REINZ is pleased to announce the Anti-Money Laundering Roadshow - Part 2!
In 2018, we gave you a factual overview of AML – this year we’re giving you detailed, practical and hands-on sessions with specific real estate scenarios and examples. The sessions will be presented by AML experts, who will get to the heart of AML and are specialists in their field.
- March & April 2019
- 12 locations nationwide
- 3 sessions to choose from.
Case Update: Pink floors more than wear and tear
The issue in this case was whether the tenant was responsible for the damage caused to the premises.
Obligations
The tenant’s obligations are outlined under section 40 of the Residential Tenancies Act 1986. Once a tenancy has ended, tenants must leave the premises reasonably clean and tidy, return all keys and security devices, replace smoke alarm batteries and leave the chattels provided by the landlord for the use of the tenant.
This case involved the tenant removing all the carpet from the premises and painting the wooden floors pink. The front porch was also painted bright pink and five holes were located in the walls of the premises. The tenant also did not remove the rubbish from the premise.
Damage
The onus is on the landlord to prove that the damage occurred during the tenancy and was more than fair wear and tear. If this is proved, then the tenant must disprove their liability by proving that they were not careless or intentionally causing damage or allowing for it to continue. The tenant did not attend the hearing.
Finding
The Tribunal found that the damage was beyond fair wear and tear and ordered the tenant to pay $5,259.93 to the landlord.
You can find the full decision here.
Case Update: NZS Standard or Gluckman
This case demonstrates the power the Tenancy Tribunal has when determining which methamphetamine levels prove whether a tenant has caused damage to the premises.
The landlord’s agent (property manager) made a claim for methamphetamine testing and decontamination.
Facts: A methamphetamine test was conducted before the tenancy began and indicated that no methamphetamine contamination was present in the premises.
At the end of the tenancy, the methamphetamine levels were:
- 1.68ug/100cm2 in the toilet
- 5.2ug/100cm2 in the lounge
- 3.1ug/100cm2 in the lounge/hallways
The Tribunal needed to decide whether to apply the NZS8510:2017 where the minimum standard of contamination is 1.5ug/100 cm2 or the Gluckman Report where the minimum standard of contamination is 15ug/100cm2. The Tribunal referred to a case where it was noted that the NZS Standard was not incorporated into any legislation or regulation and therefore, the Gluckman Report was to be given no less weight.
Findings: The Tribunal noted that the onus is with the property manager to prove that the tenant has damaged the premises. In order to prove this, the property manager must show that the level of contamination poses an unacceptable health risk.
The Tribunal found that the property manager had not proved this and was not persuaded that a level below 15ug/100cm2 was enough to have caused damage to the premises.
The Tribunal further stated that the level in the Gluckman Report is not the ‘tipping point’ and referenced another case where the level of methamphetamine used for therapeutic purposes for children was still much lower than the level specified in the Gluckman Report.
Given the above, the meth testing and decontamination claim was dismissed.
It should also be noted that the property manager informed the Tribunal that the Tenancy Services had advised them that they could make a claim as long as the levels were above 1.5ug/100cm2. The Tribunal explained that cases were solely determined by the Tenancy Tribunal Adjudicator and could not make a finding on advice from the Tenancy Services.
The property manager successfully claimed costs pertaining to the untidiness of the ground and damage to the internal walls.
You can find the full decision here.
REINZ and Real-iQ deliver the NZ Certificate in Residential Property Management
Lift your professionalism and standards and prepare yourself now for potential industry regulation.
Click here for more information.
AML and commercial tenants: Do you need to complete CDD/EDD?
The DIA has now confirmed that real estate agents do not need to conduct CDD/EDD (as applicable) on commercial tenants, unless:
- It is the tenant that is the real estate agent’s client (as defined in s4(1) of the REAA), i.e. the real estate agent is conducting real estate agency work for (and has signed an agency agreement) with the tenant (rather than the landlord); or
- The receipt of the tenant’s funds by the real estate agent constitutes an occasional transaction (being a cash transaction equal to or over $10,000). Please note that cash is defined to mean physical cash or bearer-negotiable instruments (such as cheques, bill of exchange, promissory note, bearer bond, traveller’s cheque, money order, postal order or similar).
Ask Advisory...
AML: What happens if a purchaser fails CDD?
Question: When the unconditional signed contract reaches the purchaser’s lawyer, what if the purchaser’s lawyer does Customer Due Diligence and finds that the purchasers cannot be verified?
Answer: Once an unconditional contract is signed, both vendor and purchaser are legally bound. The AML/CFT Act has applied to lawyers since July 2018. If they cannot conduct Customer Due Diligence on the relevant party, then they may not be able to act for them. This would then affect the chances of settlement and transfer of title. If settlement cannot take place because the purchaser fails CDD, the purchaser could lose their deposit, incur penalty interest until the matter is resolved. The vendor would need to take legal advice to understand the various courses of action against the purchaser and how to recover his/her/their losses. This issue highlights the importance of collecting deposits from purchasers.
Verifiable Training
North Shore Verifiable Training - LAST CHANCE
Tuesday 19 & Wednesday 20 February
Registration deadline Thursday 14 February - a $50 per person late fee will apply after this date.
Christchurch Verifiable Training
Wednesday 6 & Thursday 7 March
Registration deadline Thursday 28 February - a $50 per person late fee will apply after this date.
REINZ welcomes back Tom Panos
New Year, New You! Auckland - Thursday 21 February - Check out the poster
Modern Agent 2020! Wellington - Friday 17 May - Check out the poster
Note: Tom will also be presenting in Christchurch in 2019 - Info to come
REINZ presents the Anti-Money Laundering Roadshow - Part 2!
Find your suitable session and book now.
