NZ Buyers Guide Buyers Guide - Ray White_2019_NZ - single page no | Page 33

Real Estate Agents Act 2008 (REAA 2008)
The Act that provides for the regulations of the real estate industry in New Zealand.
Real Estate Authority (REA)
The Real Estate Authority, the Government regulator of the New Zealand real estate
industry - rea.govt.nz.
Real Estate Institute of New Zealand (REINZ)
National representation body of real estate agents - reinz.co.nz.
Record of Title
A legal document evidencing a person’s right to or ownership of a property.
Requisitions on Title
A process where the buyer requests additional information about the title of the property
from the vendor.
Reserve Price
The minimum price which a seller will accept at auction.
Resource Consents
Resource consents are necessary when a group or individual wishes to carry out an activity
or development that may have some effect on the environment. Resource consents relate
directly to the rules set out in the District or Regional Plans and the Resource Management
Act and are different to Building Consents.
S
Sale and Purchase Agreement (or Contract of Sale)
A legal contract between the buyer and seller for the sale/purchase of a property that sets
out all the agreed terms and conditions in writing.
Salesperson
A person who is licensed to carry out real estate agency work on behalf of an agent.
Second Mortgage
A mortgage that, on the sale of a property, is paid off only when the first mortgage is paid.
Security
The property that is pledged as collateral.
Seller’s Market
When demand for property is greater than supply. The result is greater opportunities for
owners who may find someone willing to offer the asking price or even a figure greater
than the asking price.
Semi-detached
Also called Duplex. A type of construction where two buildings are attached together by a
common wall.
Settlement
The sale of a property is finalized by the legal representatives of the vendor and the
purchaser, mortgage documents come into effect, costs are paid and the new owner takes
possession of the property and receives the keys.
Settlement Statement
A breakdown of the payments involved in the property transaction, prepared by the
lawyer/conveyancer.