.
Sale and purchase agreement
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.
Selling your rental or investment property
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.
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).