Verifiable Dates for 2019
| Region | Dates | Location | |
|---|---|---|---|
| February | |||
| North Shore | 19 - 20 | Netball North Harbour Centre | Book Now |
| March | |||
| Christchurch 1 | 6 - 7 | The Atrium | Book Now |
| Queenstown | 20 - 21 | Mercure Queenstown | Book Now |
| April | |||
| Auckland 1 | 3 - 4 | Events on Khyber | Book Now |
| Wellington/Lower Hutt | 10 - 11 | Lower Hutt Events Centre | Book Now |
| Dunedin | 10 - 11 | Edgar Centre | Book Now |
| May | |||
| Thames | 1 - 2 | Thames Civic Centre | Book Now |
| Whangarei | 8 - 9 | Northland Events Centre | Book Now |
| New Plymouth | 15 - 16 | Novotel | Book Now |
| Hamilton | 29 - 30 | Workingmen's Club | Book Now |
Rural
South Island Rural Seminar
Tuesday 26 March, 10am - 2.30pm
REINZ is returning to West Melton on Tuesday 26 March for a four hour South Island rural seminar the day before the start of South Island Agricultural Field Days in Kirwee.
Join MC Paul Cunneen to listen to a range of speakers deliver bespoke content to the rural sector. A panel of successful rural & lifestyle agents will share their vision on how to ‘Get your rural business engaged for the new financial year’.
Enjoy this unique networking opportunity with wider colleagues and other brands and earn 4.0 non-verifiable hours.
Regional Meetings
Blenheim Regional Meeting
Monday 18 February, 10am - 12pm
Come and hear Bindi Norwell speak about what’s happening at REINZ and share the latest regional data. Our partner Property Press will share some relevant new research. We look forward to seeing you!
Nelson Regional Meeting
Monday 18 February, 2pm - 4pm
Come and hear Bindi Norwell speak about what’s happening at REINZ and share the latest regional data. Our partner Property Press will share some relevant new research and at the end of the presentation there will be the opportunity to mix and mingle over drinks and canapés. We look forward to seeing you!
Sporting Events
REINZ 16th Annual Fishing Tournament
Friday 1 March, 8am - 5pm; Weigh-in 3pm - 4pm
Auckland Sailing Club, 8 Tamaki Drive, Auckland
Partnered with Property Press, this is gearing up to be a great day with spot prizes and $2,250 worth of cash prizes up for grabs!
The registrations for the 2018 REINZ Fishing Tournament are now open and you can purchase all tickets online through Eventbrite.
Please feel free to send this link through to any others that you know may be interested in the competition. Friends, family and clients are all welcome to join, but please ensure that everyone is registered.
Book those charters now and come and enjoy a fun, competitive day on the water!
If you have any questions, please get in touch with the Events Team
| February | |||
| Blenheim Regional Meeting | 18 February | 10am - 12pm | Scenic Hotel, Marlborough |
| Nelson Regional Meeting | 18 February | 2pm - 4pm | Trailways Hotel |
| March | |||
| REINZ Annual Fishing Tournament | 1 March | 8am - 5pm | Auckland Sailing Club |
| Thames Bowling Tournament | 7 March | 9am - 3.30pm | Thames Bowling Club |
| South Island Rural Seminar | 26 March | 10am - 2.30pm | Melton Estate, Christchurch |
| April | |||
| Commercial & Industrial Breakfast | 10 April | 7am - 10am | Maritime Room, Auckland |
| June | |||
| NZ Auctioneering Championships - Draw | 23 June | 5.30pm - 7.30pm | REINZ, Auckland |
| NZ Auctioneering Championships - Heats | 24 June | 10am - 5pm | REINZ, Auckland |
| NZ Auctioneering Championships - Finals | 25 June | 10am - 6pm | REINZ, Auckland |
Map Search
Get access to unconditional sales with the search map function. Map search helps you visualise your location and quickly get property information.
Get started with the map search in 4 easy steps.
Go to Search, select "Map" or go to "Search for Unconditional Sales" and:
- Analyse the area in terrain or satellite view
- Extract last months sales from a suburb
- Create a custom territory
Try the REINZ Statistics Platform now!
Digital Product Training
Wednesday 27 February
Enhanced Statistics, 10am - 11am
PropertySmarts, 11.15am - 12.15pm
Thursday 7 March
eForms, 10am - 11am
FlexiSign, 11.15am - 12.15pm
Nominations open for Regional Director - Region 4 (by-election)
Due to the early retirement of incumbent REINZ Director, Jim Davis, nominations are now sought for the position of REINZ Regional Director – Region 4 (Nelson, Marlborough, Canterbury and West Coast). The new Director will serve on the Board from the end of March 2019 until the end of the 2020 REINZ Annual General Meeting (approximately 20 months).
Nominations must be submitted to Lisa Gerrard on the Regional Director Nomination Form. Nominations must be received by 5pm, 28 February 2019.
If more than one nomination is received, the election of the Regional Director will be held by electronic ballot in accordance with Rules 7.4 and 12.3. The ballot will open on 12 March 2019 and close on 20 March 2019. Voting instructions will be provided in due course.
The full by-election process can be found here.
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Bindi Norwell is taking part in the Auckland City Mission CookOff this March, to help prepare a meal for 200 families in need.
The Auckland City Mission has set a goal for Bindi to raise $10,000 to go towards their ongoing emergency food packages. We would sincerely appreciate any support you can offer by donating here.
REINZ works in partnership with NetYourJob recruitment to provide maximum industry coverage when you’re looking for real estate staff. NetYourJob can provide REINZ Members with competitive marketing rates for job advertising. Contact NetYourJob on 0800 638 968 to find out more or click here to view new jobs this week.
