Developed to support consumer protection and ensure you have the information you need at two important stages of the process of buying or selling residential property, two approved guides have been implemented. These guides are; an agency agreement guide and a sale and purchase agreement guide.
The New Zealand Residential Property Agency Agreements Guide
Produced by the REAA – Real Estate Agents Authority
Unless your Agent has provided you with a copy of the approved guide relating to agency agreements, he or she must not enter into an agency agreement with you for the sale of a residential property before the agreement is signed. You must sign an acknowledgement that you have received the guide.
The Property Agency Agreement Guide includes information on:
- what consumers need to know before signing an agency agreement
- what an agency agreement is for
- what consumers can expect to see in an agency agreement.
Click here to download the New Zealand Residential Property Agency Agreement Guide [PDF]
The New Zealand Residential Property Sale and Purchase Agreement Guide
Produced by the REAA – Real Estate Agents Authority
Similarly, before you sign a sale and purchase agreement for a residential property the agent must give you a copy of the approved guide relating to sale and purchase agreements. An acknowledgement that you have received the guide must also be signed.
You must be provided printed copies of these guides. The only exception to this is if you are an out of town or overseas buyer or seller. In this situation, the agent will refer you to the relevant approved guide information. Your Agent will ask you to provide written acknowledgment, for example by email, that you have been provided with this information.
The Property Sale and Purchase Agreement Guide includes information on:
- what a sale and purchase agreement is
- what consumers can expect to see in sale and purchase agreement
- conflict of interest
- cancelling a sale and purchase agreement
- what to do if there is a problem
- information for buyers
https://nz.raywhite.com/real-estate-agents-authority-reaa/
https://nz.raywhite.com/real-estate-agents-authority-reaa/consumer-information/
https://nz.raywhite.com/real-estate-agents-authority-reaa/complaints/
https://nz.raywhite.com/real-estate-agents-authority-reaa/complaints-process/