questions about buying a house
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| 1 | So i have a few Can i do by email or over internet. can I put a end date on offer So i can move on to another house. So one of the houses i am looking at was build around 1915 been thru a fire in the 30s but has been done up and looks quite good. So the agent didn't think it was a good idea to have as one of the conditions cash out clauses are they something new . can i have in my offer for there not to be one . The agent has made me a bit nervous So i would wait for them to accept to get a builders report and a lim done ? thanks dadtofive - 2021-07-26 22:59:00 |
| 2 | Honestly, you have so many questions that I would highly recommend a lawyer who does conveyancing (the legal work required to transfer the ownership of real estate from one person or entity to another).Yes you pay for their services but otherwise you risk being far worse off as it is a minefield to negotiate with all the legal ins and outs. We bought a house privately, but wouldn't have risked doing so without a lawyer getting involved. Unless you are really savvy about the process and potential pitfalls you could be setting yourself up for major headaches if you try to go it alone. A lawyer will take all the guesswork out of it and you'll have the assurance everything is done properly and you are not being taken advantage of. Sometimes it's just not worth trying to save a bit of money. Edited by kitty179 at 11:16 pm, Mon 26 Jul kitty179 - 2021-07-26 23:15:00 |
| 3 | As above and trust your instincts about this agent. Do not sign anything without having your lawyer peruse the ASP first. The agent is not your friend. johnston - 2021-07-27 06:59:00 |
| 4 | And ignore any advice around your lawyer being able to check / approve the agreement after you’ve signed… sparkychap - 2021-07-27 07:08:00 |
| 5 | If you're seriously considering an old house, a builder's report would be essential, especially one that has caught fire! Yes, you can stipulate a date and time by which time your offer is either accepted or rejected. That should be written into the sale and purchase agreement. https://www.settled.govt.nz/blog/can-i-offer-on-more-than-on committed - 2021-07-27 07:24:00 |
| 6 | dadtofive wrote:
No, they're not new. They're created for the benefit of the seller. You can ask that such a condition is not part of your agreement but the seller may decide not to accept your offer. It depends on the property. If it's been on the market a while, the seller may forego a cash out clause but I suspect that would be very rare in the current market. To avoid being cashed out, you'd want to satisfy your conditions promptly! https://smithpartners.co.nz/property-law/what-is-a-cash-out- Edited by committed at 7:35 am, Tue 27 Jul committed - 2021-07-27 07:31:00 |
| 7 | sparkychap wrote:
For the removal of any doubt dadtofive, your solicitor cannot as of right get you out of of the ASP once you have signed. Do not listen to anyone who tells you otherwise including the vendor's agent. Edited by johnston at 9:15 am, Tue 27 Jul johnston - 2021-07-27 09:14:00 |
| 8 | The fact the agent is recommending NOT to get a LIM would make me very nervous. I would also look to get insurance pre-approval, as it is pre-1935 you will need to confirm it has been fully re-wired/re-plumbed/no scrim linings etc. My advice would be to get the LIM, get a building report and get your lawyer to check LIM & building report make sure everything is OK, get insurance and finance pre-approval THEN think about putting an offer in. rhys12 - 2021-07-27 09:30:00 |
| 9 | rhys12 wrote:
That's expensive and potentially a waste of money. I suggest making the offer conditional upon what you stated. johnston - 2021-07-27 11:54:00 |
| 10 | Heed the above advice and your instinct. The agent is working for the vendor, then him/herself but never you. amasser - 2021-07-27 12:40:00 |
| 11 | Very bad advice from the Agent and as above they do not work for you. jeffqv - 2021-07-27 13:13:00 |
| 12 | If you want a get out of jail free card get a due dilligence clause added in. Agents come across as your best friend but the only thing they are really interested in in money in the bank. Get a solicitor ASAP and always make it subject to Finance builders and LIM at a minimum familiadude1 - 2021-07-30 21:01:00 |
| 13 | familiadude1 wrote: desi1969 - 2021-07-30 21:31:00 |
| 14 | Lawyer! Yes to the above advice regarding insurance. I bought a 1913 cottage and my insurance company I'd been with for over thirty years were absolute ar$h#les with all the conditions. hound31 - 2021-07-30 21:54:00 |
| 15 | thanks for all the info . dadtofive - 2021-07-31 01:18:00 |
| 16 | What is the method of sale on this one dadtofive? superdave0_13 - 2021-07-31 11:25:00 |
