Quick Answer: Four parties typically drive a property settlement in NZ: your lawyer (manages the legal transfer and funds), your bank (releases the mortgage), the real estate agent (holds the deposit and coordinates handover), and LINZ (registers the change of title) - each with a distinct, non-overlapping job.
Your Lawyer: The Central Coordinator
Your lawyer or conveyancer is the one connecting every other party. They review the sale and purchase agreement, run title and LIM checks, calculate settlement adjustments, request mortgage funds from your bank, and register the transfer with LINZ. If anything is unclear about timing or figures on settlement day, your lawyer is the first call.
Your Bank and the Real Estate Agent
Your bank's role is narrower but critical: once your loan is unconditionally approved, they prepare and release the mortgage funds to your lawyer's trust account in time for settlement. Delays here are one of the most common causes of a settlement being pushed back by a day or two.
The real estate agent, meanwhile, typically holds the buyer's deposit in a trust account until settlement, and coordinates the practical handover - confirming when keys will be available and liaising between both parties' lawyers if last-minute issues come up.
Lawyer
Bank
Agent
LINZ
Common Questions, Answered
Quick Summary
- Your lawyer coordinates everything - the true hub of the settlement process.
- Your bank releases funds only once your loan is fully unconditional.
- The agent manages the deposit and physical handover logistics.
- LINZ registration is what makes the ownership change official.