Anti-Money Laundering and Countering Financing of Terrorism Act

As of 1 January 2019, real estate agents are legally required by government to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 What does this mean to buyers and sellers? All real estate agents will have to conduct anti-money laundering and countering financing of terrorism customer due diligence on all clients (seller/buyer). Due diligence for the seller must be carried out before the real estate agent enters into an Agency Agreement with the client (seller). This means that we will start requesting information and documentation, that we have not previously requested, which identifies and verifies the legal beneficial owner(s)/real person(s) details. A be

Auckland property market edges towards first price decline in a decade

The Auckland property market ended the year edging towards its first decline in prices for ten years. “In the past few months the tide has turned towards it becoming a buyers’ market,” said Peter Thompson, Managing Director of Barfoot & Thompson. “The over-riding market sentiment at present is indecision as to the direction the market is heading. “A range of factors contributed to market uncertainty at year end. These included non New Zealand residents being restricted from buying certain categories of property, the reported major decline of property prices in the major Australian cities, the potential for capital gains to be applied to investment properties in the future and concerns over

Premium Team

Munish Bhatt 022 068 6474 & Gurbir Sodhi  027 552 7626 

Barfoot & Thompson Auckland

E: m.bhatt@barfoot.co.nz  & E: g.sodhi@barfoot.co.nz

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