deed of assignment of eqc claims

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Buying a house after a natural disaster

Damage checks, repairs, insurance claims. How to assess risks in an area affected by earthquakes, floods or other natural disasters.

Extra money, extra help

Anyone considering buying a house in an area affected by natural disaster should:

Budget for extra due diligence: Plan to spend more time and money assessing the condition of a house than you otherwise would.

You still need to do the basics, eg commission a builder's report, read the LIM report. But to learn about potential damage and repairs, and generally have peace of mind, you'll need to consult with experts.

The cost of extra checks can feel frustrating, but budgeting for these is better than finding out later you have an unsafe home.

Hire a building surveyor: Choose a registered expert with knowledge of structural damage and repairs.

Find a registered building surveyor (external link) — New Zealand Institute of Building Surveyors

Get independent legal advice: Talk to a lawyer with proven experience in conveyancing law and insurance claims. A Community Law Centre will be able to provide a list of lawyers who can help.

Find the nearest Community Law Centre (external link) — Community Law

Check out the house and area

Visit the property and have a good look around. This won't help you understand the structural condition of the house. But it will give you a sense of whether you want to learn more about the property. The EQC website has tips and videos.

Features to look for in a property (external link) — EQC

Find out how land and buildings in the area were affected by the natural disaster. Search online for news stories. Walk or drive around the neighbourhood to check if other homes are newly repaired or having building work done.

What to watch out for: If many homes appear to be new, freshly repaired, or have repair work underway, it can be a sign that most properties in the area were damaged in the disaster. If a seller says their home had no damage, or they didn't make an insurance claim, ask more questions. It's possible a cash settlement was awarded but not used for necessary repairs. As an interested party, you can also call EQC to find out whether the house has been the subject of a claim.

If you are thinking about buying the house, ask a building surveyor to inspect it. Ask for a report about any damage to the house, and the quality of any repair work.

Ask the seller or agent questions. Even for properties in good order, it's important to get correct, up-to-date information about damage and repairs.

Example — Extra inspection, just to be sure

Hannah and Elliot want to buy a house in an earthquake-affected area. A report from a pre-purchase building inspector shows it has "good bones" with no major problems needing attention. The interior has been upgraded following the quake, so the couple also hire a registered building surveyor to check how the house has been maintained for wear and tear, and how quake damage has been repaired. Hannah and Elliot learn the house had new floors and door frames installed to address post-quake problems. The surveyor helps them understand the history of repairs and improvements. Confident they won't be surprised by unexpected issues, Hannah and Elliot buy their first home.

Insurance claims

Ask the seller or real estate agent:

Was the property damaged in the disaster?
Were any insurance claims made?
If yes, have the claims been settled yet?

If no claim was made

Take extra care looking over the home and property. Commission a report from an expert, eg registered building surveyor or engineer. Ask them about their area of expertise and any limits to what they can advise you on. They should pay close attention to:

uneven floor levels
stuck or loose doorways into rooms
stuck or loose doors on cabinetry
any leaking or cracking.

Find an engineer (external link) — Engineering New Zealand

If claims were made

Find out which insurers are involved. It might be EQC alone, or there could be claims with EQC and a private insurer, eg if the cost of repairs go over the EQC cap.

Ask if settled claims were resolved through a cash settlement or managed repair. This casts light on what documents and evidence you should check.

Check what you will be entitled to if any insurance claims are transferred to you:

EQC claims , or parts of claims, transferred to a new owner give that person the same entitlements as the previous claim holder. This means the new owner will receive any remaining entitlement up to EQC’s cap for a natural disaster event.
Private insurance claims work differently. A new owner might not be entitled to the same benefits assigned to the previous owner. Seek legal advice to understand what transferring any claims would mean for you.

To receive information as an authorised party, ask the claim holder to sign a privacy waiver so private insurers can consider sharing details with you. EQC can release limited assessment and repair information without authorisation, but you are encouraged to get a privacy waiver which then allows EQC to discuss the claim details and history in full.

What to watch out for: Insurance claims are held by people, not properties. Ask the seller or agent if all claims have been transferred to the most recent owner. As an interested party, EQC can provide you with a summary of building claims made in relation to a property. The information they can provide is limited but will let you know if any insurance claims exist, but have not been transferred.

If claims were settled

An accepted insurance claim is settled by either:

Cash settlement — money to pay for repairs.
Managed repair — the insurer pays tradespeople to complete repairs.

Cash settlement

The insurer pays the property owner directly if there is no mortgage. If there is a mortgage, cash settlement goes through the lender. The owner and lender then agree how to release money for repairs.

All cash settlements include an agreement on how funds need to be spent, and most owners are responsible and use the money for repairs. To protect your interests, it's good to do extra checks.

Ask the seller to see:

documentation of damage, eg photos, quotes for repair, insurer's scope of works
proof of the amount paid, eg receipts from tradespeople
evidence of repairs, eg code compliance certificate, producer statements from construction professionals.

Search online to check that tradespeople or engineers who worked on the property are licensed and reputable.

What to watch out for: If the seller says repair work has been done but they can't or won't provide proof, it's possible they decided not to use their insurance payment for repairs. This is a warning sign. It means a house might have issues the seller is not aware of, or that haven't been disclosed. As an interested party, you can contact EQC to request copies of the scoping and assessment documents completed in relation to the property. This may then help you query the seller on repair work carried out.

