Seller Obligations

Selling property in New Zealand requires understanding and complying with a range of legalities designed to protect both sellers and buyers. Here are the key requirements sellers must follow:

1. Agency Agreements: Sellers must engage licensed real estate agents through a written agency agreement. This legally binding document outlines terms such as commission rates and services provided (REA, n.d.).

2. Marketing Compliance: All advertisements must truthfully represent the property. Misleading claims about features, condition, or location could lead to disputes or penalties (REA, n.d.).

3. Local Regulations: Properties in Auckland must comply with council regulations, such as zoning rules, building codes, and Healthy Homes Standards for rental properties (Tenancy Services, n.d.).

4. Disclosure of Issues: Sellers are legally obligated to disclose known issues such as unconsented work, structural defects, or drainage problems. Full transparency ensures smoother negotiations and builds buyer trust (REA, n.d.).

5. Trust Accounts for Deposits: Deposits collected from buyers must be held securely in a trust account. This safeguards funds until settlement is complete.

By following these legal requirements, sellers can avoid disputes and ensure a smoother transaction. Patras & Co offers expert guidance for compliance, making the property-selling process stress-free.