8 | Community at the heart of success Community support: Barfoot & Thompson Stadium in Auckland - the firm has held the the name sponsorship for the sports and entertainment venue since 2018. from page 7 BUSINESS FOCUS Auckland: Barfoot & Thompson WYNNWILLIAMS.CO. NZ Auckland | Christchurch | Queenstown Clarity Pragmatism Success In a changing housing market what do vendors and purchasers need to do to ensure transactions go as smoothly as possible? Wynn Williams partner Jenny Turner, who specialises in property law, advises that for both parties organisation is key. For vendors that means thinking beyond simply making their property look good for the market and making active decisions about how much information to offer from the outset. She says this will not only help to draw more buyers but make the transaction process smoother and help to avoid unintended consequences or hold ups. “With more conditional agreements we are seeing more contracts falling over. The more information you provide to the buyer the better, as you can hopefully pre-emptively answer a lot of buyer questions.” She says this may involve ordering a LIM to include as part of the marketing material, investigating if a building warranty on a home can be transferred to a new buyer or getting a building inspection report and fixing any items that might be identified. “If you don't openly disclose something that could cause a contract to fall over you could compromise your position if the buyer finds it out during their due diligence. Front footing it is the key,” she advises. For purchasers getting organised involves talking to their team – bank, lawyer, insurance company etc – early. “Know your borrowing limit and don’t stretch yourself too far so you can’t manage unexpected costs or rises in interest rates. If your family is going to help with funding a purchase then get legal advice as there are different structuring options, for example loans, gifts or perhaps different generations involved in owning the property. The banks will take all this into account when assessing a lending application, so you need to understand what that looks like, ideally before you begin looking for a property.” Now that the market has slowed, purchasers have more time to make decisions and do their due diligence. Jenny advises people to use their head over their heart, in what is generally an emotional decision, and to think about how to make their offer stand out. “This might involve getting a builder through first to check things out so that it is not a condition of your offer which makes it more attractive to a vendor,” she says. “As people don’t usually buy and sell homes regularly, any pre-existing knowledge base can be out-dated and assumptions incorrectly made leaving people exposed. Get the team and trusted advisors around you so that you are less likely to end up in a position where that dream turns into a nightmare. At the moment in the market you have time on your side.’” Wynn Williams is a full-service law firmwith offices in Tāmaki Makaurau Auckland, Ōtautahi Christchurch and Tāhuna Queenstown. “Our people are important to us. We have a team of 2500 people working for us and we are proud that around 180 have been working for Barfoot & Thompson for over 20 years.” He says that Barfoot & Thompson has an ethos of supporting the community that supports its own business. This sees Barfoot & Thompson support many community groups and initiatives, both large and small, from school sports teams to the Starship Foundation. For example recently Barfoot & Thompson held a quiz night with 63 tables that raised over $268,000 for Starship Foundation. “Over the years Barfoot & Thompson has been through many highs and lows including recessions and world wars. “While people are predicting a real estate downturn at the moment real estate is a medium to long term investment and and the thing is that no matter what happens it always bounces back. “Barfoot &Thompson will continue to make investments in Auckland, Hamilton, Northland and Tauranga as and when business opportunities arise.”
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