Managed repair

damage report or scope of works, setting out how the home was damaged and which repairs or replacements were needed
repair statements, code compliance certificates, or other documents showing the sign-off of repairs — these show an inspector has checked the repairs and is satisfied.

Check the date on damage reports. Reports issued soon after the damaging event can be overridden by later reports as more investigations are carried out — especially if the damage value goes over the EQC cap.

Any home buyer can ask the seller for documents about repairs from EQC or a private insurer. If these are not available, it's possible the previous owner accepted a cash settlement for the value of damage to the house.

If claims are yet to be settled

If insurance claims for damage to a house you want to buy haven't been settled, talk to a lawyer to find out what this means for you. It could mean repairs haven't been completed and might end up being your responsibility. Ask what rights you will get if any insurance claims are assigned to you.

An ‘as is, where is’ sale suggests a house is being sold in its current state. The seller may not know about necessary repairs. Make sure you understand any known issues.

Gather documents and records

Make an effort to understand as much as you can about the house. The type of information you can get might include:

how the house and area were affected by the event, eg flood, landslip, earthquake
the sales history of the property, including previous owners
how any settled insurance claims for damage have been resolved, eg cash settlement or managed repair programme
if any insurance claims are yet to be settled
if repairs to fix damage meet building requirements
if the property has been sold since the event
the possibility of damage that has not yet been identified.

Information has its limits. That's why it's so important to get as much of it as you can — to complete the picture.

Here is a list of records you can ask for, and the limits of each:

Request any information the seller has. This might include various technical assessments, the claim history, development of reported damage, scope of works and cost estimate, and what work has been completed.

This is an assessment of damage to the property. It's possible for a property to be assessed more than once after a natural disaster, so there might be more than one report. Damage reports are useful but not always comprehensive. Some damage is not obvious, eg a crack under carpet won't necessarily be visible to assessors. Some damage can appear, or worsen, after a report is delivered. It can also be hard to know if there are reports the seller or agent isn't aware of.

This sets out work required to fix damage, and the estimated cost of the work. Check this document has a date, and includes all costs of completing the work. A scope of works can only estimate costs to repair damage that has been identified. It shouldn't be relied on as a definite statement of how much it will cost to fix all damage.

Get the property's LIM (Land Information Memorandum) report from the local council. If the seller's other documents say repair or replacement work has been carried out, the LIM might include building consent. This tells you what work has been done and whether it is up to council building and safety standards. Not all repair work will be recorded by the council because many repairs don't require consent.

Ask if the council has extra information, eg flood mapping, land contours.

These show which tradespeople completed repair work, and what materials and methods they used.

You can ask the seller to waive privacy rights so their insurance company can share the claims file. A privacy waiver allows the company to share this information with you, but doesn't legally require them to. This means you might not be able to access information in the claims file, even if the seller agrees to you accessing it.

Search online for the sales history of a property. This will show the date and price each time it has been sold. If the property has been sold since the disaster, it might take you a bit longer to find out about any claims lodged by previous owners with EQC or private insurers.

If you're looking to buy a residential property in Canterbury, you can check if a Canterbury earthquake sequence claim has been lodged by a previous owner and decide whether you require more information on the claim as part of your pre-purchase due diligence.

What to watch out for: If any developers or building companies are listed as owners since the damaging event, do extra checks. Search online to research their reputation. Ask a building surveyor to pay particular attention to repair work. Most previous owners are responsible. But some take advantage of an opportunity to profit from cosmetic improvements, eg a fresh coat of paint or new curtains, without repairing structural damage.

As an interested party, you can request information relating to the assessment and repair of a property directly from EQC. The information will be redacted to protect the privacy of the current homeowner, but will provide you with an outline of any damage found.

EQC can’t release settlement figures to interested parties but this can be made available to those who have a conditional sales and purchase agreement. You can request information as an interested party and find out further information on the EQC website.

Requesting claim information (external link) — EQC

Take time to consider and compare the documents you have access to. Get expert help. Pay particular attention to this step to give yourself confidence about whether or not to buy the house.

What to watch out for: If you notice anything out of the ordinary, eg a big difference in the amount paid out and the cost of repair work, the seller may be keeping information from you. This is a warning sign. It could mean damage hasn't been repaired and may cause problems in the future.

If you are the new property owner or hold a conditional sales and purchase agreement, you can ask EQC to provide copies of the scoping, repair and settlement documents on file. This can then help you to compare the damage found against the damage fixed.

Types of expert help

Buying a home is a big deal. In an area recovering from natural disaster, it is even more important to carefully consider the pros and cons. You can assess risk yourself, but expert advice is the best way to make an informed decision about buying in a disaster-affected region.

Lawyers can help you interpret insurance information. They can explain issues relating to insurance policies, and your rights and obligations when purchasing property affected by natural disaster. A lawyer can help you access documents you're entitled to. They might be able to liaise with insurers on your behalf.

Registered building surveyors can identify damage and advise you about the quality of repair work. They know about construction issues, and can help you interpret damage reports and scope of works information. A registered building surveyor can tell you if something needs further investigation, and who else to seek help from.

