{"id":224312,"date":"2023-07-26T18:43:43","date_gmt":"2023-07-26T05:43:43","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=224312"},"modified":"2023-07-26T18:43:45","modified_gmt":"2023-07-26T05:43:45","slug":"pre-contract-disclosure-statement","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/property-and-leasing\/pre-contract-disclosure-statement\/","title":{"rendered":"What is a Pre-Contract Disclosure Statement?"},"content":{"rendered":"\n<p>A pre-contract disclosure statement provides detailed information about a property for sale. This document intends to help buyers make an informed decision about <a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/factors-consider-buying-commercial-property\/\">purchasing a property<\/a> by providing information about the property\u2019s condition, features, and potential issues. This article will explain what a pre-contract disclosure statement is, important legal factors and the benefits of using one.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is a Pre-Contract Disclosure Statement?<\/h2>\n\n\n\n<p>A pre-contract disclosure statement typically includes information such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>property&#8217;s age, size, and location;&nbsp;<\/li>\n\n\n\n<li>the condition of the property&#8217;s major systems and components; and&nbsp;<\/li>\n\n\n\n<li>any known defects or issues with the property.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>The disclosure statement may also include information about the property&#8217;s neighbourhood, such as the location of schools, parks, and public transportation.<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>Additionally, it can include details about the seller\u2019s motivation for selling the property, such as whether the seller is relocating for a job. This information can help buyers negotiate the purchase price and make an informed decision.<\/p>\n<\/div>\n\n\n\n<p>Under the <em>Unit Titles Act 2010<\/em>, your pre-contract disclosure statement must contain the following when relating to the sale of completed units:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>any known defects;<\/li>\n\n\n\n<li>full copies of minutes for <a href=\"https:\/\/legalvision.co.nz\/franchising\/types-of-property-ownership-in-nz\/\">body corporate<\/a> and committee for the last three years;<\/li>\n\n\n\n<li>copy of the maintenance plan for the next three years and estimated costs;<\/li>\n\n\n\n<li>remediation reports; and<\/li>\n\n\n\n<li>three years of financial statements and audit reports.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Legal Considerations for Pre-Contract Disclosure Statement<\/h2>\n\n\n\n<p>In New Zealand, the <em>Unit Titles Act 2010<\/em> requires all unit title property for sale to provide a pre-contract disclosure statement. Otherwise, the seller can provide the statement at their discretion. Often, it is advisable to provide one to have an open and transparent selling process and minimise future disputes.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Preparation&nbsp;<\/h3>\n\n\n\n<p>The seller or the seller&#8217;s agent should prepare the pre-contract disclosure statement, which should be provided to the buyer before the sale is completed. Providing this document to the buyer is essential as the purpose of a disclosure statement is to help the buyer understand the condition of the property and any potential issues that may affect its value.<\/p>\n\n\n\n<p>After receiving the document, you can request your corporate lawyer to review it to ensure it includes all relevant details. Additionally, your lawyer can outline any points you may need to address.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Accuracy&nbsp;<\/h3>\n\n\n\n<p>Further, the pre-contract disclosure statement should be complete and accurate. The seller or the seller\u2019s agent should provide detailed information about the property\u2019s condition, including any known defects or issues that may affect its value.&nbsp;<\/p>\n\n\n\n<p>If the seller or the seller\u2019s agent does not disclose important information about the property&#8217;s condition, the buyer may have legal recourse if they believe they have been misled.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Signatures&nbsp;<\/h3>\n\n\n\n<p>Lastly, the seller and buyer must both <a href=\"https:\/\/legalvision.co.nz\/commercial-contracts\/sign-legal-contract\/\">sign the disclosure statement<\/a> and keep a copy each. This serves as proof that the seller has provided the necessary information to the buyer and that the buyer has reviewed and understood the information.<\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left 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Buyers can then make an informed decision about how much they are willing to pay for the property and what improvements or repairs may be necessary;<\/li>\n\n\n\n<li>buyers can avoid misunderstandings or disputes with the seller. By providing detailed information about the property&#8217;s condition, a disclosure statement can help ensure that both the buyer and the seller are on the same page and that there are no surprises after the sale is completed; and<\/li>\n\n\n\n<li>buyers can receive important legal protections. In some cases, the information provided in a disclosure statement may be used as the basis for legal action if the buyer believes that the seller did not disclose important information about the property&#8217;s condition.<\/li>\n<\/ul>\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2023\/06\/09144127\/NZ-Due-Diligence-Guide-Cover.jpg\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">Due Diligence Guide for Purchasing a NZ Business<\/div>\n            <div class=\"body-text\">\n                <p>This guide will walk you through the due diligence process when purchasing a NZ business.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.nz\/nz-due-diligence-guide.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n\n\n<p>Pre-contract disclosure statements are an important tool for buyers and sellers of real estate. It is compulsory for the sale of units, otherwise, providing one is optional. The statement plays a valuable role in the real estate transaction process, and both buyers and sellers should use them to help ensure a successful outcome.<\/p>\n\n\n\n<p>If you need help with pre-contract disclosure statements, our experienced <a href=\"https:\/\/legalvision.co.nz\/leasing-lawyers-lp\">property and leasing lawyers<\/a> can assist as part of our LegalVision membership. You will have unlimited access to lawyers who can answer your questions and draft and review your documents for a low monthly fee. Call us today at <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our <a href=\"https:\/\/legalvision.co.nz\/membership\/\">membership page<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1690349856884\"><h3 class=\"schema-faq-question\">When is a pre-contract disclosure statement used?<\/h3> <p class=\"schema-faq-answer\">A pre-contract disclosure statement is typically used when selling a property. When selling a unit, the seller must provide a disclosure statement to the buyer before the sale. Otherwise, providing a statement is optional.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1690349868600\"><h3 class=\"schema-faq-question\">Who prepares the pre-contract disclosure statement?<\/h3> <p class=\"schema-faq-answer\">Typically, the seller or the seller\u2019s agent will prepare a disclosure statement.<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>A pre-contract disclosure statement provides detailed information about a property for sale. This document intends to help buyers make an informed decision about purchasing a property by providing information about the property\u2019s condition, features, and potential issues. This article will explain what a pre-contract disclosure statement is, important legal factors and the benefits of using<a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/pre-contract-disclosure-statement\/\">Continue reading <span class=\"sr-only\">&#8220;What is a Pre-Contract Disclosure Statement?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13316,"featured_media":215550,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"209457,205757,212805,215343,1628,204533","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[11],"tags":[25,293,1443,1943,1944],"class_list":["post-224312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-and-leasing","tag-small-business","tag-disclosure-document","tag-unit-title","tag-purchase-property","tag-unit-titles-act-2012"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is a Pre-Contract Disclosure Statement? | LegalVision NZ<\/title>\n<meta name=\"description\" content=\"A pre-contract disclosure statement provides detailed information about a property for sale. 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