REA Guides and More Information

The Real Estate Authority (REA)

The REA is the independent government regulatory body for the real estate industry in New Zealand.
Their job is to promote a high standard of service and professionalism in the real estate industry and help protect buyers and sellers.

They provide information for buyers and sellers, provide advice and guidance for agents and deal with complaints about agents' behaviour.

The REA is a Crown entity, established under the Real Estate Agents Act 2008.

Complaints Procedure

REMAX REVOLUTION is absolutely committed to providing you with high standards of service.
If you have a complaint, we will do everything we can work with you to resolve issues quickly and professionally.

For a copy of our in-house complaints procedure, please click here.

For more information visit www.rea.govt.nz.

What's in a Sale and Purchase Agreement?

The sale and purchase agreement sets out in writing all the agreed terms and conditions of the sale/purchase.

Terms and Conditions in the Agreement Will Include:

The agreed price
Chattels that are to be included in the sale, such as fixed floor coverings, whiteware or curtains
The type of title for instance freehold or leasehold
Any conditions the buyer and seller want fulfilled before the contract is agreed
The date the agreement will become unconditional
The settlement date
Any deposit the buyer must pay
The agreement will also set out obligations and conditions that the buyer and/or seller must abide by. These may include what access the buyer may have to inspect the property before settlement and ensuring the property remains insured until the settlement date.

What Happens if the Buyer or Seller Defaults?

The agreement will also cover compensation costs that must be paid if buyer or seller defaults on the terms of the agreement, for example by delaying settlement. You lawyer can explain these conditions to you.

Buyers Deposit and Agent's Commission

A deposit is usually five to 10 per cent of the purchase price and is normally paid by the buyer, either when the offer is made or when it goes unconditional. The agent will usually take their commission from this deposit when the agreement becomes unconditional. However, the money has to have been in the agencies trust account for 10 working days before they can take their commission.

The Settlement Date

The agreement will also specify the settlement date the date when the buyer pays the rest of the amount agreed for the property usually through their lawyer. This is typically also the possession date, when the buyer takes possession of the property.