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Gary's Recommended Buyers Checklist

Buyers Tick Off List

Here is list of items to assist you when purchasing a property in North Canterbury.

Sale and Purchase Agreement:  Harcourts uses the standard ninth edition Sale and Purchase agreement.  The standard clauses are LIM, Finance, Insurance, Engineers, EQC and choice of a building report.  When I sit down with you to write up an offer we will discuss which clauses are specific to you.  We can add more clauses as necessary or delete clauses where you see fit.

Multiple Offer Presentation:  Quite often a saleable property will attract a lot of interest in the initial marketing period.  If several purchasers are interested in the same property it can lead to a multi-offer situation, where more than one offer is presented to the Vendor/s, at the same time.  If more than one agent is involved, then a manager will present the offers to the Vendor/s, making everything fair and equal.  You will certainly know if you are entering into a multi-offer situation, as I will get you to sign a multi-offer sheet.

Chattels: Double check with me what is on the Listing Contract.  (Don’t assume)

Lawyer:  Ring and find out what their fee is and ask what they need from you to process the sales agreement.  Ask who specifically is looking after you (get all of their contact details) and ask which is the best way to contact them with questions when sending confirmed information for e.g. insurance, finance etc.

Finance:  In this market finance is best pre-approved so that you are presenting an attractive offer.  Ask your finance consultant what they want from you for example do they need an engineer’s report, valuation and insurance confirmed, before confirming your finance?  Also ask about your deposit and how they will give it to you, especially if it is in Kiwi Saver!! 

Engineers Report:  Find out price and estimated time frame for receiving the report.  Ask your bank and insurance company if they have a specific company that they want you to use or if you find your own.  Ask the Engineer if it is possible to write the report for the insurance company and bank as well.  Please ask me for Engineer referrals if you don’t know anyone.  I can refer you to a few companies.

Building Report:  Ask the bank if they require you to get a Building Report.  If not would you like one for yourself?

Valuation Report:  Ask your bank if they need one from you at the beginning of your consultation. 

LIM:  Generally will take between 7-15 working days depending on the market – ask your Lawyer.

Insurance: I will find out for you ASAP who the current insurance company is and what the policy number is for the property you are looking at buying.  It is important to deal with only one insurance consultant if you can and get all the contact details.  Ask your insurance consultant for the purchasers list ASAP so that you can start gathering up all the necessary details to help you get insurance.

Possession Date:  Weekends and Public holidays are not counted when choosing a date, it is only working days and the final day must be between Monday and Friday and we can add “or by mutual agreement” on the end of the possession date on the Sale and Purchase Agreement.

Deposit:  Is generally 10% of the asking price and is held in Harcourts trust account for 10 working days.  This is paid when your conditions of the contract have all been met.  Ask me for the bank account details.  Also ring your lawyer about keys for possession date and when you can pick them up and from where.  Also make an appointment with them to sign all the final paperwork when the house is unconditional.