Buying a property at a mortgagee sale can be risky.  You can manage that risk however by being careful and taking certain precautions. 

Most sellers will require payment of a deposit and there is a provision in the standard Agreement for Sale and Purchase approved by the Auckland District Law Society for it (“ADLS Agreement for Sale and Purchase”). 

Steve Wong is a Notary Public. Notaries Public in New Zealand are lawyers appointed by the Archbishop of Canterbury to officially witness signatures on legal documents, sworn statements such as affidavits, administer oaths and certify the authenticity of legal documents for use overseas.

A client came to see me one day with an Agreement for Sale and Purchase of Real Estate to purchase a property. One of his concerns was that the retaining wall along the length of the rear boundary may not have been stable.

When purchasing a property it is not a question of Buyer Beware (Caveat Emptor) but Buyer Be Aware.

Is a little bit like buying a second hand car.  Generally, you would do things such as checking the body work for rust, dents and any other damage.  You would check under the bonnet and have someone such as a mechanic check the engine.  You don’t usually buy it because you like the colour