Just a thought I have had - wonder if anyone would care to comment as to how or if this might work:
What would happen if we had an online system where all Sales & Purchase agreements had to be registered to become 'live' or 'in-play'. Where you could search a title and and see if it were under offer. and what the status of the offer was/is. Obviously price details and conditions etc would be private and invisible.
Offers could be withdrawn or rejected , resulting in them being 'closed', or just left open, in which case a searcher could see that there was an offer in play. If the agreement becomes the subject of an ongoing negotiation and is ultimately successful, then it is marked as sold, and the sale recorded against the sale and purchase agreement. The system could easily be linked to LINZ or other offical systems to allow easier faster admin throughput.
If this system were a legal requirement of the offer process, it would go a long way to creating better transparency in the property transaction as a whole. Double settlements would be obvious, as would a quick flick. It would give the buyer more tools and less scope for being ripped off.
The Sale & Purchase agreement is a particularly powerful document and can be misused in a number of ways - I wonder if this would help eliminate some of the negative outcomes.
What would happen if we had an online system where all Sales & Purchase agreements had to be registered to become 'live' or 'in-play'. Where you could search a title and and see if it were under offer. and what the status of the offer was/is. Obviously price details and conditions etc would be private and invisible.
Offers could be withdrawn or rejected , resulting in them being 'closed', or just left open, in which case a searcher could see that there was an offer in play. If the agreement becomes the subject of an ongoing negotiation and is ultimately successful, then it is marked as sold, and the sale recorded against the sale and purchase agreement. The system could easily be linked to LINZ or other offical systems to allow easier faster admin throughput.
If this system were a legal requirement of the offer process, it would go a long way to creating better transparency in the property transaction as a whole. Double settlements would be obvious, as would a quick flick. It would give the buyer more tools and less scope for being ripped off.
The Sale & Purchase agreement is a particularly powerful document and can be misused in a number of ways - I wonder if this would help eliminate some of the negative outcomes.
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