Tag: Auction

Property Conveyancing – Buying A Property At Auction

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January 23, 2012

Property Conveyancing – Buying A Property At Auction

 

It is common practice in this Real Estate Market for Vendors to sell their properties by Auction. A sale by Auction is another method to reach an Agreement for Sale and Purchase. The Vendor appoints an Auctioneer to act as their Agent in carrying out the sale.

The Auctioneer will call for bids from prospective Purchasers. Acceptance of a Purchasers bid for the property falls on the Auctioneers hammer. It is important that as a Purchaser you understand that once your bid is accepted the Contract is made and it is not possible to introduce terms and conditions in relation to the property purchase.

The Purchaser is also required to pay the deposit on the fall of the Auctioneers hammer.

If you are considering purchasing a property at an Auction you must complete your due diligence in relation to the property purchase. Some Real Estate Agents have information brochures about the property which may include a copy of the property Title Search together with the encumbrances which are registered on the Title and or a Land Information Memorandum.

If this information is not made available by the Real Estate Agent then you should arrange for your Conveyancing Practitioner to undertake the relevant searches in relation to the property.

There can be dangers in purchasing a property at Auction as you do not have the opportunity of obtaining a Builders or Engineers Report which would otherwise disclose any defects, structural issues, water tightness problems or issues in relation to the land itself.

Also note purchasing at Auction is entering into a cash offer. Even though you as a Purchaser may have a pre-approval of Finance from a Lender or Bank it does constitute an unconditional Finance Approval. You still need to make formal application for Finance.

If you are unsure of the actual Auction procedure we would recommend you attend a few to see how things go or if you would like further information do not hesitate to email Kim directly @ kim@propertyconveyancingservices.com

 

 

: Property Conveyancing News
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Are You Purchasing A Property @ Auction? If So What You Need To Know!

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October 20, 2011

Are You Purchasing A Property @ Auction? If So What You Need To Know!

 

Many Property Transfer Purchasers are purchasing properties @ auction in New Zealand.

When you purchase a property @ auction you are basically entering into a cash transaction with the property owner.

Here are a few tips to help safe guard your property transfer investment prior to the time of auction:

1. Pre approval from your Lender if you are not a cash property purchaser.

2. 10% of the purchase price being paid as your deposit. This will be payable on the fall of the auctioneers hammer.

3. A search of the Certificate of Title, and make sure it is an up to date Title Search. You can get one from http://www.propertyconveyancingservices.com/43.html.

4. Copy of the Land Information Memorandum from the Local Council. This should be given to all potential property purchasers by the Agent who is marketing the property.

5. Any other Disclosure documents if purchasing a Unit Title, together with other Disclosure documents as required under the Real Estate Agents Act.

6. Getting the Auction Agreement checked by your Registered Conveyancing Practitioner prior to the Auction. This is so important.

7. Obtaining a quote of the total cost of Conveyancing Fees up front. So you can factor this into to your over all costs together with any rates to be adjusted at the property transfer conveyancing and settlement date.

http://www.propertyconveyancingservices.com/free-property-conveyancing-quote.html

8. List of questions you have regarding the property to be answered by the Agent.

The more due diligence you complete at the beginning of the process will ensure no hidden surprises at the end.

For more information on what you can do to safe guard your property purchase @ auction.

Ring Kim 0800 2 87878 option 1 :)

: Property Conveyancing News
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New Addenda to Sales and Purchase Agreement

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April 25, 2011

New Addenda to Sales and Purchase Agreement

 

We have received several queries from Real Estate Agents and Principals regarding the new Addenda to the Sales and Purchase Agreement and whether it is necessary to Annex on a Residential Agreement, Auction or Tender document.

The response from the Real Estate Institute of New Zealand is as follows:

Since the update on the Adendda numerous queries have been received as to whether the Addenda must be used on Auction and Tender forms the short answer is yes no exception applies.

So please ensure when you are completing either a Sales and Purchase Agreement,  Auction Agreement or Tender document the Addenda is attached.

You may receive calls and queries from Clients asking why this new form is required, simply advise them that is an update and must be completed.

We would recommend that the form is completed by the Clients and initialed. Please in your own interest as Real Estate Agents and Principals do not complete the form on behalf of the Clients.

If you are not sure or have any questions please do not hesitate to give us a call on 0800 2 87878. Cheers Kim and Wendy :)

 

 

: Property Conveyancing News
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You Choose Charity Golf Tournament

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March 14, 2010

Congratulations to Glenn Austin Harcourts Rotorua for again hosting this Charity Tournment. Plenty of teams, great dinner and more money raised by auction together with an increased prize of $15,000 donated to the winning teams charity.

We were pleased to again sponsor a team and hole number 12. This year we finished across the line midfield, but this is about participation and team spirit. Thanks to Alan Forbes Konica Minolta Rotorua for heading our team again this year.

We look forward to entering next year.

Great golfing :)

: Property Conveyancing News, Uncategorized
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Community Support Rotorua

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March 9, 2010

It’s a fantastic thing when businesses can join together to achieve something great for the wider community.
This month we see many events occurring around Rotorua for the betterment of the community.

On the 5th March LJ Hooker ran an auction for Relay for Life, which raised a total of $2841. Goods and services were generously donated by businesses around Rotorua resulting in a stunning outcome.

Early Wednesday morning 10th March we have the Professionals holding their Charity Breakfast for the Cancer Society. This is an annual fundraising event with proceeds going to the Cancer Society.

http://www.youchoosefoundation.org/

This Friday the 12th March we have the You Choose Foundation running their annual Charity Golf Tournament. The winners will receive $15000 to donate to a charity of their choice.

Saturday 13th-Sunday14th are the days that Relay for life is held this year. This event is held over 22 hrs and involves numerous businesses and organizations around Rotorua. Through this event much needed funds will be donated to the Cancer Society.

All in all, a stunning effort Rotorua, its wonderful to see evidence of the great Community Spirit that we have here, keep up the good work!

: Property Conveyancing News, Uncategorized
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