Selwyn Times: March 26, 2019

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2 18 [Edition datE] What the new anti-money laundering laws mean for property transactions New rules designed to stamp out money laundering and financing terrorism in New Zealand mean that the real estate industry must prove the identities of the people it works with. You might think that criminal financial activities only happen in the movies or overseas, but it’s estimated that $1.35 billion is laundered in New Zealand every year. The true cost, and social impact, is much higher. Criminals use various methods to ‘wash’ the money they make from crimes to avoid detection. Making it look like it’s come from a legitimate source – such as buying or selling property or using financial services – is an established way to do it. Now, thanks to law changes that came into force on January 1, <strong>2019</strong>, you’ll have to prove who you are when you’re buying or selling a property. If you’ve bought and sold a property before you’ll know that each real estate transaction is a bit like a jigsaw puzzle. All the people involved – banks or lenders, lawyers and real estate agents - play a part to help protect the integrity of the transaction and ensure that the puzzle pieces fit together correctly. This includes making sure that the client is who they say they are to help reduce the risk of criminal activity. While it may seem a bit of a pain, the real estate agent must confirm your identity, including your date of birth and your address details, before you sign an agency agreement with them. This might seem a bit ridiculous if you’ve known the agent for a long time, or even used their agency before, but it’s all part of the due diligence they need to perform to meet the new rules. The information you’re asked for will vary depending on whether you’re selling the property as an individual or as part of a partnership, company, estate or trust. If you’re selling as an individual, you’ll need to provide photo ID and be ready to answer any other questions the agency may have. If you’re selling a family trust property, you’ll need to provide this kind of verified identification for all the members of the trust and its beneficiaries. Ideally, these requirements won’t slow down the process at all. It’s a good idea to get as much documentation ready as you can – when you’re talking to an agent, ask them what they’d like you to bring along. Complying with anti-money laundering rules is like completing any part of the real estate transaction: it works best when everyone follows the process. For more information on buying or selling property in New Zealand, check out settled.govt.nz. REAL ESTATE SPECIALISTS 1 Leonie Lane, West Melton Offers Over $669,000 A Picture of Modern Living! Are you ready to walk in & start enjoying the family lifestyle you’ve dreamed of in desirable West Melton? This single level 206sqm home has a sun-drenched open plan kitchen, dining & living area, a separate adjoining lounge, each with sliding doors opening to the outdoors, making this home perfectly designed for relaxed family living. Four double bedrooms includes a luxurious master with ensuite, walk-in wardrobe & sliding door access to the garden. The fully fenced landscaped 916sqm grounds will give those with young children & pets peace of mind & the entertaining areas are well thought-out combining timber decking, paving and planters. Living in the peaceful surrounds of this semi-rural location truly gives you the best of both worlds. The West Melton Village shopping area is just a few minutes’ drive and central Christchurch is within an easy commute. Schooling for primary age children is catered for by the nearby West Melton School. Your new lifestyle awaits! Contact Mike today to arrange your viewing. **Set date of sale: All offers to be presented 5pm, 18th April (unless sold prior) 30 Shelley Street, Rolleston A Stylish Starter on Shelley Street! EnquiriES ovEr $418,000 64 Mustang Avenue, Wigram offErS ovEr $454,000 This three-bedroom home combines comfort & style & will have immense appeal with first-time buyers. Tasteful décor throughout enhances the open plan living, while outside the verandah & deck present you with a setting where you can seek shelter or embrace the sunshine on warm autumn afternoons. A log burner with wetback & a heat transfer system assist in producing warmth throughout the home. The convenience of this location cannot be overstated, and zoning for Rolleston School is a further advantage for families. Contact Mike for more information & your chance to view. Easy Living in Wonderful Wigram! Opt for the good life in this beautifully presented home with easy-care grounds & all the necessary mod cons for a low-maintenance lifestyle. Accommodation is provided by three double bedrooms including the master with ensuite. A single internal access garage & a fully fenced section provide security and ease of access. Shopping, health care & a variety of restaurants & cafes are nearby at Wigram’s town centre, The Landing, to offer complete convenience. This warm & inviting home is perfectly suited to a range of buyers, including savvy investors or retirees looking to downsize. Contact Mike now to arrange a viewing. ** Set Date of Sale: all offers to be presented 5pm 4th April (unless sold prior) 68 rolleston Drive, rolleston 0800 645 346 www.oneagencyres.co.nz Mike Goatley 027 249 5561 Stephen ferguson 021 224 2000 fraser Mackintosh 027 286 8161 Elyse Campbell 021 187 6217 Deepak Gangar 021 227 9563 nicola Curtis Administrator Julz Sibbe Administrator Real Estate Specialists Ltd Licenced REAA (2008)
