Real Estate Agents and REINZ Memberships

Publications > Property Articles

Watch this space: OIO Consent process to be improved
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Assistance for OIO Process
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Have you received a letter from the Public Works Act acquisition
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Kiwisaver changes help home buyers get a foot in the door
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New Information Requirements When Buying or Selling Land
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Kiwisaver Updates – 1 April 2015
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New Lending Restrictions in Force 
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Selling a Unit in a Small Body Corporate
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Kiwisaver and Your First Home Purchase
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Your Legal Property Checklist
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Real Estate Agents and REINZ Memberships
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GST On Land Transactions: Compulsory Zero-Rating
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The Status Of Land Can Impact On Its Value
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Fortune Manning Advises Manson Developments on Sale of Tower
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Amendments To The Residential Tenancies Act 1986
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Property – Try Before You Buy
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The Changing Face of Real Estate Agreements
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Buying Real Estate off Plans? What to look for!
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Courses of Action Available to Tenant Where Landlord Refuses to Grant Renewal of Lease
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Residential Tenancies – What Landlords Need to Know
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Land Information Memorandum – A Useful Tool to the Residential Property Purchaser
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Open Home Theft
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Agent’s Duty to the Vendor Might Include and Obligation to Meet the Purchaser
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Driving Daisy Crazy – Shared Access Ways
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Buying Real Estate at Auction
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Tax Traps in Subdivisions

Real Estate Agents and REINZ Memberships

IS THE REAL ESTATE AGENT STILL A MEMBER OF THE REAL ESTATE INSTITUTE?  HERE ARE SOME REASONS WHY YOU SHOULD CHECK THAT OUT, WHETHER YOU ARE A SELLER OR A BUYER
If you are thinking of buying or selling your property be aware that not all agents are members of the Real Estate Institute of New Zealand (“REINZ”) which requires its members to follow the REINZ Codes of Practice.  They are still subject to the disciplinary process of the Real Estate Agents Authority, an independent government regulatory body, but are not bound by the ethical principles of the Institute’s Code of Individual Membership.
Even more important, an agent which is not a member of the REINZ may not be using the standard REINZ/ADLSi Agreement for Sale and Purchase of Real Estate which is the preferred form of agreement for use in buying and selling property throughout New Zealand for over 20 years.  Property lawyers are familiar with the standard general terms of this agreement and understand the effects of its clauses as there has been much litigation and numerous texts written on this agreement.
If your agent is not using the standard REINZ/ADLSi Agreement, you are likely to experience greater uncertainty on your legal position as your agreement will not have been tested through the Courts as to fine distinctions in interpretation of the clauses.  The result is that there will be an increase in legal fees due to the unfamiliarity with the form of your agreement or the effect of its clauses.
We recommend that before you sign anything you ask your agent to confirm whether or not they and their agency are members of the REINZ and more importantly that the form of agreement for sale and purchase that will be used in the transaction is the REINZ/ADLSi form.
If your agent is not using the standard form REINZ/ADLSi Agreement, contact us and we can either send to you the REINZ/ADLSi Agreement to hand to your agent to complete (that is what they are paid for) or our experienced property lawyers can prepare a REINZ/ADLSi Agreement for you on terms and conditions that will suit your requirements.

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