Anyone here use Property Guru?

[annaspanna]

what does 'Purchase Relationship: Market - interim' mean?

Please excuse my blondeness

[Re@der]

Do you have some context?

[ChrisDes]

Do you have some context?

Hi,

I use Property Guru frequently.. a great tool!

In regards to your question I have noticed the feature you mention has been added recently, I believe it means the market relationship of the sale of the property. Sometimes it will come up as 'bona fide' purchaser - this is a Latin term meaning a "genuine purchaser" acting without any fraudulent intention.

I wouldn’t take too much notice of it - sometimes on Property Guru the details are not always accurate and if a purchaser is doing something that is not above board – I am not sure how Proeprty Guru would find out!
When looking at previous sales be careful as some purchase prices are simply the property owner transferring ownership to themselves through an associated entity - eg: Mr and Mrs X transfer the property into their family trust - this sometimes comes up as a "sale" on property guru - it is a ‘sale’ but just not in the true market sense as genuinely such values are distorted.

I should mention that if you look into the title search feature on Property Guru you can see when transfers take place, as a 'sale' is recorded as a 'transfer', so if you see a transfer on the title this is when the property has been 'sold' to either another person or another entity associated with that person. You can always search on the Companies Office website - http://www.companies.govt.nz to see who the directors and shareholders (the information is provided free of charge and publically available) are of a company that owns a property.

All the best.

Chris

[annaspanna]

Hi,

I use Property Guru frequently.. a great tool!

In regards to your question I have noticed the feature you mention has been added recently, I believe it means the market relationship of the sale of the property. Sometimes it will come up as 'bona fide' purchaser - this is a Latin term meaning a "genuine purchaser" acting without any fraudulent intention.

I wouldn’t take too much notice of it - sometimes on Property Guru the details are not always accurate and if a purchaser is doing something that is not above board – I am not sure how Proeprty Guru would find out!
When looking at previous sales be careful as some purchase prices are simply the property owner transferring ownership to themselves through an associated entity - eg: Mr and Mrs X transfer the property into their family trust - this sometimes comes up as a "sale" on property guru - it is a ‘sale’ but just not in the true market sense as genuinely such values are distorted.

I should mention that if you look into the title search feature on Property Guru you can see when transfers take place, as a 'sale' is recorded as a 'transfer', so if you see a transfer on the title this is when the property has been 'sold' to either another person or another entity associated with that person. You can always search on the Companies Office website - http://www.companies.govt.nz to see who the directors and shareholders (the information is provided free of charge and publically available) are of a company that owns a property.

All the best.

Chris

Thanks Chris.
Yes I thought it was new hadn't noticed it before.

[PropertyGuruNZ]

Hi, Brian from Terralink here. We provide Property Guru.

Bonafide = a real transaction or arms length transaction i.e. not put into a trust, or given over to family member etc. Meaning it reflects the real price of the market i.e. market level.

Non Bonafide is the the opposite of the above - likely to include a trust or transaction that isn't a market level transaction or reflective of one

Interim - cannot be matched to a roll value at present but same as bonafide in that its an arms length transaction.

Hope this helps.

[annaspanna]

Hi, Brian from Terralink here. We provide Property Guru.

Bonafide = a real transaction or arms length transaction i.e. not put into a trust, or given over to family member etc. Meaning it reflects the real price of the market i.e. market level.

Non Bonafide is the the opposite of the above - likely to include a trust or transaction that isn't a market level transaction or reflective of one

Interim - cannot be matched to a roll value at present but same as bonafide in that its an arms length transaction.

Hope this helps.

How do you know when a property has been sold into a trust? who reports this info to you?

[PropertyGuruNZ]

How do you know when a property has been sold into a trust? who reports this info to you?

There is a requirements to inform LINZ of all title transactions, including those which do not involve a sale. This is usually done by a solicitor. I believe this includes those transferred into a trust. I don't have the regulations at hand, but to my knowledge, they have only a short time to do so. LINZ is one of our data suppliers and provides us data on a regular basis.