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View Full Version : New real estate legislation


mashman
25th November 2009, 11:14
What happened as i can't find out what bill has just been passed? I'm assuming it's Capital Gains in some form, but i can't see anything
Ixion
25th November 2009, 11:17
No , it's something to do with real estate agents being registered and such like. Def not capital gains
mashman
25th November 2009, 11:28
No , it's something to do with real estate agents being registered and such like. Def not capital gains

Ya see, from what i remember, the guy they were interviewing said that owners are responsible for disclosing EVERYTHING about the houses to the selling agent. If they neglect to, maybe you forgot, or had something looked at that goes wrong after the sale, the estate agent will still get paid and the new owner of the house will be chased for payment!

What if the Estate Agent lies and just says, "They never told me"!!!!
The Stranger
25th November 2009, 11:47
Ya see, from what i remember, the guy they were interviewing said that owners are responsible for disclosing EVERYTHING about the houses to the selling agent. If they neglect to, maybe you forgot, or had something looked at that goes wrong after the sale, the estate agent will still get paid and the new owner of the house will be chased for payment!

What if the Estate Agent lies and just says, "They never told me"!!!!

Caveat emptor.
Why should this principal change?
If not new, and should a latent defect occur, say a water pipe is about to fail, how can the seller or RE agent be in any better position to know this, it is probably fair wear and tear given the age.

Patent defects are just that, so get the place inspected.

Concealed defects - well that can and should be the responsibility of the vendor, but if the vendor has concealed a defect he is not then likely to advise the RE agent is he?

If new of course a guarantee should cover both latent and patent defects.
mashman
25th November 2009, 12:10
Sorry, i was kinda playing devils advocate there (read "what would i do to win the case to protect my RE agent")
p.dath
25th November 2009, 13:09
Basically it has removed power from REINZ to discipline agents (good!), and put it in the hands of a QC, and also introduced the right to sue an agent for negligence for up to $100k.
The Stranger
25th November 2009, 13:20
"what would i do to win the case to protect my RE agent"

Nothing, nothing at all thanks.
Skyryder
25th November 2009, 19:43
Basicly they have an independant investigation office.

Before it was a self regulatory system.

Skyryder