Thank you for using Neighbourly
Auction Preparation
Property is often purchased and sold in New Zealand, particularly in a seller’s market, via auctions. However, buyers frequently underprepare for an auction and are caught out when the hammer falls.
When purchasing at auction, a buyer is making an offer unconditionally. In … View moreAuction Preparation
Property is often purchased and sold in New Zealand, particularly in a seller’s market, via auctions. However, buyers frequently underprepare for an auction and are caught out when the hammer falls.
When purchasing at auction, a buyer is making an offer unconditionally. In essence, this means that the highest bidder over the reserve (being the lowest sum that the seller determines it will sell at) is making a binding cash offer and entering a binding agreement with the seller.
Accordingly, buyers need to have completed all of their due diligence investigations and asked all of their key questions before the auction.
Talk to the agent
Before attending and bidding at an auction, buyers should obtain as much information as possible about the property by:
• Talking to the listing agent;
• Reviewing the history of the land and the buildings via reports provided by the seller, the agent or purchased via a lawyer or the local council; and
• Asking questions about the number of parties interested in bidding at auction and at what price such parties are registering their interest.
Some of the types of reports that a buyer might need will be contained in the agent’s auction pack.
Any buyers considering a bid should register their interest with the agent.
If a third party makes a pre-auction offer, the auction must be brought forward. As such, interested buyers will need to be prepared to bid at the early auction, including having funds available to pay the deposit which must be paid on the auction day.
Review the auction terms and conditions
The agent should provide potential buyers with a copy of the auction terms and conditions of sale.
Buyers should review these terms carefully, to ensure that the proposed chattels list is correct and that the settlement date is practically and financially achievable.
Buyers should also be checking these terms to see whether any standard conditions have been deleted or varied, including disclaimers of warranties or information about a property. This aspect (if not the terms as a whole) should be reviewed by a lawyer for certainty.
Get legal advice on the title
In becoming the buyer, the successful bidder will have accepted the legal title to the property (the instrument that details the key legal interests and restrictions that apply to the land) and the auction terms and conditions of sale. It is, therefore, extremely important that prospective buyers seek advice on the title before attending an auction; prudent buyers will also have taken advice on the auction terms and conditions of sale.
If, in obtaining advice, a buyer discovers an issue with the property, agreement or the title, he or she may raise such an issue as part of pre-auction negotiations. In some instances, variations may be agreed such that they apply in respect of the successful bid as between the seller and the particular buyer that negotiated such variations.
Due diligence
A Land Information Memorandum (LIM) is a report prepared by the relevant Council which provides historical and current information relating to the property, land and any buildings. Prospective buyers are strongly advised to obtain a LIM report.
A LIM report enables a buyer to ascertain whether buildings and/or structures on the land which require consent, such as a dwelling, spa pool, garage or fireplace have been approved by the local council. In addition, a LIM report may provide information on the zoning of the area and natural hazards.
Builder’s report and contamination testing
Obtaining a builder’s report entails engaging a qualified builder to perform a pre-purchase inspection, and provide a written report outlining any significant building defects. A comprehensive builder’s report can be expected to include advice on fences, paths, retaining walls, foundations, insulation, ventilation, plumbing, drainage, structures and roofing materials.
Contamination tests are also becoming more common. Contamination tests measure toxicity within a building, and provide information on whether it is safe to work or live in. High toxicity levels may result in health risks and time consuming and costly decontamination processes.
Finance
As auctions are based on potential buyers making unconditional offers to the vendor, it is essential that any necessary finance is arranged prior to bidding at auction and that buyers are in a position to draw down the funds on the designated settlement date.
Summary
In summary, buyers should gather as much knowledge as possible on a property before bidding at an auction. Doing so will enable buyers to better set a purchase price that they may be comfortable bidding to; it will also help the bank and insurance brokers to give a keen buyer the promises and backing that he or she needs to bid.
Considering bidding at an auction?
Contact Michael Bendall on (03) 327 8159 or michael@corcoranfrench.co.nz (Kaiapoi) or
Rowan Aspros on (03) 379 4660 or rowan@corcoranfrench.co.nz (Christchurch).
In response to the "mental health crisis in Christchurch", one art studio is showcasing the power of…
A huge thanks to Star Media for producing this awesome video of progress on the playhouse builds. Also thanks to our build teams - Fusion Homes Ltd New Zealand, Irving Builders and Pound Road Trading for starring!
Take a look, and then remember to come along to the auction on Saturday 1 July at … View moreA huge thanks to Star Media for producing this awesome video of progress on the playhouse builds. Also thanks to our build teams - Fusion Homes Ltd New Zealand, Irving Builders and Pound Road Trading for starring!
Take a look, and then remember to come along to the auction on Saturday 1 July at 4pm at The Star Home and Leisure Show!
Are you following these tips to promote respect and prevent abuse? Elder Abuse Awareness Week runs from the 15-22 June 2017, starting with World Elder Abuse Awareness Day on 15 June 2017. Help Age Concern help older Kiwi's live happily and safely in their own homes and neighbourhoods. … View moreAre you following these tips to promote respect and prevent abuse? Elder Abuse Awareness Week runs from the 15-22 June 2017, starting with World Elder Abuse Awareness Day on 15 June 2017. Help Age Concern help older Kiwi's live happily and safely in their own homes and neighbourhoods. #alwaysrespected #WEAAD2017
Aftersocks NZ is a Rural Women New Zealand (RWNZ) initiative that supports rural communities, following an adverse event or natural disaster which has left them in need of financial assistance. Proceeds from the sale of Aftersocks contributes to the Rural Women New Zealand Adverse Events Relief … View moreAftersocks NZ is a Rural Women New Zealand (RWNZ) initiative that supports rural communities, following an adverse event or natural disaster which has left them in need of financial assistance. Proceeds from the sale of Aftersocks contributes to the Rural Women New Zealand Adverse Events Relief Fund.
