Posts tagged Property
Q&A's during COVID-19 for the property market

Can I have an Open Homes/Private viewings:

These are not considered essential services so cannot take place in person. They could take place via online virtual tours or video conferencing type software, where people aren't required to leave their homes and no in-person contact occurs

What if my house is due to settle during the lockdown?

In lock down, vendors and purchasers will not be able to move in and out of their houses. For this reason, Auckland District Law Society is recommending that settlements be deferred until after the Alert Level 4 restriction is lifted. The party's lawyers will make appropriate amendments to the contract to facilitate this

What if I need to move during the lockdown period?

Travel will be restricted to essential travel only e.g. pharmacy/supermarket trip, so settlements and moving house should be deferred until after the Alert Level 4 restriction is lifted. The parties lawyers will make appropriate amendments to the contract to facilitate this

For rural sales and tenanted property sales: Auckland District Law Society have considered situations where sales may not involve people leaving their home or any in-person contact (e.g. where a property is tenanted and the tenancy will continue after settlement) and have advised that whilst settlement can occur where no one has to have contact, purchasers and vendors may encounter difficulties when trying to get A&I, mortgage instruction, and other legal forms issued and signed. So, deferring settlement may still be the safest option. We would strongly recommend that the parties seek and follow the advice of their lawyers and not assume settlement can or will be able to occur. Physical property inspections cannot occur when we are under Level 4 lockdown

Can I bridge finance:

Vendors/purchasers should talk to their bank or financial services provider in the first instance

What if I have a conditional contract on a property?

These can still be confirmed during lockdown provided no travel/face-to-face meetings are required. If the condition(s) cannot be met during the Alert Level 4 period, then both the buyer and seller should take legal advice and either extend the condition until after the lockdown period or cancel the contract. The party's lawyers will make appropriate amendments to the contract to facilitate this

What if I need to arrange a pre-settlement inspection?

These are unable to take place in person during lockdown, however, if both parties agree, these could take place using video conferencing

Property Management

Rental Viewings:

These are not considered essential services so are unable to take place during lockdown unless done by virtual reality tour or pre recorded video/photos or other technology. If tenants need emergency accommodation, they should contact Work and Income

Routine inspections:

These are not essential services, so should be deferred until after the lockdown period in consultation with the landlord and their insurer

Routine Maintenance:

As this is not an essential service it should be deferred until after the lockdown period in consultation with the landlord

Urgent Maintenance:

If this is related to essential services e.g. power, water, waste, gas then it is likely this can be undertaken during the lockdown period. However, we are awaiting confirmation from MBIE on this matter

Rental increases:

Cabinet has agreed to freeze all rent increases. Rent still needs to be paid during this period, however, if tenants have lost their jobs and need support they should talk to their landlord/property manager at their earliest convenience to work out a payment plan or to see what financial support is available to them.

No cause terminations:

Tenants can not be issued with a 90-day no cause termination notice during the lockdown period. We are awaiting further details from MBIE on this issue

Owner wants to move back into the property during lockdown:

The current law states a landlord must give 42 days’ notice if an owner or their immediate family wish to use the premises for their own use. Under the proposed changes (which are currently under review) this would increase to 63 days’ notice. We are waiting for confirmation in regard to which notice period should be used if this is required

Please stay safe, look after yourselves and your families. We will get through this together.

NB Please note that the following is advice that REINZ has been given at this point in time. This is not legal advice, but provides a recommended approach in certain situations.

What to plant that lights up your garden in winter

Tired of looking at the dreariness of the garden in winter? Or thinking of selling during the winter months and want to add some colour and life to the garden? Here are some flowers that withstand the chill.

Hellebores, also known as the 'winter rose'
They come to life as the winter rain soaks the ground. The flowers range in color from white to pale tones of pink and green, to dusty rose and dark burgundy.

Hellebores thrive when planted in well-drained, humus-rich soil. These are hardy plants, and once established, will form good-sized clumps which can be divided at this time of year. They flower best where they get a little light.

The primrose
The Primula vulgaris species is a soft pale yellow. Another wild primula, the cowslip (Primula veris), is more often found in fields and is suited to cool climates. They suit full sun or part shade and cool, moist humus-rich soil.

Source:
http://www.nzherald.co.nz/lifestyle/news/article.cfm?c_id=6&objectid=10888779

What vegetables to plant in winter?

A small vege plot may only need 3 crops planted every 12 weeks to cover you for the full season, so maintenance is mostly spent picking your tasty rewards!

Popular winter vegetable seedlings:

  • Broad beans
  • Broccoli
  • Brussels sprouts
  • Cabbage
  • Celery
  • Parsley
  • Cauliflower
  • Silverbeet
  • Spring onion
  • Spinach
  • Winter lettuce
  • Kale

With plenty of rainfall and less pest problems through winter, maintenance of your winter vege patch is greatly reduced. In autumn, apply a mulch such as Pea Straw as it will restrict weed growth and help keep the roots warm.

Source:
http://www.palmers.co.nz/portfolio-items/how-to-grow-winter-vegetables/

What to Ask the Real Estate Agent on the Home You Intend to Buy
Finding-Real-Estate-Agent-Advice

Have you had any offers on the property?
That lets you know if you have competition for the property. You'd also want to know if the sellers had rejected any offers and why. It could help you better craft an offer that will meet with their approval.

Are you aware of any issues with the home?
If the home had a builders inspection, did the inspection turn up some major damage? Any extensions or additions made to the home – have they been signed off with the council? Was it previous tenanted and if so, what was the history of the tenancy (if evicted, I would suggest having the home tested for the drug ‘P’).

How long has the property been on the market?
If it's getting a little stale, it might be ripe for a lower offer. Likewise, find out if there's been a price reduction and when it happened.

Why are the owners selling?
A good agent will always ask the vendor first before disclosing any such information but usually, if a vendor opts for the auction method, they are motivated to sell. Any information you can glean can help you decide how much to offer.

Do you have comparable sales in the last few months?
These days, with prices on the decline, and more and more properties getting taken back by banks, appraisal at the listing price isn't always a sure thing. Take a look at the recent comps and have your agent check pending sales to make sure you won't get stuck once you've starting spending money on inspections and other aspects of the process.

Are there any other costs?
Such as, body corporate costs if the home is under a unit title. The agent must then disclose a pre contract disclosure form detailing proposed and existing costs.