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www.harcourts.co.nz

PHILLIPSTOWN $225,0002/520 St Asaph Street

Absolute Entry Level!-This is the perfect opportunity to get your start on the property ladder or aninvestment property.-My owners are moving and extremely determined to sell this property!-Two bedroom unit with one car garaging with an open plan kitchen/dining/loungedownstairs.-RV $175,000, TC2 zoning.-Property is currently tenanted but will be sold with vacant possession.-Private North facing garden area completes an excellent starter home.-Room to add value through cosmetic enhancement but ready to live in either way

Open Home:Sun 29 Mar 12:00 p.m. - 12:30 p.m.

VIEW: www.harcourts.co.nz/PI55627 RV: 175,000.00 RATES: $1,118.64 LAND AREA: 0 sqm

2 1 1

Foss ShanahanPapanui

P: 03 352 6166 M: 027 275 7897E: [email protected]: http://www.fossshanahan.co.nz

GOLD REAL ESTATE GROUP LTDLICENSED AGENT REAA 2008

This document has been prepared to assist solely in the marketing of this property. While all care has been taken to ensure the information herein is correct, we do not take responsibility for any inaccuracies. Accordingly all interested parties should make their own enquiries to verify the information.

www.harcourts.co.nzTenure Crosslease (fee simple)

Property condition Renovator, Fair

Property Type Apartment

House style Executive, Other

Garaging / carparking Single lock-up

Construction Block and Fibre cement

Joinery Aluminium

Roof Corrugated iron

Flooring Carpet and Vinyl

Window coverings Drapes

Chattels remaining Blinds, Drapes, Fixed floor coverings, Light fittings, Stove

Kitchen Original, Upright stove, Pantry and Finished in Laminate

Living area Open plan

Main bedroom Double

Bedroom 2 Double

Main bathroom Bath, Shower over bath

Laundry Separate

Views Urban

Aspect North

Outdoor living Entertainment area (Uncovered), Garden, BBQ area

Fencing Fully fenced

Land contour Flat

Grounds Tidy

Water heating Electric

Water supply Town supply

Sewerage Mains

Locality Close to schools, Close to shops, Close to transport

This document has been prepared to assist solely in the marketing of this property. While all care has been taken to ensure the information herein is correct, we do not take responsibility for any inaccuracies. Accordingly all interested parties should make their own enquiries to verify the information.

Property Guru document ordering service

Certificate of Title with diagram: 26F/648

Billing Code: 2/520 St Asaph - FXS

CoreLogic Reference: 1500923/1

Processed: 09 March 2015

Sourced from Property Guru, a CoreLogic solution. For any queries about this document or this service please call0800 355 355 or email [email protected].

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mailto:[email protected]

Identifier

Search Copy

Land Registration DistrictDate Issued 27 September 1984

Canterbury

COMPOSITE COMPUTER REGISTERUNDER LAND TRANSFER ACT 1952

CB26F/648

Prior ReferencesCB26B/1156

Interests509830.1 Lease of Flat 1 DP 47540 Term 999 years from 31.8.1984 Composite CT CB26F/647 issued - 27.9.1984(affects fee simple)Land Covenant in Lease 509830.1 - 27.9.1984 (affects fee simple)509830.2 Lease of Flat 2 DP 47540 Term 999 years from 31.8.1984 Composite CT CB26F/648 issued - 27.9.1984(affects fee simple)Land Covenant in Lease 509830.2 - 27.9.1984 (affects fee simple)509830.3 Lease of Flat 3 DP 47540 Term 999 years from 31.8.1984 Composite CT CB26F/649 issued - 27.9.1984(affects fee simple)Land Covenant in Lease 509830.3 - 27.9.1984 (affects fee simple)8253612.3 Mortgage to Bank of New Zealand - 20.8.2009 at 3:11 pm

ProprietorsAlejandro Leonardo Bustos Moscoso and Tatiana Alejandra De Lourdes Silva Barraza

Estate Fee Simple - 1/3 shareArea 699 square metres more or lessLegal Description Lot 1 Deposited Plan 47146

ProprietorsAlejandro Leonardo Bustos Moscoso and Tatiana Alejandra De Lourdes Silva Barraza