Pre-purchase building inspectors/pre-purchase building surveyors can provide a pre-purchase condition record. Choose an accredited inspector who complies with NZS 4306 — the New Zealand standard for property inspections.

Builders can advise on the condition of a house. Not all builders are qualified to inspect natural disaster damage — and builders can't say what would or wouldn't be covered by insurance.

Residential risk analysis specialists can help you compare repair quotes, receipts and work completed. They can help you decide if buying a particular property is the right thing to do.

When you buy

As a condition of purchase, ask the seller to transfer any insurance claims for damage to you through a deed of assignment. There may be one or more claims from EQC or a private insurer. You can use the sale and purchase agreement to cover detail of claims being transferred, and ask your lawyer to carefully check any conditions in the agreement.

Transferring claims into your name is a vital step.

Settled claims: transferring gives you the ability to liaise with insurers about past claims on your new property. It means you know the history of the claim and can take action if you have any concerns later. It might mean you can take over the rights of the seller.
Yet to be settled: transferring claims into your name means you might get remaining entitlements held by the previous owner(s), eg payments for repairs.
Send your Deed of Assignment to EQC for processing: This will ensure they have you on file as a claim contact ready for any future interactions.

Transferring a property claim (external link) — EQC

If something goes wrong

There might not be a way to resolve any problems that appear after you buy the house. This is why it's very important to devote time and energy to assessing any risks before buying property in an area recovering from a natural disaster.

If there's a problem with your new home, it's best to seek legal advice.

If the seller or their representative, eg real estate agent, lawyer, deliberately didn't share information about a known problem, that's illegal. You can take legal action.

Solving issues with the real estate agent or owner

Working with a lawyer or conveyancer

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Assigning your EQC Claim

As the years from the Canterbury Earthquakes have passed, more and more homeowners are have reached settlement with their insurers and have completed repairs or rebuilds. As part of this process, an insurer will seek an assignment of the EQC payments a homeowner has received in relation to earthquake damage. It may be that a homeowner has received more than one payment from EQC, for claims relating to the September 2010, February 2011, and June 2011 earthquakes. An insurer will expect, prior to undertaking repairs, the homeowner to assign and transfer those payments to it in order to contribute to the costs it will incur in repairing or rebuilding the property.

A homeowner will be provided with a Deed of Assignment of EQC Claim. This document is a formal deed which includes a number of warranties. It provides the insurer with the right to receive a transfer of homeowner’s EQC payment and any other benefit accruing under the EQC claim.

There are some points a homeowner should consider before making an assignment:

(a) Many insurers have asked for an assignment somewhat prematurely:

Often, a scope for repairs has not yet been agreed. There may be a dispute about the appropriate level of repair relative to the extent of the damage suffered to the property. In this respect, an insurer is not entitled to an assignment of the EQC monies until such time as the scope adequately captures all the damage, and the appropriate level of cost have been allocated to each repair element. If the matter is still in dispute, then you should not assign those monies.
The assignment and transfer of money to the insurer is not necessary until around the time the insurer has called for contractor tenders or has appointed a lead contractor to manage the repairs.

(b) A Deed of Assignment should only seek to transfer payments a homeowner has received in relation to the “Residential Building”:

An issue that can arise is where an insurer seeks to have a homeowner assign the EQC monies received in relation to their “land claim”. Given the uncertainty around unknowns such as Increased Flooding Vulnerability (resulting in potentially having to raise floor levels if major works are being undertaken now or in the future); unknown soil composition and other subsurface layers of your land; and potential rezoning issues under the (draft) Replacement District Plan, it is important that a homeowner does not assign the land claim to their insurer without first seeking advice.
As a homeowner, you pay a premium to an insurer to insure your house, outbuildings, hard landscaping, and other items such as pools. In these circumstances, and in these policy types, you do not pay for cover for the land. The corollary to that is your insurer is not entitled to payments you receive in relation to your land.
An exception may arise only where the insurer will be undertaking significant ground remediation. In that respect, they may be entitled to claim the EQC “land claim” payment from the homeowner. But the caution is that it is only appropriate when the scope for repairs or rebuild calls for significant ground remediation and/or enhanced foundation replacement.

If you are uncertain as to whether your insurance company is going to undertake these types of work to your property while it managing your repair, we strongly recommend seeking professional advice in relation to your scope. It is also appropriate to have any Deed of Assignment reviewed by your solicitor, whether it assigns your “Residential Building” or your “land claim payments” from EQC. This is particularly important given the uncertainty as to where responsibility lies between EQC, Council and the insurers to remediate land.

The information contained in this site is provided for informational purposes only, and should not be construed as legal advice on any subject matter.

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About EQCover

Our natural hazards cover provides the first layer of insurance cover for your home, and limited cover for your land.

Cover for storm, flood, and landslide damage

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Learn about making a new claim, the claims process, and what to do when buying or selling a home with previous claims, including asking us for claim information

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Useful information to help you prepare

We exist to reduce the impact on people and property when natural hazard events occur.

New Zealand has a history of natural hazard events that has shaped our organisation’s history, and our name.

Get to know our Minister, Board of Commissioners, and Executive Leadership team.

