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Real Estate Agents Act 2008

Duties relating to real estate agency work - Disclosure of information as to transaction and conflicts of interest

135: Client to be provided with valuation

You could also call this:

"Get a valuation to help you make informed decisions when working with a real estate agent"

Illustration for Real Estate Agents Act 2008

You need to get a valuation when you are working with a real estate agent. The agent must pay for the valuation. The valuation must be done by an independent registered valuer or a qualified statutory accountant. You must get the valuation before you agree to something or within 14 days after you agree, if that is what you prefer. If you do not get the valuation when you should, your agreement is not valid. If the valuation is higher than expected, you can cancel your contract. The valuation is important for your protection. It helps you make informed decisions when working with a real estate agent. You can find more information about qualified statutory accountants in section 5(1) of the Financial Reporting Act 2013.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1152131.

Topics:
Housing and property > Buying and selling homesMoney and consumer rights > Consumer protection
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134: Contracts for acquisition by licensee or related person may be cancelled, or

"Agents can't secretly buy properties they're helping clients with, without permission"

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136: Disclosure of other benefits that licensee stands to gain from transaction, or

"Real estate agents must tell you about any extra money they'll get from a sale"

Part 5Duties relating to real estate agency work
Disclosure of information as to transaction and conflicts of interest

135Client to be provided with valuation

  1. For the purposes of section 134(3), the licensee must give the client a valuation made at the licensee’s expense.

  2. The valuation must have been made by—

  3. an independent registered valuer; or
    1. in the case of a business, by an independent qualified statutory accountant (within the meaning of section 5(1) of the Financial Reporting Act 2013).

      1. The licensee must give the client the valuation either—

      2. before seeking the consent of the client; or
        1. with the agreement of the client, within 14 days after obtaining that consent.

          1. Every consent given under section 134 without the valuation being supplied to the client in accordance with subsection (3) is ineffective.

          2. Any contract to which the client is a party and to which the consent relates is voidable at the option of the client if—

          3. the client gives his or her consent in accordance with subsection (3)(b); and
            1. the valuation, when supplied, is greater than the valuation specified in the prescribed form of consent as the provisional valuation.

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              Notes
              • Section 135(2)(b): amended, on , by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).