Thanks for your support neighbours! Buy, Wear & Share!
Inland Revenue is warning of several scams circulating this tax season. Inland Revenue revealed earlier this month that there is about $183 million of tax refunds sitting unclaimed – enough to fly first class from Auckland to London and back more than 11,000 times.
Since then the IRD has been … View moreInland Revenue is warning of several scams circulating this tax season. Inland Revenue revealed earlier this month that there is about $183 million of tax refunds sitting unclaimed – enough to fly first class from Auckland to London and back more than 11,000 times.
Since then the IRD has been alerted to a scam email that asks users to enter their personal details to claim their tax refund. The email has the subject line, "IR3 individual income tax return 2016".
It's important to remember the IRD will not:
- Advise you that you are due a tax refund through email
- Send an email with a link to a webpage which asks you submit personal details
- Ask for credit card details or bank account numbers over the phone in order to process a monetary payment
- Ask you to pay a tax debt using gift cards or vouchers
- Sent you an email that does not include or ask for your IRD number
If you receive a suspicious email, SMS scam message or a fraudulent call please email phishing@ird.govt.nz or call them on 0800 227 774 (make sure you have your IRD number).
Log on to the Inland Revenue's website, register for myIR and use its calculator to work out whether you are owed money or have tax to pay.
It's awesome to see our bespoke playhouses under construction. Here's the Pound Road Trading "classic" playhouse - looking good team!
Kids sleeping bag 10$
Shoes sportgirl 5$
Hiking shoes 5$
Gas cooker 15 $
Bottle gas 5$
Wakefield Electrical are Master Electricians servicing Christchurch and Darfield. We listen, understand your requirements, and suggest a range of solutions to suit you. As a locally owned and operated business, the most important thing to us is that you are happy with the work. Our highly … View more
Wakefield Electrical are Master Electricians servicing Christchurch and Darfield. We listen, understand your requirements, and suggest a range of solutions to suit you. As a locally owned and operated business, the most important thing to us is that you are happy with the work. Our highly skilled team are ready to be scheduled at a time convenient for you so call us.
What Electrical Work Do You Need Help With in Christchurch?
•New Builds
•Renovations
•Repair & Maintenance
•Industrial Maintenance
•Heat Pumps
•Solar
•Home Automation
•Test & Tag
#wakefieldelectrical #renovations #christchurchnz #newzealand #nz #oxfordnz #christchurchelectrician
Are you a recent victim of a burglary in Christchurch? We'd like to hear from you. Please email reporters@press.co.nz or send us a private message.
Modern, traditional, colourful or neutral, Resene has thousands of wallpapers available to suit all homes and projects. Come in and browse through the huge Resene wallpaper library to find the right wallpaper for your place. Use the Resene in-store colour library to find your favourite Resene paint… View moreModern, traditional, colourful or neutral, Resene has thousands of wallpapers available to suit all homes and projects. Come in and browse through the huge Resene wallpaper library to find the right wallpaper for your place. Use the Resene in-store colour library to find your favourite Resene paint colours to complement your new wallpaper.
Come in and see your local Resene ColorShop, your paint and wallpaper experts.
It’s just four weeks until the live auction at The Star Home and Leisure Show on 1 July! Which playhouse are you coveting – Quirky? Futuristic? Classic? Come along and bid to take one of these bespoke beauties home for your family!
The Sydenham Heritage Church rubble will be fully cleared from the site within the next two months, …
South Brighton Voices (formerly South Brighton Choral Society) and the Lions Male Voice Choir in Concert, at 7.30 p.m in the Philip Carter Family Auditorium at THE PIANO on Wednesday 28th June
My understanding is, that the members of the male voice choir come from all over the British Isles, … View moreSouth Brighton Voices (formerly South Brighton Choral Society) and the Lions Male Voice Choir in Concert, at 7.30 p.m in the Philip Carter Family Auditorium at THE PIANO on Wednesday 28th June
My understanding is, that the members of the male voice choir come from all over the British Isles, although their organiser and conductor comes from Wales.
This will be a very exciting concert for us, because we are going to be joined in the performance by the UK supporters of the Lions Rugby Team who follow the Rugby games in New Zealand, who will also perform in four other cities in New Zealand.
As the choir celebrates its 70th “birthday”, it also celebrates its new name of South Brighton Voices, as shown on the Poster I have inserted below.
I understand that the Lions Male Voice Choir’s concert in Auckland has already sold out, and it’s very likely that the same thing will happen in Christchurch, so tickets may not be available on door sales.
Therefore, if any of you would like to go to our concert on the 28th, I can get tickets for you. Otherwise, tickets are available from Lies (said like “lease”) Callander on 388 0617 or liescallander@gmail.com
Honda CRV 1996
4WD - automatic
200 xxx km
Rego until July ( can do it if wanted for more )
WOF until December 2017 - freshly done ✅
… View moreHonda CRV 1996
4WD - automatic
200 xxx km
Rego until July ( can do it if wanted for more )
WOF until December 2017 - freshly done ✅
CD player plus MP3 plug
Good car to travel !
If wanted with :
Tent ⛺️
Table
Pan
Sauce pan
Tissues
MP if interested
© Neighbourly 2025
Loading…
