When you are ready to submit an offer, if you have not already done so, you now need to instruct a solicitor. Don’t be misled into thinking its a simple process that anyone can do, it could prove to be a costly mistake.
Remember this is a “big ticket” transaction. One of the biggest you are likely to enter into. A quick glance at the length of the standard form contract and its fine print gives an indication of the complexity of the legal issues and contingencies it addresses. There are a range of special conditions that may need to be added. The exact wording of contract conditions can be critical. If the wording is wrong, it will be too late after you sign. Don’t be pressured into signing before you have had the contract form checked by your lawyer. You are the one that will have to live with its consequences. If you would like assistance request the agent to fax or email the contract to Michael Hofmann-Body on 04 569-3933. Email Michael Hofmann-Body with your contact details so he may expect it.
Conditions cover matters you need to resolve before being bound to proceed e.g. finance, builder’s report, prior sale. Each condition will have a time limit within which it has to be satisfied. The following conditions are common:
- Valuation
Is a valuation required? You may wish to have the reassurance of a valuation from a registered valuer if you are uncertain as to the true value of the property. It may be that your lender specifically requires that a valuation be obtained. We can assist with recommendations. - LIM
Do you require a Land Information Memorandum (known as a “LIM”)? LIMs are provided by local authorities and comprise detailed summaries of information held in relation to the property and zoning from Council records.They can be useful in disclosing information not available from the title search particularly in relation to improvements, easements, resource consents and other non-land transfer matters.For LIM applications on properties in the greater Wellington area see:
- Builder’s Report
Do you need a builder’s report? Under the standard contract form remedies against vendors for defects are limited. There are a number of companies offering building inspection services. We can assist with recommendations.
All conditions should be drafted or checked by a solicitor. Wherever you live, whether in New Zealand or overseas, we are able to act for you relating to New Zealand property matters. If you would like our assistance contact Michael Hofmann-Body.