Estate Leasehold Instrument L 509830.2Term 999 years from 31.8.1984

Legal Description Flat 2 Deposited Plan 47540

Transaction Id 42730744Client Reference rtaylor010

Search Copy Dated 9/03/15 12:24 pm, Page 1 of 1Register Only

Land Information Memorandum

2/520 St Asaph StreetProperty address:

70168968LIM number:Page 1

Christchurch City Council 53 Hereford Street, PO Box 73015

Christchurch 8154, New Zealand Tel 64 3 941 8999 Fax 64 3 941 8984 www.ccc.govt.nz



2/520 St Asaph StreetProperty address: Christchurch City Council

53 Hereford Street, PO Box 73015 Christchurch 8154, New Zealand

Tel 64 3 941 8999 Fax 64 3 941 8984 www.ccc.govt.nz

Application details

Please supply to HARCOURTS GOLD REAL ESTATE - P

HARCOURTS PAPANUI

PO BOX 5400

CHRISTCHURCH 8542

F.SHANAHANClient reference

Phone number

352-1322Fax number

18 March 2015Date issued

9 March 2015Date received

Property details

2/520 St Asaph StreetProperty address

22430 85500 BValuation roll number

Capital Value: $175000Valuation information

Land Value: $74000

Improvements Value: $101000

Please note: these values are intended for Rating purposes

Legal description Flat 2 DP 47540 on Lot 1 DP 47146 having share in 699 m2

Existing owner Moscoso Alejandro Leonardo Bustos

Tatiana Alejandra De Loureds Silva Barraza

571 Mayfield Valetta Road

RD 1

Ashburton 7771

1081117Property ID

70168968LIM number

73086514Rate account ID

3169467Debtor number

Council references






Document information

Property file service

This Land Information Memorandum (LIM) has been prepared for the purpose of section 44A of the Local Government Official Information and Meetings Act 1987 (LGOIMA). It is a summary of the information that we hold on the property. Each heading or "clause" in this LIM corresponds to a part of section 44A.

Sections 1 to 11 contain all of the information known to the Christchurch City Council that must be included under section 44A(2) LGOIMA. Any other information concerning the land as the Council considers, at its discretion, to be relevant is included at section 11 of this LIM (section 44A(3) LGOIMA).

The information included in this LIM is based on a search of Council records only and there may be other information relating to the land which is unknown to the Council. Council records may not show illegal or unauthorised building or works on the property. The applicant is solely responsible for ensuring that the land is suitable for a particular purpose.

If there are no comments or information provided in any section of this LIM this means that the Council does not hold information on the property that corresponds to that part of section 44A. A LIM is only valid at the date of issue as information is based only upon information the Council held at the time of that LIM request being made.

This Land Information Memorandum does not contain all information held on a property file. Customers may request property files by phoning the Council's Customer Call Centre on (03) 941 8999, or visiting any of the Council Service Centres. For further information please visit www.ccc.govt.nz .

To enable the Council to measure the accuracy of this LIM document based on our current records, we would appreciate your response should you find any information contained therein which may be considered to be incorrect or omitted. Please telephone the Customer Call Centre on (03) 941 8999.






A search of records held by the Council has revealed the following information:

1. Special features and characteristics of the land

Section 44A(2)(a) LGOIMA. This is information known to the Council but not apparent from the district scheme under the Town and Country Planning Act 1977 or a district plan under the Resource Management Act 1991. It identifies each (if any) special feature or characteristic of the land concerned, including but not limited to potential erosion, avulsion, falling debris, subsidence, slippage, alluvion, or inundation, or likely presence of hazardous contaminants.

( For enquiries, please phone (03) 941 8999 or visit www.ccc.govt.nz.

l ECan Liquefaction Assessment

ECan holds indicative information on liquefaction hazard in the Christchurch area.Information on liquefaction can be found on the ECan website at www.ecan.govt.nz/liq or by calling ECan customer services on Ph 03 353 9007. The Christchurch City Council may require site-specific investigations before granting future subdivision or building consent for the property, depending on the liquefaction potential of the area that the property is in.

l Consultant Report Available

Provisional findings from a Land Information New Zealand (LINZ) study Darfield (Canterbury) Earthquake Provisional Coordinate Change Vectors 201010508 - Christchurch v1.1 dated 16 November 2010 indicate that some degree of earthquake induced subsidence has occurred across vast areas of Christchurch. This property is located in such an area. The actual extent of subsidence for each property is unknown but is in the order of millimetres or centimetres and will vary for each property.

