On 28 May 2019, Legal Associates and ANZ Bank organized a seminar for First Home Buyer. Legal Associates was represented by the Partner, Ashima Singh, together with Solicitor Geetha Arunthayaparan. The event was held at ANZ Papatoetoe, where more than 100 first home buyers who can speak attended.
The seminar gave members of the public who were also first home buyers to understand the legal aspect of buying their first home, alongside the real estate side and finance in their own language. Which inevitably created and welcomed space for existing clients & potential clients to broaden their knowledge and feel less scared about making that real big step in their lives to purchase their first home. Legal Associates believe that the first home buyers must take the following precautions before they sign the sale and purchase agreement.
Assess your financial position and get the pre-approval - Kiwi saver, Home grant
Check whether you are signing the latest Version (9th edition) of the sale and purchase agreement.
Insert Conditions on sale and purchase agreement, including but not limited to below;
Finance Condition: Buyer arranges loan up to specific date.
LIM Report: Information regarding rates, building permits & consents, drainage & planning.
Building Inspection Report: Determine how sound the building is, or if it requires repairs.
Due Diligence Condition: Overall inspection of the property.
OIA Consent: if a buyer is an overseas person, but as the holder of a residence class visa, required to apply for the consent. (check you eligibility with your Lawyer)
Purchaser Solicitor’s Approval: Covers to check who is the legal owner of the property & what kind of easements, instruments & encumbrances have been registered on the title.
Forward your draft agreement to your Solicitor for the approval before you sign the agreement.
If you're seeking legal information about buying your first home, then make sure to come to visit us at Legal Associates, and we will be able to assist you in purchasing your first home. It is very important and it is highly recommended to have the draft agreement reviewed, checked or verified by the solicitor for the terms and conditions in the sale and purchase agreement. Please note that sale and purchase agreement of real estate should always be the latest, one which is Ninth Edition 2012 (8) as of today.
We are here to help you and educate you. Make sure you contact us before you sign any legal document to avoid any unforeseen difficulties in future.