How we work

As a government agency we have rules, policies, and ways of working that guide what we do. In this section you can learn more about EQC Toka Tū Ake as an organisation and the work we do.

Navigating the claims process following a natural disaster can be a challenging time. Find out how to make a new claim, and about the usual claims process including assessment and cash settlement. We also offer guidance for buying or selling a home with previous claims, which includes asking us for claim information.

In most cases you should make new claims for natural hazard damage through your private insurer.

In most cases you should contact your insurer for an update on an open claim or if more damage is found after settlement

When you make a claim there are a number of steps that you and your insurer need to work through to resolve it.

How to take photos to support your EQCover claim, what photos to take, and what to do once you’ve taken photos.

There are some steps that you should consider, including requesting claim information and assigning the rights of a claim.

You can make official requests for information from us, such as claim information on a property, using our online form.

Assigning an EQC Claim

Have you bought or sold a house in Christchurch since February 2011? It’s unfortunate that ten years on from the devastating Canterbury Earthquakes, we are still dealing with the long-term damage to land, property and lives.

How did we get here?

In case you need a reminder, there was so much damage to be repaired in the wake of February 2011 it was difficult to see how it could all get done. Tradespeople from around New Zealand and the world flocked to Christchurch to lend a hand and their expertise to fix homes and make them livable again. Sadly, some people viewed Christchurch’s tragedy as a ‘get rich quick’ scheme and did not put in the time and effort to ensure their repair jobs were completed properly.

Ten years later, many in Christchurch are still fighting to have their homes repaired, or to have original ‘repairs’ to their homes fixed. It’s vital that if you’re buying property in Christchurch, you have any outstanding EQC claims transferred to you.

Still dealing with earthquake damage?

When an EQC claim is assigned or transferred, you as the new owner do not have the same entitlements as the previous owner. Importantly, if earthquake damage has been missed or repairs were not up to standard, having the original EQC claim assigned to you will allow you to reopen a claim.

If a property has been sold without the EQC claim being assigned, the new owner gets none of the benefits from the claim.

Since the earthquakes, the conveyancing team at Godfreys Law has helped many Cantabrians buy and sell property, and assisted them with managing EQC claims and paperwork. A respected local builder who has repaired many houses since 2011 passed on this story about the importance of assigning EQC claims with property transactions.

Case study: Check your EQC claim is assigned to you

The builder’s client was living in Unit One of a two unit flat with a shared wall, and had bought the unit in 2017. On discovering new cracks around the foundation and an increasingly uneven floor, the owner of Unit One engaged the builder and an engineer to see if the new damage was the result of a substandard repair. The builder and engineer both concluded that the original repairs were substandard, which is when EQC asked to see the assigned claim for Unit One.

After going through the conveyancing paperwork, Unit One’s owner couldn’t find the assigned claim. They went to the previous owner, who also hadn’t had the claim assigned. Neither person could track down the original property owner and claim holder from 2011, and the conveyancing lawyer who handled that transaction had since passed away. While EQC agreed with the builder’s and engineer’s findings, as the current owner of Unit One had not had the EQC claim assigned to them, EQC were under no obligation to fix the substandard repairs.

Thankfully this story has a happy ending. The adjoining unit owner in Unit Two had been living there since 2011 and held the original EQC claim. An assessment of their property showed they had the same foundation and floor level issues as their neighbour. In order to properly fix the foundation and floor levels of Unit Two, the entire structure needed its floors and foundations repaired. As the two units shared a wall, foundations and floor, Unit One was brought into the scope of works under Unit Two’s EQC claim.

What you need to know before you buy

Before you buy your next property in Christchurch, ask:

Is there an existing EQC claim on the property?;
Have funds settled by EQC with a previous owner been used to do the repairs?;
Are there any quality issues or substandard repairs on work originally undertaken by EQC to settle the claim, or any missed earthquake damage still needing reinstatement?;
Is there any pre-existing damage to the property not related to a natural disaster?

If you’re not sure about the answers to any of these questions, let us know. As part of our property conveyancing due diligence, we can highlight any of these red flags for you. We can also add a clause to the sales and purchase agreement to make sure you’re assigned the EQC claim for your new property.

Transferring EQC claims has become standard in Christchurch when transferring ownership of property, but sadly some people are still getting caught out. Have you bought a house in Christchurch since 2011 and you’re unsure whether the EQC claim has been assigned to you? Do you have questions about earthquake damage or substandard repairs, and want to know as much as you can about your next property? Contact Godfreys Law on 03 344 7469 to talk to one of our property conveyancing team.

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More EQC info now available to homeowners

Hon Dr Megan Woods

Homeowners can now access more information about a property’s previous Earthquake Commission claims, says Minister Megan Woods.

The Government’s Earthquake Commission Amendment Act passed by Parliament this week, empowers EQC to share more information about previous claims on a home.

“Previously homeowners and prospective buyers could only get information about claims on a property where there was a deed of assignment from the former owner. This meant people couldn’t find out what EQC claims there had been on a property they owned or were looking to buy. People should still get a deed of assignment when buying a house, but this change helps people who don’t have one.

“The changes we have made also allow EQC to share information to prevent or lessen a threat to public health or safety.

