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Buying & Selling Residential Property

The home is generally the most valuable asset owned by an individual. The purchase and sale of a home therefore needs to be overseen by a lawyer or legal executive experienced in conveyancing (the buying and selling of real estate). Problems can and do arise even in ‘simple, straight forward’ sales or purchases. The sooner any potential problems are identified, the sooner they can be dealt with.

Stricter requirements have been adopted by the law society to ensure that the sale and purchase of property is properly carried out. A proper check of the records held by the local council should be carried out when looking to buy a property because work that has been undertaken on the property without the proper consents and permits, can result in very costly repairs. The house or other building or major structure on the property also needs to be checked properly. A leaky home can cause major damage to the building and if not identified before settlement, may result in very expensive repairs and may cause problems when it comes time to sell the property.

While the standard agreement for sale and purchase document approved by the New Zealand Law Society affords some protection to buyers and sellers, each party needs to take proper steps to protect themselves. The assistance of a lawyer at the outset (before anything is signed) will generally make the process much easier for all concerned.