Legal

REAA Guides

An agent must not enter into an agency agreement with you for the sale of a residential property unless your agent has provided you with a copy of the approved guide relating to agency agreements.

The Real Estate Authority produces guides to help buyers and sellers understand key documents during the sales process. You can find them here https://www.rea.govt.nz/buyers-and-sellers/read-our-guides/

Anti Money Laundering & Overseas Investment Act

We are required by law to comply with Anti Money Laundering Legislation. Please find out more here: https://www.dia.govt.nz/AML-CFT-Legislation

Most overseas people are unable to purchase homes to live in in New Zealand under the Overseas Investment Act. Please find more information here: https://www.linz.govt.nz

From the 1st January 2019 Real Estate Agents will be required to verify the identity of their clients in accordance with the AML/CFT Act 2019 legislation, this is called Customer Due Diligence (CDD)

NZ introduced its Anti-Money Laundering and Financing of Terrorism Act 2009 (AML/CFT) in 2009 as
it was estimated that over $1BILLION a year from drug dealing and fraud is laundered through New
Zealand Businesses.

From 1st January 2019 Real Estate agents will be required to verify the identity of their clients
in accordance with AML/CFT Act 2009. This is called Customer Due Diligence (CDD).

Who do Real Estate agents need to complete CDD on?

They must identify and verify:

• the client;

• each beneficial owner of the client; and

• each person acting on behalf of the client including the authority to act on behalf of the
  client e.g. a lawyer or representative giving instructions on someone’s behalf.

What information will agents need to get?

As a starting point, the following identity information must be obtained:

• the person’s full name;

• the person’s date of birth;

• if the person is not the client, the person’s relationship to the client;

• any additional information prescribed by regulations.

This can be done several ways but not unlike the banks, they will ask to see your identity documents like
your Passport, Driver Licence, utility bill etc.

What is the nature and purpose of the business relationship?

Your real estate agent is also required to get information on the nature and purpose of
the proposed business relationship with you. This includes understanding what you are
trying to achieve, how much business is expected, and how regular your interactions will
be.

Businesses are not doing this because they think you are laundering money – they are doing it to
help protect everyone and because they are required to under the law.

Please note – If you are purchasing property you are not deemed a client of the real estate company
(unless you have engaged them as a buyer’s agent) however, your lawyer also has AML/CFT obligations
and may need to complete CDD. We encourage all purchasers to engage early with lawyers in any sale
or purchase process.

For more information, visit the DIA (Department of Internal Affairs): https://www.dia.govt.nz/AML-CFT-Homepage

REAA Code of Professional Conduct & Client Care Rules

Aurora Ventures Group Limited as a branch of Independent Agent adheres to the REAA Professional Conduct & Client Care Rules

These Rules make up the Real Estate Agents Authority code of professional conduct and client care. The Rules were made by the Authority and notified in the New Zealand Gazette.* The rules set minimum standards of conduct and client care that licensees are required to meet when carrying out real estate agency work and dealing with clients.

You can read more about them here https://www.rea.govt.nz/assets/Uploads/Resources/Guides/Code-of-conduct.pdf

Complaints Procedure

Our complaints and dispute resolution procedures are designed to provide an effective and simple resolving of any complaint you might have about the service you have received from Independent Agent.

Step 1: Call us and speak to the Licensee Agent – Matt Jones on 021 396 394. Tell the Licensee Agent the name of the Agent who you are complaining about and what your concerns are. Let the Licensee Agent know what you would like done about your complaint.

Step 2: The Licensee Agent may ask you to put your complaint in writing so that he or she can investigate it. The Licensee Agent will need a brief period of time to talk to the team members involved. We will come back to you within ten working days with a response to your complaint. That response may be in writing. As part of that response, we might ask you to meet with members of our team to discuss the complaint and try to agree on a resolution.

Step 3: If we are unable to come to an agreed resolution after a meeting, or if you do not wish to meet with us, then we will provide you with a written proposal to resolve your complaint.

Step 4: If you do not accept our proposal, please try and advise us in writing within five working days. You can, of course, suggest another way of resolving your complaint.

Step 5: If we accept your preferred resolution, we will attempt to implement that resolution as soon as possible. If we decline your preferred resolution, we may invite you to mediate the dispute.

Step 6: If we agree to mediate the complaint but do not settle the complaint at mediation, or we do not agree to mediate the dispute, then that will be the end of our process.

NOTE: You do not have to use our complaints and resolution procedure. You may make a complaint directly to the Real Estate Agents Authority at any time.

Passing Over of Information

Statement Relating to Passing Over Information
The attached material has been compiled by the collection of records, documents, or information which may have been supplied by third parties, the vendor or the vendor’s agent. Accordingly it is merely passing over the information as supplied to us.

Warning
No responsibility for the accuracy of the materials whole or in any part is made by Independent Agent Ltd or any of the company’s licensees, employees or officers. This material is provided to assist you with obtaining relevant information about the property, it is not intended that you rely solely on this information and you should conduct your own investigation. This could be legal, technical or any other advice relating to the property or information on the property.

Obtaining Advice
Independent Agent and its licensees recommend you seek legal advice before signing a sale and purchase agreement or other contractual documents. You should also be aware you can and may need to seek technical or other advice and information prior to signing a sale and purchase agreement or other contractual document.