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The standard contract form provides warranties from the vendor, and if these are breached, you do have remedies.
1. Some of the more complex vendor warranties concern the Resource Management Act, requisitions and notices from tenants. The process of asking/objecting to a seller’s defective title is called a “requisition” There are time limits to this but your solicitor will take care of it.
2. Before you pay on settlement day you have to have a final inspection, if the property is bought with vacant possession, to check if any work or repairs the seller promised to do, are done.
3. Chattels are movable property e.g. curtains and dishwasher that would usually stay in a home unless otherwise specified. On settlement day, these must be in the same condition as when your offer was accepted, subject to normal wear and tear.
4. There must be no arrears regarding water and electricity accounts or annual rates payable to the city council.
5. If the vendor has done some work on the property, it must be done according to the specifications of the Building Act.
6. All the permits and consents must be complied with.
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