When buying or selling a property people come across industry terms they may not be familiar with. For example, NZ real estate agents often use the word “vendor”to describe a home owner or seller.
A Sale and Purchase Agreement usually means the legally binding written contract that both the buyer and seller need to sign. A LIM Report stands for Land Information Memoranda (LIM) and is a comprehensive report containing everything the Council knows about a property or section.
The term MREINZ Tauranga means the company is a Member of the Real Estate Institute Of New Zealand (REINZ). REAA stands for The Real Estate Agents Authority. The organisations’ role to provide independent oversight of the New Zealand real estate industry, ensure a high standard of service and professionalism within the industry, and to provide increased consumer protection. The Authority is a Crown entity.
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