Related information

l The Council has not been advised or does not hold any records that show a history of flooding or drainage problems on this property.






2. Private and public stormwater and sewerage drains

Section 44A(2)(b) LGOIMA. This is information about private and public stormwater and sewerage drains as shown in the Council's records.

( For stormwater and sewerage enquiries, please phone (03) 941 8999 or visit www.ccc.govt.nz.

Related information

The property is shown to be served by a sewer drain which is shared.l

No details of the private stormwater system serving this property are shown on the plan or on Council records.l






3. Drinking Water Supply

Section 44A(2)(ba) and (bb) LGOIMA. This is information notified to the Council about whether the land is supplied with drinking water, whether the supplier is the owner of the land or a networked supplier, any conditions that are applicable, and any information the Council has about the supply.

( For water supply queries, please phone (03) 941 8999 or visit www.ccc.govt.nz.

Water Supply

Water SupplyChristchurch City Council is the networked supplier of water to this property. This property is connected to the Christchurch City Council Water Supply. The conditions of supply are set out in the Christchurch City Council Water Supply, Wastewater & Stormwater Bylaw (2014), refer to www.ccc.govt.nz.






4. Rates

Section 44A(2)(c) LGOIMA. This is information on any rates owing in relation to the land.

( For rates enquiries, please phone (03) 941 8999 or visit www.ccc.govt.nz.

(a) Annual rates

Annual rates to 30/06/2015: 1,118.64$

Rates owing as at 18/03/2015: 399.15$

(b) Excess water charges

0.00$

( For water charge enquiries, please phone (03) 941 8999 or visit www.ccc.govt.nz.

(c) Final water meter reading required?

No Reading Required

( To arrange a final water meter reading, please phone (03) 941 8999 or visit www.ccc.govt.nz.

Instalment Amount Date Due

Instalment 1 279.59$ 15/09/2014

Instalment 2 279.59$ 15/12/2014

Instalment 3 279.59$ 15/03/2015

Instalment 4 279.87$ 15/06/2015






5. Consents, certificates, notices, orders, or requisitions affecting the land and buildings

Section 44A(2)(d) LGOIMA. This is information concerning any consent, certificate, notice, order, or requisition, affecting the land or any building on the land, previously issued by the Council.

( For building enquiries, please phone (03) 941 8999 or visit www.ccc.govt.nz.

(a) Consentsl BCN/1975/4010 Status: Completed Applied: 25/07/1975

Permit granted 07/08/1975 Permit issued 07/08/1975 GLASSHOUSE- Historical Reference PER75101745

l BCN/1983/9430 Status: Completed Applied: 14/12/1983 Permit granted 30/03/1984 Permit issued 30/03/1984 2 TOWNHOUSES- Historical Reference PER84101708

l BCN/1991/8200 Status: Completed Applied: 11/10/1991 Permit granted 31/10/1991 Permit issued 07/11/1991 CARPORT - FLAT 3- Historical Reference PER91103935

l BCN/1991/8931 Status: Completed Applied: 07/11/1991 Permit granted 07/11/1991 Permit issued 07/11/1991 CARPORT - FLAT 3- Historical Reference PER91101393

l BCN/1992/4593 Status: Completed Applied: 29/05/1992 GARAGE- Historical Reference PER168424

l BCN/1992/5362 Status: Completed Applied: 19/06/1992 Permit granted 19/06/1992 Permit issued 19/06/1992 GARAGE - FLAT 1- Historical Reference PER92336000

l BCN/1997/3336 Status: Completed Applied: 05/05/1997 Accepted for processing 05/05/1997 Building consent granted 26/05/1997 Building consent issued 29/05/1997 Code Compliance Certificate Granted 12/04/2000 Code Compliance Certificate Issued 12/04/2000 Detached garage (F2)/ alteration existing garage (F1)- Historical Reference CON97003735

(b) Certificates

Note: Code Compliance Certificates were only issued by the Christchurch City Council since January 1993.

