Property investors are being left vulnerable by a loophole that means they sometimes miss out on properly checking properties before they buy them.
Kevin Edmunds, of property managers Quinovic in Thorndon, Wellington, said he had dealt with a number of investor buyers who had been caught out.
Usually, property purchasers have a right to an inspection before a deal settles, to ensure that there are no problems with the property that need to be fixed.
But the exception to that is when a property is sold with a tenant in place. Edmunds said that would apply to up to 35 per cent of properties in the market.
from
http://www.stuff.co.nz/business/96178938/Sellers-ability-to-block-inspections-catching-investors-out-Property-manager
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