First Home Buyers Hot tips
New Home Buyers Hot Tips: Part 13 Risks of Mortgagee Property Auctions
November 28, 2012 by Kevin Cammell · Leave a Comment
New Home Buyers Hot Tips:
Part 13: Risks of Mortgagee Property Auctions:
a) The actual state of the title for ownership of the property
The title is deemed to have been accepted with no requisition.
What is a title Requisition?
A title requisition relates to any defects in the ownership title for the property. These include such items as fencing covenants, easements or restrictive covenants.
All properties you are looking at buying should have the title checked by a lawyer whether it be by auction or by a normal negotiation by a sale and purchase agreement. For any auction get your lawyer to check the title as part of your due diligence.
Kevin is a member of the New Zealand Mortgage Brokers Association. The NZMBA promotes standards of professional and ethical conduct, including expert knowledge, integrity, competency and service to clients, lenders and the public of New Zealand.
