The Seller(s)
If the property is registered in more than one name, all the parties mentioned on the Certificate of Title must sign the listing form, agency agreement and the Sales agreement. Ownership is easy to establish, as the Certificate of Title is part of public records.
The buyer(s)
It is my job to check that your buyer complies with the contractual essentials – for example, they’re over the legal age, not under influence of any drugs including alcohol, and has the intention to be legally bound by the agreement. I will check matters such as the requirement for Overseas Investment consent and sometimes refer them to a mortgage broker to organise finance.
The real estate agent/consultant
A good sales consultant is someone who will deliver far above the minimum standards laid down in the Code of Ethics of the Real Estate institute and other legislation. Your consultant will need to have knowledge, experience and exceptional training to cope with the great number of overseas buyers in the market today.
A mortgage broker
A good independent mortgage broker can make a sale happen for the buyer. Although you are not personally involved with the mortgage broker when you are selling your home, in an indirect way they can help in various ways to sell your home and to arrange finance for your new home. To contact a Mortgage Broker Click Here
A bank
Most banks require a 30% deposit from foreigners and at least a 20% deposit from New Zealanders living overseas. If there is a shortfall are you, as the vendor, willing to finance a part of the deal? We can discuss possibilities, in consultation with your advisers. Usually the banks are the first mortgagees and you would be the second mortgagee.
Property surveyor/inspector
Private companies do most of the property inspections. I will not see the report unless the buyer shows it to me. The report does not give the purchaser an automatic right to renegotiate the price. The courts are always asking what other buyer in similar circumstances would do. Most buyers and sellers have a lot of goodwill and they try very hard to accommodate one another.
Registered Valuer
A Registered Valuer does the valuation at the request of the bank or the buyer. Banks are concerned with their risk and so the asset (your home) needs to provide enough security for the loan. If not, they will request the buyer to pay a higher deposit, which could put your sale at risk – hence the need to be sure about your asking price.
City council
Every city or district council has a District Plan. This will show the zoning, and the location of, for example, protected trees, planned roads and other planning information. The city council is also responsible, on request and payment of a fee, to produce a Land Information Memorandum report. If you know of anything that could show up on the LIM report you will have to disclose it to your agent/consultant.
Solicitor
Make sure your solicitor is positive and accommodating. The legalities can be intimidating and you don’t want to feel that you are asking unnecessary questions. To contact a Solicitor Click Here
Land Information New Zealand
Land Information NZ (LINZ) will, after settlement, register the property into the name of the new buyer(s).
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