“Extended information sharing is one of four changes made to the Earthquake Commission Act. We have also increased the time limits for claim notification to up to two years; to give people more time to lodge their claims. They will still need to show that the damage was the result of an event covered by EQC,” says Megan Woods.

Further changes increasing the EQC cap on new claims and removing cover for contents, will come into effect from 1 July 2019 as people’s house and contents policies with their private insurer are renewed.

“Increasing the cap EQC can pay on new claims to $150,000, from $100,000, recognises the increase in building costs and means less over-cap claims will need to be passed onto private insurers.

“We have also removed EQC cover for contents and personal property, which will be picked up by private insurers. Removing cover for contents will focus all EQC’s claim management resources on resolving residential building and land damage claims.

“These four common sense changes will improve the efficiency of New Zealand’s natural disaster insurance scheme and focus EQC’s claim managers on helping people fix their homes.

“We’re making these changes ahead of the Inquiry into EQC and a further review of the EQC Act, as they are straight-forward improvements that fix identified issues with the scheme. These changes means that if the worst happened and there is another natural disaster, claims can be managed more efficiently,” says Megan Woods.

Assignment of EQC claims

The Christchurch earthquakes changed the landscape in many areas of life. One such area is insurance. Prior to September 2010 the words “EQC claim” were never muttered by a Christchurch property lawyer. Nowadays, if a Christchurch property lawyer goes a day without mentioning those words, they have done extremely well.

Recently and with the recent events in Kaikoura in the forefront of our minds, we brought you an article that looked at some lessons learnt from the Christchurch earthquakes from a home owners perspective which you can find here . We thought that it would be also useful to also look at this issue from the purchaser’s perspective.

The area of EQC and private insurance claims has evolved significantly since September 2010 and in many situations the 2016 position is more complicated than the position immediately after the earthquakes. This is mainly because many home owners have had pay outs for various aspects of damage to their properties, some of which has been completed and some of which has not. Almost all contracts for the sale and purchase of property contain provisions in relation to the claims that have been made on the property and the assignment or otherwise of those claims to the purchaser. Purchasers need to be on guard. The effect of getting these clauses wrong should not be understated. We offer the following tips to ensure that your interests are protected and no surprises occur on settlement.

Know your terminology

Be aware that there is a difference between an EQC claim and a private insurance claim. Unless there has been more than $115,000.00 damage to the property, an EQC claim will relate to damage to the dwelling and a private insurance claim will relate to aspects outside of the dwelling like the paths and the driveways.

Obtain information early on

In your discussions with the real estate agent, discuss with them the EQC and private insurance position of the property. In particular, what damage has occurred and obtaining scopes of work, did the vendor receive a cash settlement or did they have the repairs carried out by way of a managed repair process. This helps to inform you as to how much work has been completed on the property and the mode of repair.

Beware the cash settlement

If a cash settlement has occurred and the work has not been carried out, is the vendor agreeing to pay over the cash amount on settlement and if so, will the cash settlement be sufficient to complete the required work? If the cash settlement has been used to complete the work, can the vendor provide evidence (photographs, receipts and invoices) of the work having been completed? Often times, vendors who are cash settled for cosmetic work complete the work themselves. Therefore be wary of work that while technically “completed” has not been completed to a tradesman like standard. Your building report or other professional reports can be of use to determine the quality of work completed.

Obtain sign offs

If the work to the property has been carried out by way of a managed repair, ensure that you obtain all sign offs as well as any Council building consents and code compliance certificates in relation to the work. As you have probably seen in the media in recent times, even signed off work has had quality issues and therefore even with work that has been signed off, we would still encourage you to obtain independent professional reports to ensure the work has been completed to a good standard.

Feed back to your lawyer

The above information can then be fed back to your lawyer who can draft an appropriate clause in relation to the assignment of the EQC and private insurance claims. Your lawyer may want to confirm the information obtained with the vendor’s solicitor as well.

Make it a condition

You should consider making your approval of the EQC and private insurance information in relation to the property and the assignment of these claims a condition of the contract. This means that should any aspect of the EQC or private insurance position of the property that becomes clear through your due diligence process not be favourable to you, you have the ability to cancel the contract.

Beware of precedent clauses

We would caution you about relying on a standard EQC and private insurance provision that has not be tailored to the particular circumstances of the property. At Parry Field, we have more than 20 different clauses we use in relation to the assignment of EQC and private insurance claims so you can see that the variance is large.

Reliance on professional reports not commissioned by you

Be aware that professional reports (for example building and engineer’s reports) that are not commissioned by you (i.e. that you don’t pay for) can not be replied upon by you legally. Such reports must be commissioned and paid for by you if you wish to able to legally rely on them. Therefore, in a situation where a property has had significant damage, we would strongly encourage you to obtain your own structural engineer’s report in relation to the property.

Honesty is the best policy

if there is work still to be completed on the property, you should disclose this to your insurer and bank as early as possible. In relation to your insurance, this will likely result in your insurer excluding the damaged areas of the property from your policy coverage until the work has been completed. However, this is certainly the lesser of two evils given that if your insurers find out that you did not disclose damage when you are making an insurance claim for further damage to your property (a fire for example), this could void your policy and you be left with some hefty clean up costs.

This is likely to be the biggest investment of you life so take your time, speak to your lawyer early to ensure the contract is right for you. This could save you thousands of dollars down the track.

