'Buyers' pack' will help investors

Tuesday 26 June 2012

A “buyers’ pack” offered to would-be property purchasers would speed things up for investors, says the Auckland Property Investors Association president, David Whitburn.

By Susan Edmunds

The Real Estate Institute of New Zealand (REINZ) is mulling over whether to lobby for a law modeled on Victoria, Australia’s system, where buyers can cancel any contract before the vendor hands over a pack including title details, charges over the property, covenants, easements, planning restrictions, rates and taxes and services to the property.

Whitburn said he was in favour of the idea. “I would love to have a property file, LIM report, guaranteed title search and any other legal or council information emailed instantly, that I could rely on.”

He said that would just leave a purchaser to do other due diligence, such as arranging finance, builders’ reports, and registered valuations.

REINZ chief executive Helen O’Sullivan said it was worth considering the idea.

The board will consider whether to lobby Government for one law to cover all sellers, including those operating privately, she said.

If it approves the idea, REINZ members will be consulted.

Whitburn said the cost of supplying the information would have to fall on the vendor. “They are the ones trying to sell the property.”

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