| 17 | first do i need a lawyer to put a offer together or is it something i can do myself. Can i do by email or over internet. can I put a end date on offer So i can move on to another house. There is no need if it's a private treaty sale as you can withdraw your offer any time. A tender is slightly different. So the agent didn't think it was a good idea to have as one of the conditions to get a lim report as it took 10 working days. You decide on the conditions you put into the agreement. Not the agent. If you want a lim then put it in. Ask the agent why the vendor isn't supplying one and consider complaining about the agent. cash out clauses are they something new . No can i have in my offer for there not to be one . The agent has made me a bit nervous I can see why So i would wait for them to accept to get a builders report and a lim done ? thanks superdave0_13 - 2021-07-31 11:54:00 |
| 18 | dadtofive wrote:
Until the Ministry of Education, who actually own the land, want to sell, repurpose or it's needed for a treaty settlement etc... hers.nz - 2021-07-31 13:14:00 |
| 19 | superdave0_13 wrote:
Since when has it become that the vendor supplies them? Every house I've bought it has been the seller. Wouldn't rely on vendor supplier reports as you don't know what has been redacted/removed or requested until it's too late. hers.nz - 2021-07-31 13:17:00 |
| 20 | Plenty do supply them. They are better than nothing superdave0_13 - 2021-07-31 16:23:00 |
| 21 | Only a stupid vendor would supply a building report and only a stupider purchaser rely on it. johnston - 2021-07-31 16:33:00 |
| 22 | johnston wrote:
More dribble from you. Plenty of smart vendors supply them and no one mentioned relying on them as a purchaser. superdave0_13 - 2021-07-31 18:00:00 |
| 23 | johnston wrote:
Agree entirely, but in my experience it is the Agent that pushes the vendor to supply a report. Time there was another shake up as vendors are being taught that it is the right thing to supply and LIM and other due diligence documents, even a copy of the title. tony9 - 2021-07-31 18:23:00 |
| 24 | superdave0_13 wrote:
Stupidist of all would be advocating the practice. johnston - 2021-07-31 21:35:00 |
| 25 | dadtofive wrote: lythande1 - 2021-08-01 11:51:00 |
| 26 | you can sign anything with the provisor a lawyer approves of the contract. Always get legal advice. spead - 2021-08-01 14:50:00 |
| 27 | spead wrote: you can, but it won’t do you much good. The legal advice would tel you that…. sparkychap - 2021-08-01 15:12:00 |
| 28 | tony9 wrote:
Trouble with this is that if anything on the LIM is incorrect the purchaser cannot go back to the Council on it and hold them accountable because the report was not prepared for them, much better to apply for one as purchaser - this also applies to purchasing a LIM from a previous unsuccessful deal - cheaper but not ideal. (this also applies to building reports - needs to be prepared for you) Whatever the case I'd definitely get a LIM and a builder's report - I think its a bit shady of the agent to suggest otherwise tbh. Also I would have the finance and insurance clause put in there. If you do get the agent to draw up the agreement make sure there is a solicitor approval clause in there - whilst this doesn't get you out of the agreement per se, it does allow them to add/remove/alter clauses that are incorrect (which unfortunately often happens with agents) - I used to be a legal exec and saw some hideous agent clauses! Edited by sjp71 at 3:18 pm, Sun 1 Aug sjp71 - 2021-08-01 15:17:00 |
| 29 | sjp71 wrote: No, this is not the case. There are only a very limited set of things that this clause permits. The solicitor can't just add/remove/ alter clauses. For example, in a key case, a solicitor tried to add a finance clause that was not in the signed agreement. The court ruled that the solicitors "rights" were limited only to matters of conveyancing impediments and the agreement had to stand. It's really simple - get your lawyer to check the agreement before signing. It actually doesn't take them long and I've never found them charge more for that - its part of the cost. sparkychap - 2021-08-01 15:56:00 |
| 30 | spead wrote:
You can but it will have limited legal effect. johnston - 2021-08-01 16:47:00 |
| 31 | sjp71 wrote:
Solicitor approval clauses do no such thing. johnston - 2021-08-01 16:48:00 |
| 32 | it went from agent to our lawyer before we would sign our lawyer want some clauses changed so we got them to do it. They are not happy that my layer changed the lim report from 10 days to 15 dadtofive - 2021-08-02 16:06:00 |
| 33 | dadtofive wrote:
Do you have a signed agreement? johnston - 2021-08-02 17:05:00 |
| 34 | dadtofive wrote: If you cancel the contract based on the Building Report, you are obliged to provide a copy of the report on request anyway. And councils have up to 10 days to provide the LIM by law, so agreeing to 10 days risks you not having any time to actually review the LIM. 15 days is completely logical. sparkychap - 2021-08-02 18:44:00 |
| 35 | spead wrote:
Bit like shutting the gate after the horse has bolted??? mrcat1 - 2021-08-02 18:53:00 |
| 36 | Why you do your own reports - Amazes me that people intending to lock themselves into 30 year debt contracts for hundreds of thousands of dollars on their second biggest asset want to save a few dollars and a few days upfront ignoring the potential future cost. hers.nz - 2021-08-07 14:09:00 |
