About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Monday, December 10th, 10:20PM
rss
Latest Headlines

Higher meth test levels for REA

Real estate agents now only have to tell potential buyers if a property has a meth contamination reading of 15 micrograms per 100cm2 or above.

Friday, June 8th 2018, 12:00AM

by The Landlord

They do not have to disclose any confirmed meth contamination results below 15 micrograms per 100cm2 unless they are asked.

The Real Estate Authority (REA) has issued the new disclosure guidelines for agents in the wake of Sir Peter Gluckman’s bombshell report.

Gluckman found there was no evidence third-hand exposure to smoked meth residue posed health risks and suggested the introduction of much higher testing levels (15 micrograms per 100cm2 as opposed to 1.5 micrograms per 100cm2).

REA chief executive Kevin Lampen-Smith says meth contamination of 15 micrograms or above will be considered a property defect that must be disclosed to potential buyers.

“This position reflects the findings in the Gluckman report which have bought much-needed clarity to an extremely fraught area.”

Gluckman’s report also said meth testing was only necessary if there was a strong suspicion or advice from police that a property had been used as a meth lab or for extremely heavy meth use,

Lampen-Smith says that means the chance of buying a house with risky levels of meth contamination is very low.

“It is highly unlikely that 40% of New Zealand properties are contaminated as has been reported previously.”

But people looking to buy property should always ask their real estate agent if they are concerned about methamphetamine contamination, Lampen-Smith adds.

“We strongly encourage people to ask lots of questions when buying a property. If you are worried about potential meth contamination because you suspect the property was used as a meth lab, ask your lawyer to include a satisfactory meth test as a condition of your offer.”

The new guidance and the findings in the report will not alter previous decisions made by the regulator’s Complaints Assessment Committees or the Real Estate Agents Disciplinary Tribunal (READT).

Read more:

Tackling meth uncertainty 

Proceed with caution on meth 

Meth relief for landlords 

« Free Investment Property Showcase Events: Auckland, Wellington and ChristchurchNew Housing “super” Ministry coming »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.55 4.79 4.99
ANZ Special - 4.05 4.29 4.49
ASB Bank 5.80 4.44 4.69 4.89
ASB Bank Special - 3.95 4.29 4.49
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.10 4.29 4.49
BNZ - Std, FlyBuys 5.90 4.69 4.79 4.99
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - 3.79 - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.55 4.69 4.99
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 4.29 4.49
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 4.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 3.95 4.49
Sovereign 5.90 4.45 4.69 4.89
Sovereign Special - 3.95 4.29 4.49
The Co-operative Bank - Owner Occ 5.75 4.10 4.35 4.49
The Co-operative Bank - Standard 5.75 4.60 4.85 4.99
TSB Bank 5.80 4.45 4.69 4.99
TSB Special - 3.95 4.19 4.49
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.15 4.29 4.59
Median 5.89 4.50 4.69 4.79

Last updated: 2 December 2018 8:39pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com