This article is not a substitute for legal advice and you should talk to a lawyer about your specific situation. Should you need any assistance with this, or with any other Property matters, please contact Paul Owens at Parry Field Lawyers (348-8480) [email protected]

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New Zealand Law Society - Severe weather events – assignment and further terms

Severe weather events – assignment and further terms

The Property Law Section is aware that transactions are now being contemplated where properties affected by the severe weather events earlier this year are to be marketed for sale. In some cases, repairs have been completed by Toka Tū Ake EQC "EQC" and/or insurers, and in others there are EQC and/or private insurance claims outstanding. Vendors and Purchasers contemplating such transactions need to be very careful. Vendors need to consider what representations should be made to agents and purchasers, and they need to understand what rights they can and can’t assign. Purchasers need to consider the risk they are taking on, what they need to check during a due diligence phase, and what ongoing rights they should have assigned to them.

The PLS has produced templates for properties affected by the severe weather events:

- Further terms of sale for properties potentially affected

- Deed of assignment of EQC and insurance claims

The templates will need to be amended to suit your clients’ circumstances and are not intended to replace independent, tailored legal advice. Please read the following commentary, which serves as a warning around some of the uncertainty surrounding the use of deeds of assignment in agreements for the sale of land.

If a client wants to sell their home before an insurance claim is settled, the New Zealand Insurance Council has advised they should speak with their case manager first to see if their claim can be settled quickly so that an assignment is not required.

The best approach is for vendors to repair the property before they sell. Following the severe weather events earlier this year, we acknowledge this is not always going to be possible due to the time it takes for insurers to fully assess properties, scope and cost projects, and then carry out the repairs with a scarcity of labour and materials.

EQC will accept the assignment of claims as of right, whereas private insurers often have clauses in their policies prohibiting the automatic assignment of claims, and they will instead make decisions on any requests for assignment on a case-by-case basis, and subject to the terms of the policy. It is easy for a claim to exceed the EQC cap (thus invoking private insurance) if, for example, foundation work is required to a property.

Agreement conditions

If a purchaser wishes to take over a vendor’s existing claims with EQC and/or a private insurer, then a clause will need to be inserted into the sale agreement making the agreement subject to the parties confirming such an assignment is possible within an agreed timeframe, and then agreeing to the terms of the assignment. In such cases, parties will have to consider and address any prior payments received by the vendor from the insurer and/or EQC which may not have been applied to the repair work that has been scoped.

There will be circumstances where properties are sold that have been repaired by vendors, and vendors may or may not have lodged claims and received proceeds. This may need to be addressed in the sale agreement. Even in the case of a repaired home, parties will need to consider whether

there should be an assignment of residual rights against EQC or insurers. This would give the ability for the new owner to re-open an existing claim with EQC if the original scope of works did not include all damage, or the repair work was incomplete.

Scenarios like this can create difficulties for a new owner if an EQC claim is re-opened, and the unscoped damage is accepted by EQC and leads to the claim exceeding the EQC cap. The new owner will receive a top-up payment from EQC to the level of the EQC cap, but will likely have no further recourse against the vendor’s insurer for the cost of damage above that amount unless they also happen to have an assignment of a claim with the insurer too. It is therefore imperative that purchasers of homes that have suffered damage get thorough prepurchase inspections from qualified building inspectors or surveyors , builders, drainlayers and/or engineers (as appropriate) to minimise their chances of suffering future loss.

Further on-sales

If a house is bought and then on-sold, it is important to ensure there is a continuous chain of any deeds of assignment so that any residual rights remain with the latest owner. A break in the chain of assignments when a home is on-sold will end the right of a later owner to make a claim if previously unscoped damage is later found.

The legacy issues from the Christchurch earthquakes show that such scenarios arise more commonly than one would expect, especially for potentially hidden damage to areas like foundations and drainage pipes.

These issues may well remain topical for some time. In Christchurch it is still common more than a decade later to be addressing these issues as previously damaged homes change hands. The subject matter dealt with in the PLS templates was discussed in more depth at our 5 April Property transactions in the aftermath of extreme weather webinar recording here .

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Details on the four changes and what these mean for MAS Members

There are four key changes that you need to be aware of:

Increased cap on residential building cover. The dwelling cap has increased from $100,000 to $150,000 on EQC residential building cover.
No household contents cover. E QC has removed the $20,000 household contents cover as they will no longer cover home contents that are damaged as a result of a natural disaster.
Extension on EQC claim lodgements. The timeframe on lodging an EQC claim has been extended from three months to two years.
Better information sharing. EQC has made property related information more accessible if necessary, to help settle claims and to improve service.

When will the changes come into effect?

From 1 July 2019, EQCover increases for residential buildings from $100,000 (+ GST) to $150,000 (+ GST), affecting policy holders on the anniversary date of their existing policy (which is generally the annual renewal date), or if you take out a new policy.

Also, from 1 July 2019, EQC will no longer cover contents, affecting policy holders on the anniversary date of their existing policy (which is generally the annual renewal date), or if you take out a new policy.

Will this affect my existing EQC claim?

Your existing claim will not be affected by the amendments, as we will continue to manage it under the current provisions of the Act, e.g. $100,000 cap still applies to existing claims.

