Vendor warranties

Under clause 7 in the standard ADLS sale and purchase agreement, a vendor makes a number of warranties to the purchaser. These include: Importantly, this warranty does not cover any work done by a previous owner. This means that if any of the items listed above don’t work then this should be made clear in the Agreement. Frequently, the warranties …

Apartment

Bright-Line test to be extended

Revenue Minister Stuart Nash has confirmed the bright-line test on residential property sales will be extended from two years to five years. The objective of the extension is to ensure speculators pay tax on the gains from property speculation and improve housing affordability for owner-occupiers by reducing demand from speculators. Whether the later objective will be achieved is anyone’s guess, …

Real Estate Authority Logo

New name for real estate regulator

The Real Estate Agents Authority has changed its name to the Real Estate Authority – dropping ‘Agents’ from its name. The change has been driven by consumer and industry research which found there was confusion about the organisation’s role and a desire to reinforce that they’re an independent regulator. The Real Estate Authority has also launched a new website. This …