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The contract has already several provisions to protect the buyer.
These are just some of the warranties that you are giving in the standard contract:
- Some of the more complex warranties of the vendor are regarding the Resourse 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.
- The contract form specifies that before the buyer pays on settlement day, if the property is bought with vacant possession, he/she have to have a final inspection to check if all the work you promised to do is done.
- That the chattels will be delivered on settlement day in the same condition as when you accepted the offer, subject to normal wear and tear. Chattels are movable property e.g. curtains, light fittings, oven and dishwasher, that would usually stay in a home unless otherwise specified.
- There are no arrears regarding water and electricity accounts or annual rates payable to the city council.
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That if you have done some work to the property, it was done according to the specifications of the Building Act
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That all the permits and consents are complied with.
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