…..about to become the most important thing that you can get from your Real Estate professional?
Hang in there and read this through……then tell me your thoughts in the comments section.
If what another Voices poster here on this platform said is going to happen, then the NZ Government is about to spend invest a figure approaching $2m on an advertising awareness campaign, so….surely you will be made aware of its importance if you aren’t already………….if you don’t ~ then your neighbour or work colleague, once they ascertain you are about to enter the warp-speed continuum of the “property transaction quadrant”…..well ~ then they surely will.
Since the new NZ 2008 ACT came into force on Tuesday this past week, there has been an increased, perhaps concentrated could be considered a better term, focus on the “Real Estate Appraisal.”
For me, has always been one of the most important parts of the whole transaction.
From Nov 17th your Real Estate Professional has to complete a satisfactory appraisal on your property, and on the associated acknowledgment form has to indicate a commission amount equivalent to the estimated price. And…….be 100% aware that you cannot sign an Agency Agreement (used to be termed a Listing Authority) until this step, along with your authorising signature, has been completed.
Whew …….. that means last Wednesdays listing didn’t need it……….but this wks Tuesday night one three nights ago did.
It was a learning experience.
Tonight, Friday, its an agency agreement for an overseas agreement ~ at least after our General Manager inquired of the REAA In regards to this………..we have been reliably informed directly from them that we don’t have to physically mail the booklet O/S ~ allowances have been made for the common sense route of providing a LINK so that the O/S person can click and review the whole document from Dubai, Tokyo, London or Vancouver. (Only used those names because that’s my last 4 inquiries in the last few day and yes, not one Kiwi one….?) Has it got to this, ex-pats appreciating what are appreciating areas of NZ, and actually in front of others who physically live here!)
The new ACT stipulates that every property that is signed up to go to market must have an appraisal completed before the new Agency Agreement is signed.
In marked difference to prior times, clients must now acknowledge receipt of this appraisal / estimate form and the relevant commission to be charged, by signing a form stating so. Auctions/Tenders………….lets see some Case Study built here……..
PART II coming up…