The Star: September 20, 2018
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<strong>The</strong> <strong>Star</strong> Latest Christchurch news at www.star.kiwi<br />
Thursday <strong>September</strong> <strong>20</strong> <strong>20</strong>18 39<br />
the tlc experience<br />
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Licensee Agent/Director<br />
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Redcliffs: 19 Glenstrae Rd<br />
Stunning views every day. <strong>The</strong> sale is now<br />
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Spring has sprung -<br />
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CONTACT<br />
Trish Lawrence<br />
ph 0800 874 745 Licensed Agent<br />
REAA <strong>20</strong>08<br />
tlc realty limited<br />
Appears every week in<br />
For more information:<br />
Mike Fulham<br />
P 364 7406<br />
E mike@christchurchstar.co.nz<br />
Home<br />
& Property<br />
Home & Property appears<br />
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throughout Christchurch<br />
For more information<br />
and bookings, contact<br />
Mike Fulham<br />
M: 021 300 567<br />
E: mike@starmedia.kiwi<br />
Getting what you paid<br />
for on settlement day<br />
In the movies, the day someone gets<br />
the keys to their newly bought home is<br />
portrayed as a golden, stress-free time. <strong>The</strong><br />
reality can be rather different, especially<br />
if you find your dream home has turned<br />
into something akin to Nightmare On<br />
Elm Street since you agreed to buy it.<br />
“<strong>The</strong> trick to a stress-free settlement<br />
is to do as much as you can in advance,<br />
starting with when you’re signing the sale<br />
and purchase agreement,” advises Kevin<br />
Lampen-Smith, chief executive of the Real<br />
Estate Agents Authority (REAA).<br />
“<strong>The</strong> sale and purchase agreement is the<br />
legally-binding contract agreed between<br />
you and the seller that details the property,<br />
the conditions of sale and the price.<br />
Make sure that there is an agreed list of<br />
chattels, with notes as to their condition,<br />
in this agreement. If the property is full of<br />
rubbish, and you want it gone before you<br />
take possession, make that a condition<br />
of the sale. If there are holes in the fence<br />
that the seller has promised to fix, get that<br />
in writing on the agreement: don’t rely<br />
on verbal assurances that something will<br />
be done prior to settlement. It’s far better<br />
to get all these niggly details sorted out<br />
before you sign the agreement than face<br />
protracted battles down the track.”<br />
As a buyer, you are generally entitled to<br />
one opportunity to inspect the property<br />
before settlement day. If the property has<br />
sitting tenants, ask your lawyer to ensure<br />
there is a ‘final inspection’ clause inserted<br />
in the sale and purchase agreement before<br />
you sign it. This inspection is to make sure<br />
that it is in the same or better order it was<br />
when you viewed it and agreed to the sale.<br />
It is not designed to give you the chance<br />
to uncover new defects, or to give a rental<br />
agent the chance to appraise the place’s<br />
value.<br />
“A seller does not have to accommodate<br />
any extra requests to visit the property<br />
prior to settlement,” Lampen-Smith says.<br />
“Remember that the seller may have<br />
a lot on their plate; making the property<br />
available so your interior decorator can<br />
measure up for new curtains is unlikely to<br />
be a high priority.”<br />
Your real estate agent will usually<br />
arrange the inspection with the seller,<br />
and accompany you to the property. Most<br />
experts recommend that this inspection<br />
takes place around 24 hours before<br />
settlement day so there are no hold-ups to<br />
the transfer of funds and ownership.<br />
When you come to inspect the property,<br />
everything should be as it was when you<br />
decided to purchase it (as reflected by the<br />
sale and purchase agreement). Lampen-<br />
Smith says you can expect chattels to be<br />
in a reasonable working order unless it has<br />
been agreed and documented otherwise.<br />
You cannot complain to the seller that the<br />
oven isn’t clean enough, but you can raise a<br />
complaint if it is missing, or it is a different<br />
model to the one cited in the agreement.<br />
Don’t forget to check that garage door<br />
openers and pool covers are in situ, or that<br />
locks work properly.<br />
If there is a problem, the REAA says<br />
you should speak to the real estate agent<br />
and your lawyer in the first instance. Your<br />
lawyer should work with the seller’s lawyer<br />
to reach a satisfactory solution, such as<br />
getting the seller to make any necessary<br />
repairs, or to deduct any costs from the<br />
eventual settlement.<br />
Making the final inspection 24 hours<br />
before settlement is due gives you and the<br />
seller time to reach an agreement over<br />
anything outstanding.<br />
“Like any property transaction, success<br />
often depends on doing things right at the<br />
start,” Lampen-Smith says.<br />
“Get the details right at the beginning<br />
and you’ve got a greater chance of a happy<br />
ending.”<br />
For independent advice on buying<br />
or selling property, check out<br />
www.settled.govt.nz.<br />
Make sure there is a legally-binding contract agreed between you<br />
and the seller that details the property, the conditions of sale and<br />
the price, as well as a list of chattels with notes as to their condition.<br />
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Ph 03-382-2230<br />
Phil 027 435 7711<br />
Holly 027 222 02<strong>20</strong><br />
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Licensed (REAA <strong>20</strong>08) Results Realty Ltd<br />
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