When will these changes affect me?

The EQC changes will affect existing policyholders on their annual renewal date or the start date if you take out a new policy or add to a n existing policy.

How will these changes affect future EQC claims?

The EQ Cover residential building cap will increase to $150,000 on each claim from 1 July 2019.

There is now a two-year claims lodgement deadline available to any claim arising from an event. We still encourage you to claim as soon as possible because we may decline claims where delays in lodging a claim could make it difficult for EQC to attribute the damage to a natural disaster and to assess the claim.

How will contents claims be handled in the future?

The EQ Cover for contents will be removed on policy renewal. Every contents claim, regardless of the loss cause will be handled by MAS. There will be a 12-month transition period from 1 July 2019 as existing policies renew. The changes will take effect for you on the renewal date of your existing policy, or if you take out a new policy.

Will MAS and EQC still work together?

MAS and EQC will continue to work closely over the transition period to ensure members receive the correct entitlements based on the underlying insurance policy.

Will EQC continue to insure land?

Yes. The amendments make no change to EQC’s land cover. Refer to EQC’s website for definitions of cover .

What is the information sharing provision and what does this mean for personal information?

The updated provisions contained in the amendments provide scope for EQC to share information we collect about residential property claims lodged with EQC. However, this does not mean that we share your personal information such as your contact or financial details.

For example, if private insurers act as EQC’s agents to settle claims, as they have done for the Kaikōura earthquake, EQC will be able to share previous claim information on the property. Another example is that EQC can provide claim information to a prospective buyer of a house that they have previously repaired. Refer all queries for information to EQC themselves.

Regarding personal information, EQC are still bound by the provisions and protections under the Privacy Act. The Office of the Privacy Commissioner has been closely consulted in the development of the Bill and the information sharing provisions reflect the advice received from the Office.

What does ‘property information’ mean?

The amendment defines property-related information as information about natural disaster damage to a residential property (dwelling and land) and any claims made under the Earthquake Commission Act.

It also covers information about the assessed cost of replacing or reinstating damaged property, what repair work has been carried out and settlement amounts.

Who can request property information?

Anyone can make a request for information about claims lodged with EQC, including previous claims. All information will be provided in accordance with the Privacy and Official Information Acts.

Before the changes, homeowners and prospective buyers couldn’t find out what EQC claims there had been on a property they owned or were looking to buy, unless there was a deed of assignment from the former owner.

All information requests need to be done through EQC.

You can access more information including a guide to your claim with EQC and a householder's guide to EQCover on their website.

What is a Deed of Assignment in New Zealand?

By Emma Lindblom

Updated on January 28, 2021 Reading time: 5 minutes

This article meets our strict editorial principles. Our lawyers, experienced writers and legally trained editorial team put every effort into ensuring the information published on our website is accurate. We encourage you to seek independent legal advice. Learn more .

What is Assignment?

What is in a deed of assignment, when you would use a deed of assignment, key takeaways.

As contracts age, you may come to a point where you want to transfer your rights and benefits under a contract to another person. There are a couple of ways you can do this, one of which being through an assignment. Sometimes, your original contract will have an assignment clause detailing how you should go through the assignment process. However, not every contract has such a clause, so you can use a deed of assignment to transfer the original contract to another person. A deed of assignment is an important document you can use in a variety of situations. This article will help you understand:

how assignment works;
what is beneficial to put in your deed of assignment; and
some possible situations where you would use this legal document.

Assignments are a common way of transferring contracts in the commercial world. In an assignment, you, the assignor, assign the benefits and rights of the contract you hold to an assignee, a third party to your original contract. The assignee will then continue to perform the contract, and receive the benefits from doing so.

However, an assignment does not transfer your original obligations to the person you formed the contract with. You still have to perform your side of the contract.

For example, if you assign your lease to a new tenant, you still have to pay any rent you have owing. In most cases, assigning a contract does not need the consent of all parties. However, some contracts have an express clause prohibiting assignment, so it is important to check the terms of your contract.

You will want to make sure you properly draft your deed of assignment to make sure you do not leave any avenues open for legal consequences later on. Your deed will vary depending on your situation, but generally, you will want to include:

who the assignor is;
who the assignee is;
the signatures of both parties;
witness signatures, if the situation requires;
contact details of both parties;
the nature of the contract or legal device you are assigning;
what benefits and rights you are assigning;
any payments that need to be made; and
how those benefits manifest – whether that be through financial means, or service performed.

If you are unsure about what your deed needs to cover, it is a good idea to obtain legal advice.

Transferral of Creditor Rights

You can use a deed of assignment to transfer the right to be paid a debt. This means that you would transfer the benefit of that debt payment to someone else, while the original party you contracted with still performs their end of paying back the debt.

Transferring Ownership of a Trade Mark

You may be in the situation where you are transferring the copyright of a trademark to someone else’s name.

For example, if you are a graphic designer, you would design the logo, and assign the copyright of the trademark or logo you created to someone else. This would require a signed deed of assignment as the legal document proving the transfer of ownership.

Selling a Business

In the process of selling your business , you may use a deed of assignment to transfer any pre-existing commercial contracts you have with customers to whoever is buying your business . This means that the new owner can still maintain those customer relationships without having to enter into an entirely new contract.

