The process of selling and buying real estate can be overwhelming and stressful especially when considering the amount of paperwork and preparation involved with these transactions. Most sellers in New Zealand still rely on real estate professionals to sell their homes rather than selling privately.
The reasons for this can vary, but many home owners clearly feel that real estate professionals can:
- Help market their homes efficiently and effectively to attract potential buyers
- Help find buyers for their homes in a specified timeframe.
- Help price their homes competitively.
- Advise them on how to improve the value of their homes.
- Advise them on how to better present their homes for viewing.
- Help with the paperwork involved and with the negotiation process.
Are purchasers better protected when purchasing through real estate professionals? – “most absolutely.” This is especially so if the purchaser lacks sufficient experience in property investment.
Generally, selling one’s property privately is not classified as being “in trade” and hence these activities are often not captured by the Fair Trading Act 1986. What this then means for consumers is that if a private seller misrepresents the property or fails to disclose important facts about the property, then the only remedy available is in civil action which can lead to significant cost and time delay with no guaranteed outcome. More importantly, the onus of proof in these civil actions lies solely with the person bringing the claim.
Article care of: The REINZ www.reinz.co.nz