Is the selling of these earthquake damaged homes legitimate? According to the Real Estate Institute, the selling agents are merely performing their duty by promoting these properties with ‘no vendor warranties or liabilities’. The selling agents use various clause exclusions around risk and liability, and new inclusions re-emphasizing that there is no ‘comeback’ on the agent, vendor, or insurer. So legally, this seems to be a legitimate business practice. However, it is what happens years down the track that is of concern, as the Council do not include any of the above information on the LIM. EQC and the insurer have no interest as they have effectively paid the vendor and discharged all claims.
Aug 19