(c) Noticesl Canterbury Earthquake Recovery Authority Land Zone

CERA has classified land in Christchurch into various zones following geotechnical investigations/assessments. The zonings reflect new scientific and geotechnical information and knowledge about the impact of earthquakes and the effects of liquefaction on buildings. Full details of the land classification affecting this property may be found at www.cera.govt.nz






l Ministry of Business, Innovation & Employment Foundation Design

Some properties have experienced land damage and considerable settlement during the sequence of Canterbury earthquakes. While land in the green zone is still generally considered suitable for residential construction, houses in some areas will need more robust foundations or site foundation design where foundation repairs or rebuilding are required. Most properties have been assigned a technical category. Details of the DBH guidance can be found at www.dbh.govt.nz and details of the technical category that applies to this property may be found at www.cera.govt.nz

l Placards issued under the Civil Defence Emergency Management Act 2002 as a result of the 4 September 2010 and 22 February 2011 earthquakes have now expired (by 12 July 2011 if not before). Some civil defence placards were replaced with dangerous building notices issued under section 124 Building Act 2004, and where this has happened the section 124 notice is separately recorded. Many other buildings, although not issued with a section 124 notice, may require structural work or other repairs before they can be occupied again. It is the building owners responsibility to make sure the building is safe for any occupier or visitor. Detailed structural engineering assessments may still be required to be carried out.

l CDB75038928 01/03/2011 Building Evaluation : Building Inspected Under Civil Defence Emergency , Green Placard Issued (a deemed Building Act notice)

(d) Orders

(e) Requisitions

Related information

l Council holds no record of building permit/consent for dwelling at this address. No information is held by Council relating to the age, materials or construction of dwelling - No further information available.






6. Certificates issued by a building certifier

Section 44A(2)(e) LGOIMA. This is information notified to the Council concerning any certificate issued by a building certifier pursuant to the Building Act 1991 or the Building Act 2004.

( For building enquiries, please phone (03) 941 8999 or visit www.ccc.govt.nz.






7. Weathertightness

Section 44A(2)(ea) LGOIMA. This is information notified to the Council under section 124 of the Weathertight Homes Resolution Services Act 2006.

( For weathertight homes enquiries, please phone (03) 941 8999 or visit www.ccc.govt.nz.

If there is no information below this means Council is unaware of any formal Weathertight Homes Resolution Services claim lodged against this property.






8. Land use and conditions

Section 44A(2)(f) LGOIMA. This is information relating to the use to which the land may be put and conditions attached to that use. The planning information provided is not exhaustive and reference to the District Plan(s) is recommended. There have been District Plan Review provisions notified. The District Plan Review may be proposing changes that affect this property. To find out more about the District Plan Review and what it might mean for this property, please visit www.ccc.govt.nz/districtplanreview for more information. ( For planning queries, please phone (03) 941 8999 or visitwww.ccc.govt.nz.

l ECan Natural Resources Regional PlanThere may be policies or rules within Environment Canterburys Natural Resources Regional Plan that regulate land use on this site. Queries regarding the impact of the Natural Resources Regional Plan on the property should be made to Ecan customer services on Ph 03 353 9007.

l Property or part of property within urban area(a) District plan

Zoning

No1. Special Amenity Area

No2. Community Footprint

No3. Opposite Important Open Space

No4. Designations on Site

No5. Road Widening Designations

No6. Historic or Protection Building

No7. Other Heritage Protection Items

NoHeritage/Notable Tree

NoOther; eg Category A, B, C Street Plantings; Subdivision trees

No9. Noise Control

No10. Coastal Protection

No11. Landscape Protection

8. Protected Trees

Living 3 (Inner City Medium Density and Suburban Focals)

(b) Land use resource consents

l RES 9219007 Completed Applied: Application Granted, Consent Issued : 11/06/1992 Reduced size of garage to 2.5m x 5m external.






9. Other land and building classifications

Section 44A(2)(g) LGOIMA. This is information notified to the Council by any statutory organisation having the power to classify land or buildings for any purpose.

