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Frequently asked questions
What clauses should I consider when purchasing a property?
A Builders Report to ensure the property you are purchasing has no underlying issues.
A LIM Report to ensure works have not been completed on the property without consent. It is common to come across fireplace issues, bathroom renovations and outbuildings that do not have consent. Also, purchasing the LIM Report binds you in contract with the local Council; meaning that if Council has signed off on a consent and that work is faulty you may be able to seek a recourse from Council. There are other conditions you may need to include however, this will depend on the type of property you are purchasing
An Insurance to ensure the property will be covered, you will not be able to borrow funds from a bank without it.
Should I talk to a Lawyer before signing the Agreement?
Yes you absolutely should talk to a lawyer before you sign. Whether you’re a Seller (Vendor) or Purchaser it is crucial the Agreement is prepared correctly. Your Lawyer will be able to determine your unique requirements and include clauses that protect you. As a Purchaser remember that the Real Estate agent works for the Vendor and your Lawyer acts for you.
What is a conditional agreement? Can I back out of a conditional agreement to purchase?
If your offer is conditional then it only becomes legally binding once all the conditions are satisfied. An offer to purchase can be unconditional on signing, once the agreement is unconditional you are legally bound to complete the purchase.
Why is it important to check the title?
The title is held by Land Information New Zealand (LINZ) and records the property details. The title may have restrictions on it which in some cases may interfere with your intended use of the property. You will need to know where the easements are or if there are any rights of way.