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4<br />
REAA - Understanding real estate jargon<br />
Every industry is full of jargon and<br />
buzzwords that make no sense to anyone<br />
who’s not part of the club. Real estate is no<br />
different, which means it can be hard to get<br />
up to speed. Here’s a handy guide to some<br />
of the most common terms you’ll come<br />
across when buying or selling property.<br />
Agency agreement: If you are using<br />
a licensed real estate agent to sell your<br />
property, you’ll need to sign one of these<br />
agreements - it sets out what the agent will<br />
do and what they will be paid. Remember<br />
you can negotiate the conditions, such as<br />
who pays for marketing and how much<br />
the commission is. Make sure you get<br />
legal advice before you sign, because it’s a<br />
binding document.<br />
BEO or BBO: This stands for ‘Buyer<br />
Enquiry Over’ or ‘Buyer Budget Over’,<br />
which means that price listed on the<br />
advertisement indicates the minimum that<br />
the seller will accept. The seller actually<br />
needs to give serious consideration to any<br />
offer over the BEO, so this figure needs to<br />
be selected carefully.<br />
Deadline Sale or Deadline Private<br />
Treaty: In this kind of sale, a property<br />
is marketed for a set period (with an<br />
advertised end date). The seller can choose<br />
to accept an offer at any stage during the<br />
listing period though it may be stated<br />
in the advertising that ‘no offer will be<br />
accepted prior’. Check the fine print.<br />
LIM: This stands for Land Information<br />
Memorandum, which contains everything<br />
that the local council knows about the<br />
property, such as any issues with drainage<br />
and plumbing, erosion or permits. It will<br />
help you identify if any additions haven’t<br />
got the right consent. A LIM will also<br />
record any unpaid rates.<br />
Sale and purchase agreement: This<br />
is a legally binding contract between<br />
the buyer and seller for the purchase/<br />
sale of a property. It provides certainty<br />
to both parties and it sets out in writing<br />
all the agreed terms and conditions. It’s<br />
essential to get legal advice before you<br />
sign an agreement – and that you read and<br />
understand what it means.<br />
Settlement: This is the end goal in a<br />
property transaction, when the sale and<br />
purchase is completed by the exchange of<br />
property and payment. Settlement occurs<br />
when the seller receives the money for the<br />
sale – the buyer will not receive the keys<br />
until this happens.<br />
RV: This stands for ‘Rateable Value’ – this<br />
is a value used to calculate local body rates.<br />
It should not be assumed to be a market<br />
value for a property when it is for sale as<br />
the rating valuation may be a number of<br />
years old. It is also not responsive to local<br />
market fluctuations and may not reflect<br />
any recent renovations to a property. This<br />
was formerly known as ‘Government<br />
Value’, or GV.<br />
Tender: If a property is for sale by<br />
tender, prospective buyers must submit<br />
confidential written offers by a set date.<br />
Usually there is no minimum price, but<br />
properties are often listed with a BEO or<br />
BBO price. The seller can then choose the<br />
offer that is most acceptable to them, based<br />
on the price and any attached conditions.<br />
The most attractive tender is likely to be<br />
one that combines a good price with few<br />
conditions. Sellers are allowed to negotiate<br />
with any one or more of the tenderers<br />
received after tenders close.<br />
For more advice about buying a<br />
property, check out the REAA’s free<br />
guide at buyingahome.reaa.govt.nz.<br />
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Trevor Mcivor<br />
027 444 2814<br />
Stephen Ferguson<br />
021 224 2000<br />
Fraser Mackintosh<br />
027 286 8161<br />
Nicola Curtis<br />
Administrator<br />
Julz Sibbe<br />
Administrator<br />
68 Rolleston Drive, Rolleston<br />
0800 645 346<br />
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Real Estate Specialists Ltd Licenced REAA (2008)