( For land and building enquiries, please phone (03) 941 8999 or visit www.ccc.govt.nz.

Please refer to Section 1 for details






10. Network utility information

Section 44A(2)(h) LGOIMA. This is information notified to the Council by any network utility operator pursuant to the Building Act 1991 or the Building Act 2004.

( For network enquiries, please phone (03) 941 8999 or visit www.ccc.govt.nz.

l None recorded for this property






11. Other information

Section 44A(3) LGOIMA. This is information concerning the land that the Council has the discretion to include if it considers it to be relevant.

( For any enquiries, please phone (03) 941 8999 or visit www.ccc.govt.nz.

(a) Kerbside waste collection

l

l Your refuse is collected Fortnightly on the Week 2 collection cycle on a Monday. Please leave your rubbish at the Kerbside by 6:00 a.m. Your nearest rubbish depot is the Metro Place Refuse Station.

l Your organics are collected Weekly on Monday . Please leave your organics at the Kerbside by 6:00 a.m.

Your recycling is collected Fortnightly on the Week 2 collection cycle on a Monday. Please leave your recycling at the Kerbside by 6:00 a.m. Your nearest recycling depot is the Metro Place Refuse Station.

(b) Other

l Property located in Hagley-Ferrymead Community Board area

l Property located in Hagley-Ferrymead Ward

l Listed Land Use Register

Hazardous activities and industries involve the use, storage or disposal of hazardous substances. These substances can sometimes contaminate the soil. Environment Canterbury identifies land that is used or has been used for hazardous activities and industries. This information is held on a publically available database called the Listed Land Use Register (LLUR). The Christchurch City Council may not hold information that is held on the LLUR Therefore, it is recommended that you check Environment Canterbury's online database at www.llur.ecan.govt.nz

l Spatial Query Report

A copy of the spatial query report is attached at the end of this LIM. The spatial query report lists land use resource consents that have been granted within 100 metres of this property.

The Bank of New ZealandPremierCare Confirmation of Cover

18 March 2015

Confirmation of PremierCare Insurance Cover

The following provides summary details of the PremierCare insurance cover held by the named customer.If you have any questions, please call the insurer, IAG New Zealand Limited, on 0800 808 618.

Policy Holder: MR ALEJANDRO BUSTOS MOSCOSO & MRS TATIANA SILVA

BARRAZA

Policy Number: 630789-1

Status: Current

First Interested Party: Bank of New Zealand

Second Interested Party: Not applicable

Policy Type: PremierCare

Cover Type: Home Sum Insured

Insured Property: MRS T A SILVA BARRAZA

2/520 ST ASAPH STREET

Total Sum Insured: $180,091

Landlords Protection: No

Special Features: No

Extended Sub-Limits: No

Size of Home: 090 m2

Year of Construction: 1980

Renewal Date: 27/08/2015

Payment Frequency: Fortnightly

Payment Amount: $31.17

Annual Premium: $810.42

Yours sincerely,

Helen TrembathOperations Manager – Corporate PartnershipsIAG New Zealand Limited

INSURER - IAG New Zealand Limited

New Zealand Residential Property Sale and Purchase

Agreements GuideThis guide has been prepared and approved by the Real Estate Agents Authority

www.reaa.govt.nz 0800 for REAA (0800 367 7322)

R E S I D E N T I A L P R O P E R T Y S A L E A N D P U R C H A S E A G R E E M E N T S G U I D E

Important things to know:

A sale and purchase agreement is a legally binding contract.

The real estate agent is working for the seller of the property, but must treat the buyer fairly.

You need to understand the difference between a conditionaland an unconditional agreement.

You can negotiate the conditions you require in a sale andpurchase agreement.

Make sure you read and understand the sale and purchase agreement before signing it.

It is recommended that you get your lawyer to check thesale and purchase agreement before you sign it.

1.2.3.4.5.6.

1

IntroductionBuying or selling a home is one of the biggest financial commitments you will ever make. There are several relatively complicated stages to negotiate and there are a number of things to look out for.

