Foreign Buyer Ban - REINZ Information Sheet
REINZ has prepared an information sheet for members to assist them to understand the changes to the Overseas Investment Act. The Information Sheet is currently being reviewed by the Overseas Investment Office and will be released soon. In the meantime, key points to note include:
- The new rules apply to residential land, including bare land, lifestyle properties, apartments and mixed use properties.
- The new rules will apply to sale and purchase agreements entered into on or after 22 October 2018. The date of the agreement is the relevant date. For example, an agreement to purchase a house dated 21 October will not be captured by the new regime but an agreement dated 22 October will be subject to the new rules.
- From 22 October, all purchasers of residential land, regardless of whether they are an “overseas person” or not, will need to complete a new document called a Purchaser Statement. The Purchaser Statement is being developed by the Overseas investment Office and will be released shortly. The Statement requires purchasers to declare whether or not they are an “overseas person” and therefore require the consent of the Overseas Investment Office to buy the property.
Please contact Lisa Gerrard if you have any queries
Non-Verifiable Education
TOM PANOS WORKSHOP - only 11 seats remaining!
Friday 21 September
Managing Sellers in a Buyers Market to get their properties SOLD!
Wednesday 26 September
Struggling with listings? Working with unrealistic vendors that just won’t meet the market? REINZ invites multi award-winning realtor Paul Vujnovich to present on this hot topic.
Verifiable Training
Christchurch Verifiable Training
Wednesday 17 and Thursday 18 October
Registration deadline Monday 8 October - a $50 per person late fee will apply after this date.
| Region | Dates | Location | |
|---|---|---|---|
| September | |||
| Auckland 2 | 19 - 20 | REINZ Centre of Excellence | Bookings Closed |
| October | |||
| Christchurch 2 | 17 - 18 | The Atrium | Book Now |
Upcoming Events
Women's Breakfast
Thursday 27 September, 7.30am - 10.00am
Join us for our 3rd annual Women’s Breakfast hosted by Dame Rosanne Meo in her final year as REINZ Chairman and showcasing some inspiring guest speakers! This year our breakfast will be hosted at the Top of the Town, Pullman Auckland Hotel.
Check out the poster
2018 Australasian Auctioneering Championships
Sunday 14 October - Tuesday 16 October
The Australasian Championships is an annual event representing the most skilled and professional auctioneers that Australia and New Zealand has to offer.
The Championships are conducted by both the Real Estate Institute of New Zealand (REINZ) and the Real Estate Institute of Australia (REIA). REINZ is proud to be hosting this year’s event in Auckland at the Q Theatre.
2018 REINZ Golf Tournament
Monday 29 October
Entry includes green fees, prize table, first drink and after match platters. Get in quick - this tournament sold out prior to closing last year! Thank you to our sponsors Skills and Ingham Prestige Mercedes-Benz.
This event is open to REINZ Members, partners and clients registrations close on Friday 19th October (unless sold prior). Registration will be open on the day from 10:30am with the Matte Black Restaurant open for Morning Tea, Lunch and Coffee.
| September | |||
| Women's Breakfast | 27 September | 7.30am - 10am | Pullman Hotel, Auckland |
| October | |||
| Australasian Auctioneering Championships Draw | 14 October | 6pm - 7.30pm | REINZ Centre of Excellence, Auckland |
| Australasian Auctioneering Championships Heats | 15 October | 10am - 5pm | Q Theatre, Auckland |
| Australasian Auctioneering Championships Senior Finals | 16 October | 10am - 5pm | Q Theatre, Auckland |
| Australasian Auctioneering Championships Gala Dinner | 16 October | 6.30pm - 10.30pm | The Maritime Room, Auckland |
| 2018 REINZ Golf Tournament | 29 October | 10.30am - 5pm | Hamilton Golf Club, Hamilton |
Case Update: Tenant liable for rent after fixed term agreement terminated early
Facts: On 12 May 2018 a tenancy agreement was signed between the Tenant and Landlord. It was a fixed-term tenancy which ended on 31 January 2019. In June 2018, the Tenant wanted to end the tenancy as he was moving to Wellington for work. A new tenant was found to replace him. The Landlord claimed the rent before the new tenant was found.
The agreement provided that power was included in rent. The Landlord claimed that the Tenant’s power usage had been usually high and she sought an $80 contribution from the Tenant. The Landlord also claimed compensation for a toilet cistern lid which had been smashed. The Tenant explained that the cistern lid had to be removed to flush the toilet and he accidentally smashed it after it had been removed.
Decision: The Tribunal found that the Tenant was liable for rent before a new tenant was found to replace him. It was open for the Tenant to apply to the Tribunal to be released from the tenancy but he failed to do so.
The Tribunal found that the tenant was not liable for excess power use. The agreement was clear; power was included in rent and there was no provision in the agreement for charging an additional amount in the event of high power use. The Tenant was not liable for the broken cistern. The Tribunal explained that the toilet was not in a fit state of repair and the damage was accidental.
Disclaimer: The information in these case summaries is for general informational purposes only and may only discuss some, not all, aspects of a case. It does not constitute legal or other professional advice and does not replace your company’s internal policies and guidelines. Always check your company’s guidelines, policies and information first and seek legal advice if you have any queries.
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Case Update: Licence cancelled for failure to complete continuing education
Facts: On 17 October 2017, the Authority sent the Licensee a letter advising him that there was no record of him completing his continuing education (CE) for the 2017 year which was due on 31 December. This was followed by a further letter on 12 December. The Licensee did not respond to either letter. The Authority sent the Licensee a further letter on 26 January 2018 advising him of his options, including giving him the option of completing the CE by 9 February. Again, he did not respond. On 1 February, the Authority gave notice to the Licensee that it intended to cancel his licence. On 21 February, the Registrar gave notice to the Licensee that his license had been cancelled. The Licensees applied to the READT to review the decision of the Registrar. He explained that his failure to comply was because he had to return to China to care for his sick father.
Decision: Under the Real Estate Agents Act (Continuing Education) Practice Rules 2011, licensees applying to renew their licensees are required to satisfy the Registrar that they have completed their CE requirements during the preceding year. Licensees must complete a minimum of 10 hours of non-verifiable CE and a minimum of 10 hours of verifiable CE. Under the Real Estate Agents Act 2008 the Registrar must cancel a person’s license if they fail to comply with these requirements READT explained that once it had been established that a licensee failed to complete the CE requirements.
The Registrar had no discretion. It explained, “Parliament’s intention in enacting these provisions is clear: it was intended that serious consequences would follow from licensees’ failure to meet their obligations.… The requirement to complete CE ensures that industry standards are raised, and thus ensures the maintenance of public confidence in the real estate industry.”
The above is intended for general information only and does not constitute legal advice and does not replace your agency’s internal policies and guidelines. Always check your agency’s guidelines, policies and information first and seek legal advice if you have any queries.
Training
Enhanced Statistics Portal face-to-face Training
Monday 24 September, 9.45am - 10.45am
In this training you will learn how to search for unconditional sales in areas, multiple areas, or customised locations; refine results using filters; view unconditional sale results in Map and Table format; export results to Excel or PDF; and much more.
Please note: this is not a webinar.
Property Smarts face-to-face Training
Monday 24 September, 11am - 12pm
In this course you will learn: building a CMA; report tool; mapping tool; and street report.
Please note: this is not a webinar.
Beaurepaires Member Benefits
As a new season is upon us, it is time to check your tyres. Get your free pressure check at Beaurepaires and 15% off select brands when you quote REINZ.
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.
