A lot goes into the selling process of a home in New Zealand. Whether selling your first or third house, having the right team of professionals around you is essential to ensure everything runs smoothly.
Follow our guide to find a conveyancer and other support services during the selling process.
Selling a property can have implications for your lending. If you still have a mortgage on a fixed rate, your bank may charge you an early repayment fee.
Early repayment charges (ERC) help the bank recover the loss incurred from paying back your loan earlier than agreed. In short, the bank gets less money because you have now paid your loan's principal off and aren’t generating interest.
When you buy a new home, you can often take your mortgage with you at the same rate and with the same term conditions. Ask your bank about bridging finance if there is a gap between when you sell and buy.
Bridging finance or an increased home loan can help bridge the gap between the mortgages across your two homes. Once you sell your initial home, you’ll no longer need bridging finance.
If you are selling but not buying again, money from the sale of your home will repay your mortgage. You’ll need a lawyer to work with your bank to arrange the loan repayment and discharge your mortgage.
If you’ve already bought a home, you’ll likely have a lawyer or conveyancer you work with regularly. It’s essential to get legal advice before you sell your home. Not to mention, you’ll need help reading contracts between your party and the buyer and your bank. They can also help you with home valuations.
In New Zealand, lawyers and conveyancers are legally qualified to deal with property transactions. However, lawyers are a better choice if your transaction is complex and will involve any legal issues, including personal, business and financial issues related to the law.
Selling often happens quickly. Make sure you get a lawyer or conveyancer lined up early in the selling process. They can review contracts with you and review sale and purchase agreements to ensure everything is above board.
The best way to find a reputable lawyer or conveyancer is to ask for recommendations from friends, family members and colleagues. Use the New Zealand Law Society Website to look for lawyers or Property Law Section to look specifically for a property lawyer. You can search for certified conveyancers on the New Zealand Society of Conveyancers website.
If you’ve already bought a property in the past, you may have a real estate agent you know you want to work with. It’s important to know that you do not have to work with the same agent that helped you buy your home. Real estate agents work for you so it’s important to choose someone whose services you are happy with.
A real estate agent gets paid a proportion of the property sale when your home officially sells.
You’ll need to hire a licenced real estate agent. Even if you know the estate agent or they are recommended to you by a trusted friend, this small step is important. Real estate licences can be revoked. It is illegal to do real estate agent work in New Zealand without a licence.
The Real Estate Authority regulates the industry and has information about any complaints made about agents. You can search their database to find out if your chosen professional has their real estate licence.
Before signing an agreement with a real estate agent, they must confirm your identity. This process protects New Zealand’s reputation as a safe place to buy and sell a property and prevents money laundering through the home-buying process.
Even if you’ve used your estate agent before, they may ask you to verify your identity again. You don’t have to use a real estate agent to sell your home. In New Zealand, it is legal to sell your home privately. While you will save on the commission you usually pay to an estate agent, this isn’t always the best option. Selling a home is stressful and requires a lot of moving parts.
Once you know the sell date of your home, engage a moving company as soon as possible. Selling a home involves a lot of stress. Don’t add moving yourself to the list of obligations. You’ll need to prepare your home for moving out, clean, take care of any maintenance and ensure any chattels are in good condition before exchanging the keys. Adding packing and unpacking to that list of responsibilities creates more stress and work.
Professional movers can make light work of relocating your furnishings and belongings to your new home. They can also take care of the packing if you don’t have time.
When moving, choosing the right kind of moving service is important. A man with a van is an affordable option for small moves. If you own an apartment, studio or small one-bedroom home, they can easily fit your belongings in a single truck. However, if you are selling a family home or have special equipment or furniture (like a piano) that needs to be moved, hiring a professional mover is a better option.
At Wise Move, we make it easy to find the right company for your move. Whether moving suburbs, cities or islands, you’ll gain access to New Zealand’s best moving companies on one platform. Get the best fixed prices and save money with Wise Move.
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