When you are buying or selling residential property you should always have a written sale and purchase agreement. This is the legal document that forms the contract between the buyer and the seller.

This is a guide to the sale and purchase agreement that you will be asked to sign if you wish to buy or sell residential property.

This guide provides information about sale and purchase agreements, tells you where you can get more information, what to expect from a real estate agent1 and what to do if there is a problem.

This guide only relates to the sale of residential property.

This guide is just that – guidance. You should not rely on it for legal advice. It’s been prepared by the Real Estate Agents Authority (REAA), a Crown entity established by the Real Estate Agents Act 2008.

1 Real estate agent or agent are general terms that refer to an agent, branch manager or salesperson.


2

Whether you are a buyer or a seller, the agent must provide you with a copy of this guide before you sign a sale and purchase agreement, and ask you for written acknowledgement that you have received it. If you require more information, you can consult your lawyer. Information is also available on the REAA’s website: www.reaa.govt.nz.

Why do I need a sale and purchase agreement?

A sale and purchase agreement provides certainty to both the buyer and the seller as it sets out in writing all the agreed terms and conditions. It is a legally binding contract.

Can I negotiate?

The seller and buyer can negotiate, through the agent, on price and conditions until they both reach agreement.

Important things to know:

You should have a written sale and purchase agreement.

Always read the sale and purchase agreement before signing it.

Have your lawyer check the sale and purchase agreement before you sign it.

Both the buyer and seller can negotiate changes to the price and conditions.

A sale and purchase agreement is a legally binding contract.

3

The sale and purchase agreement

Your agent will probably use the Auckland District Law Society and Real Estate Institute of New Zealand form (the ADLS form).

Your sale and purchase agreement should include the following:

The name(s) of the seller(s) and buyer(s).

The address of the property.

The type of title (freehold, leasehold etc.).

The chattels that are to be sold with the property (e.g. whiteware, drapes, television aerial etc.).

The price.

The rate of interest that the buyer must pay on any overdue payments.

Any deposit that the buyer must pay.

Any conditions the buyer wants fulfilled before the contract is agreed.

The date on which the agreement will become unconditional if there are conditions.

The settlement date (the date the buyer pays the remainder of the amount for the property, usually the day when the buyer can move into the property).


4

Conditions in the document

The buyer will usually want to have some or all of the following conditions fulfilled before the contract is agreed:

Title search – this is done by the buyer’s lawyer to check who the legal owner of the property is and to see if anyone else has any claim over the property.

Finance – this refers to the buyer arranging payment, normally a loan, by a specified date.

Valuation report – normally required by a lender, this report is an estimate of the property’s worth on the current market.

Land Information Memorandum (LIM) report – provided by the local council, this report provides information on things such as rates, building permits and consents, drainage and planning.

Building inspection report – these help determine how sound the building is and what might need to be repaired.

Engineer’s report – similar to the above but more focused on the section and structure of the property.

Sale of another home – the buyer may need to sell their home in order to buy another.

General or standard clauses

A sale and purchase agreement also includes clauses that set out general obligations and conditions. It helps to understand what these mean as you will need to comply with them. Examples may include:

Access rights – what access the buyer can have to inspect the property before settlement.

Default by buyer – the buyer may have to compensate the seller e.g. interest payments.

Default by the seller – the seller may have to compensate the buyer e.g. accommodation costs.

Insurance – makes sure the property remains insured until the settlement date and outlining what will happen if any damage does occur.

Your lawyer will explain these clauses.

5

When does the buyer pay the deposit and the full amount?

When the seller and buyer have agreed on all aspects of the sale and purchase agreement, any deposit is usually paid to the real estate agent by the buyer. This money is initially held in the agent’s trust account.

The agent usually takes their commission from the deposit when the contract becomes unconditional. This is agreed between the seller and the agent as set out in the agency agreement2. The seller should make sure that the deposit is large enough to cover the agent’s commission.

The buyer pays the remainder of the amount for the property on the day of settlement, usually through their lawyer. The settlement day is usually the date when the buyer can move into the property.

Before the sale and purchase agreement becomes unconditional and if the sale doesn’t go ahead because some of the conditions haven’t been met, the buyer may be entitled to have the deposit refunded in full.

