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Legislation provides very good protections for consumers buying estate in New Zealand.
Get it in writing – Contract Enforcement Act
All negotiations on land or interests in land must be in writing and signed by the party making or accepting the offer. Only then are the agreements enforceable. The benefit of this must be very clear. Both parties are protected.
Making it right - Contractual Remedies Act
When a party has been induced to enter into a contract by a misrepresentation, whether innocent or fraudulent then the aggrieved party is entitled to damages and cancellation of the contract for serious breaches.
Fair’s fair – Fair Trading Act
According to the Fair Trading Act 1986 "no real estate person may in a sale of land or the grant of an interest in land:
- Nature of the interest in the land
- The price payable for the land
- The location of the land
- The characteristics of the land
- The use to which the land is capable of being put or may lawfully be put or
- The availability of facilities associated with the land.
If one of these aspects is proven in a court the guilty consultant can be fined up to a maximum of NZ$60,000 and the company to a maximum of NZ$200,000, as the Court decides. Honest, open dealings are promoted in New Zealand.
It’s guaranteed - Consumer Guarantees Act
This legislation provides safeguards when it comes to the service, time of delivery of the service and the price (if applicable) of the real estate consultant and agent, which must be at least at the specified minimum standard.
The Secret Commissions Act
Open dealings are mandatory, so no real estate consultant is allowed to take secret commissions. All commissions must be disclosed to the seller and also to the company. Accepting commission without declaring it can lead to the license being revoked and that real estate consultant and or agent will not be allowed to practise in future.
Other ways to protect yourself:
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