We have recently seen an increase in the number of agreements for sale and purchase where a vendor has decided to sell their property privately rather than through a licenced Real Estate Agent.
There are additional risks for both vendors and purchasers in this situation.
Whether you are a vendor or purchaser, where there is no licenced Real Estate Agent involved, it is vital that you contact us prior to signing any agreement. There are any number of complications that can arise and you need to obtain advice from us from the outset.
As a vendor selling privately, you need to consider:
- The information that you will need to obtain about your property, such as a copy of the certificate of title and completing the standard form agreement to be used for any sale.
- The types of warranties and undertakings you are deemed to be providing under the standard form agreement.
- Whether there are any alterations carried out to your property that have not had a permit or code compliance certificate issued by the local Council.
- The condition of the electrical wiring which can have ramifications for potential purchaser’s ability to insure the property. Insurance companies are becoming increasingly strict, especially in relation to older properties where electrical work has not been kept up to current standards.
- The types of conditions a purchaser may require to be included in any agreement and the ramifications of those conditions.
These are just some of the more important considerations you will need advice on.
As a purchaser looking to purchase privately, you will similarly require legal advice from a purchaser’s perspective of the items noted above.
In the current property climate where good quality, well located properties are in high demand, we are able to provide you with efficient and experienced advice in this area.
We have considerable experience in all aspects of property law both residential and commercial acting for both vendors and purchasers.
If you require any advice or further information on the matters dealt with in this publication please contact the lawyer at Farry and Co. who normally advises you, or alternatively contact:
Simon Milne
smilne@farry.co.nz
09 379 0055 or 03 477 8870
The information contained in this publication is intended as a guide only. It does not constitute legal advice and should not be relied upon as such. Professional advice should be sought before applying any of the information to particular circumstances. While every reasonable care has been taken in the preparation of this publication, Farry and Co. does not accept liability for any errors it may contain.