However, once the offer becomes unconditional you won’t be able to get your deposit back if you change your mind for any reason.

2 Refer to the Real Estate Agents Authority’s New Zealand Residential Property Agency Agreement Guide.


6

What is the difference between a conditional and an unconditional agreement?

Conditional refers to the sale and purchase agreement having a set of conditions that are to be met, such as the buyer’s current house being sold, a building inspection being carried out, or finance being secured.

Unconditional refers to when all conditions in the sale and purchase agreement have been met and the transaction is ready to proceed to a change of ownership.

Can I cancel the agreement if I change my mind?

You cannot cancel a sale and purchase agreement just because you have had second thoughts about buying or selling the property concerned.

In general, once you have signed a sale and purchase agreement and the conditions set out in it have been met, you will have to go ahead with the sale/purchase of the property.

What can I expect from an agent?

The agent works for and is paid by the seller. The agent must therefore carry out the seller’s instructions (as set out in the agency agreement) and act in the interests of the seller.

7

Agents also have clear responsibilities to buyers even though they are representing the seller.

When you are buying a property, ask the agent questions. Be specific about what you want to know.

All agents are bound by the Code of Professional Conduct and Client Care, issued by the REAA. Under the Code, agents have to deal fairly and honestly with all parties.

A copy of the Code of Professional Conduct and Client Care is available from www.reaa.govt.nz or by calling 0800 for REAA (0800 367 7322).

What if my agent or someone related to them wants to buy the property?

If your agent, or anyone related to them, wants to buy your property, they must get your written consent to do this.

More information on this situation can be found in the Conflict of Interest Information Sheet, available from www.reaa.govt.nz or by calling 0800 for REAA (0800 367 7322).

It is important to consult your lawyer throughout the buying and selling process.


8

Who pays the agent?

Real estate agents in New Zealand work on behalf of sellers and it is the sellers who pay the agents. An agent who is marketing a property on behalf of a seller cannot ask a buyer to pay for their services.

The agent is acting for the seller and does not have the same duty to a buyer as they do to the seller.

What is a buyers’ agent?

Buyers’ agents are common in some other countries. They are agents who are employed by buyers to locate properties and sometimes to negotiate purchases on the buyer’s behalf. If you employ a buyers’ agent you should still have a written agency agreement and will have to pay for their services.

More information on buyers’ agents can be found in the Buyers’ Agent Information Sheet, available from www.reaa.govt.nz or by calling 0800 for REAA (0800 367 7322).

What if there’s a problem?

If you are concerned about the behaviour of an agent, you should discuss any concerns you have with the agent or their manager. Agents are required to have in-house complaints resolution procedures.

If this does not work or if you do not wish to go through this process, you can contact the REAA.

The REAA has a number of ways it can help with your concerns. This includes sending the agent a compliance advice letter, arranging alternative dispute resolution or processing the matter as a complaint. When you contact the REAA they will help you identify the best way of dealing with your concern.

More information on how the REAA can help you can be found at www.reaa.govt.nz or by calling 0800 for REAA (0800 367 7322).

9

You can get more information from...

There are several places you can go for help and advice including:

The Real Estate Agents Authority (REAA) at www.reaa.govt.nz or call 0800 for REAA (0800 367 7322).

The REAA can provide information and assistance on a wide range of issues and is responsible for dealing with concerns about real estate agents.

Your lawyer.

Community Law Centres www.communitylaw.org.nz.

Citizens Advice Bureau www.cab.org.nz.

Ministry of Consumer Affairs www.consumeraffairs.govt.nz.

NZ Law Society Property Section www.propertylawyers.org.nz.

Consumer Build www.consumerbuild.org.nz.

Real Estate Agents Authority

PO Box 25371, Wellington 6146Phone: 0800 for REAA (0800 367 7322) or (04) 471 8930Fax: 04 815 8468 Email: [email protected] Website: www.reaa.govt.nz

To the best of the Real Estate Agents Authority’s knowledge, the information in this guide is accurate at the date shown below. However, the requirements on which this information is based can change at any time and the most up-to-date information is available at www.reaa.govt.nz [Version 1.1, 1 July 2011].

Documents

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