2 [Edition datE] 19 Can I trust a seller’s building report? If you’ve been to an open home recently, or been browsing the ‘for sale’ adverts, you might have noticed that some sellers put together information packs for potential buyers. These sellers will know that researching a property takes time and money, and they don’t want this to be a barrier to a successful sale. They believe that providing information like a LIM (a Land Information Memorandum from the local council) and a building inspection report can help busy people get an offer on the table. This is great in theory, but you need to tread carefully all the same. If, for example, a real estate agent or seller gives you a LIM for the property, check carefully when it was prepared. A LIM is a summary of all the current property information held by the different departments at a council at the time. It contains details of council consents for any work done, how much the rates are and information on any geographic hazards that might have an impact on the property, such as subsidence. Bear in mind that this information can be reasonably general – the LIM for most houses in Wellington will say that they’re located in a high wind area, for example. If the LIM is dated a couple of weeks ago, it’s safe to assume it’s reasonably up to date. If it’s dated a year ago, it’s a good idea to make further enquiries. Getting a LIM costs money in most areas (prices vary from council to council). You can also ask to see the property file held by the council, which holds other information about a property, like a site map and original house plans. Building reports are a bit trickier. Using a building report provided by the seller (or the real estate agent working for them) may seem like an easy option in the short term. However, if you buy the property and then find problems with it that cost a significant amount to fix, you’re not protected by the building report because the inspector’s contract is with the seller, not you. The Real Estate Authority (REA) recommends using an accredited property inspector who complies with the New Zealand building inspection standard 4306:2005. Their written report will identify any current defects as well as highlight any urgent and long-term maintenance required. Look for someone who has a good level of indemnity insurance, as this will protect you if you buy the property and then find you need to fix something that wasn’t in the report. Building inspections do come at a cost, but we think it’s worth it to be sure that you’re fully aware of what you’re signing up for. Depending on the age of the house you’re looking at don’t necessarily expect a thin report saying there are no issues. Many wooden houses in New Zealand are over 50 years old and there will be things the inspector needs to point out. Make sure you understand what normal age-related matters are (that may not be major issues), compared to significant repairs needed in the short term to fix a problem. The report you receive should separate these things out - if it doesn’t, then ask the inspector about the difference. If you end up with a report with a lot of information about the property it doesn’t mean you should walk away. Instead, see it as giving you the opportunity to know what you’re buying. Doing this before you make an offer means you are fully aware of what the property may need to have done to it and your offer figure can reflect that. However, if you don’t feel comfortable paying for a building report before you make an offer, you can make a property inspection a condition of your offer. Like most things in life, buying a property will go more smoothly if you put the work in. If a short cut seems too good to be true, it usually is. For independent guidance and information on buying or selling, check out settled.govt.nz. Rolleston’s sought after location • Final stage just released • Sections ranging from 400m 2 -650m 2 • Your choice of builder • Family friendly and safe neighbourhood with nearly 100% owner-occupied homes. Avoid rowdy rentals! • Closest new subdivision to Rolleston town centre • Within walking distance to Rolleston College • In zone for Clearview Primary School and plenty of choice for childcare facilities • Close to Aquatic Centre and Foster Park • Convenient access from the soon to be completed Motorway exit to Christchurch • Internal boundary fencing included • TC1 equivalent soils • For an updated Sales Plan please email Andrew M-A MATSON & ALLAN REAL ESTATE LIMITED ‘The Experts’ <strong>Selwyn</strong> Branthwaite Subdivision To view: www.marealestate.co.nz/MA0530 or www.branthwaite.co.nz Andrew Taylor M: 027 435 5930 W: 347 9949 E: andrew@marealestate.co.nz Residential Lifestyle Rural Property Licensed REAA2008 ROLLESTON PH: 03 347 9949 LEESTON PH: 03 324 3704 DARFIELD PH: 03 318 8204 www.marealestate.co.nz
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Selwyn Times: March 26, 2019

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