Assignment of Lease

Deeds of assignment are often used in real estate transactions. If you are a tenant, you may wish to assign your lease to new tenants and move off of the property. You would use a deed of assignment to transfer your rights under the lease to the new tenant.

However, there are some additional requirements that you need to consider in this process. Usually, you need the permission of your landlord, and you need to make sure that the new tenant is respectable, responsible and able to fulfil any financial obligations that may arise under the lease in the future.

Making an EQC Claim

If you are buying or selling a house, and there is an already existing claim by the Earthquake Commission (EQC) investigating potential natural disaster damage on the house, transferring that claim is a part of the purchase process. You can transfer (or have transferred to you) the rights to the benefit of that claim using a deed of assignment. The deed will need to include all information about the claim, such as reference numbers and insurance information

Assignment is the process where you, the assignor, transfer the rights and benefits under a contract to a new person, the assignee. You need to formalise this process in writing in some way, and you can use a deed of assignment to fulfil this requirement. There are a variety of situations you can use a deed of assignment in, so it is important to tailor your deed to the specifics of your case. If you want more information or help with drafting your deed of assignment, contact LegalVision’s business lawyers on 0800 005 570 or fill out the form on this page.

An assignment is when you (the Assignor) transfer your rights from a contract to someone else (the Assignee). But, you still have to fulfil any outstanding obligations you have under the contract.

A deed of assignment is the contract outlining the assignment process. This is a written record of the transfer of rights that happens in an assignment and is signed by both the Assignor and the Assignee.

In a deed of assignment, you need to outline what exactly is being assigned to the third party. Both parties need to sign the document, and also the signatures of witnesses to the document.

You can use a deed of assignment in a variety of situations. Often, you would use it as a proof of transfer of ownership of legal property. This can apply to intellectual property, such as trademarks, or real estate property, such as the lease on commercial premises of your business.

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Breadcrumbs

Buying a home
Researching the property

Understanding the impact of natural hazards

When you’ve found the property you want to buy, it’s important to find out as much as possible about potential hazards before you make an offer.

Summary of important things to know

Before you buy, find out if any natural events are relevant to the property and how you may be able to reduce the risk of damage.

If you’re interested in a property in an area impacted by earthquakes, you should get it inspected by an appropriately qualified professional.

If the property has been the subject of an EQC claim, check the EQC scope of work to see what was done and seek legal advice before you sign a sale and purchase agreement.

This information on natural hazards may not cover everything that is relevant to you or the property. You should always get advice from your own lawyer or conveyancer and other registered professionals.

Natural events

New Zealand is at risk of many types of natural events. Before you buy a property, find out if natural events could impact the property and how you may be able to reduce the risk of damage to buildings and land.

Hazards to consider include:

earthquakes
volcanic eruptions
hydrothermal activity such as hydrothermal eruptions, ground subsidence and gas emissions.

The local council should have information on any hazards for the property you are considering. Some of this information may be available free of charge, or you could order a land information memorandum (LIM) report. Read more about LIMs here .

Visit the Earthquake Commission (EQC) (external link) for more information on what to look out for.

Buying after an earthquake

Even small earthquakes can damage a home depending on its design, construction and the land it sits on. Pay particular attention to chimneys, foundations and retaining walls, noting their construction and quality. Land can also become less stable.

These features can make some homes susceptible to earthquake damage:

Houses on slopes with large open internal spaces.

Pole houses on slopes with limited foundation bracing.

Houses with more than one type of foundation, for example, concrete slab foundations as well as timber piles.

Houses with irregular design shapes or several split levels.

Double skin brickwork and unreinforced concrete block walls.

If you’re interested in a property in an area impacted by earthquakes, you should get it inspected by an appropriately qualified professional. We recommend using an independent property inspector or structural engineer who can assess and identify any issues.

A building inspector will assess the home, or particular features of the home, and prepare a report for you. Make sure you know what they will include in their inspection and ask for a sample report so you know what to expect. Check that they’ll consider how chimneys, foundations and retaining walls might perform or be affected by a natural event.

Read more about property inspectors here .

If a property is in an area with known geotechnical problems, you may want to consider adding a Geotech report to your due diligence. Properties with steep slopes, known liquefaction issues, and those sitting on a cliff may be more prone to foundation and ground stability issues.

What to expect when the property has had an EQC claim

Ask the agent whether the home has been subject to an EQC claim. If it has, ask for more information about the claim including whether it has been resolved, and seek legal advice before you sign a sale and purchase agreement.

You can request previous claim information directly from EQC, however, we recommend you speak to the listing agent and vendor before contacting EQC as they may have obtained this information already. To request claim information directly from EQC, you can use EQC’s Official Information Act (OIA) request form which is used in accordance with the Privacy Act to obtain the history of a claim with EQC here (external link) (this can take up to 20 working days).

The type of information you can expect to receive:

any natural disaster damage to the property (dwelling and land),
any claims that have been made
information about the assessed cost of replacing or reinstating damaged property
what repair work has been carried out
and settlement amounts.

You can then check to see whether that repair has been completed. Check local council files on the property to ensure any building or construction work has appropriate consents and ask your lawyer or conveyancer to review these too.

What does 'as is, where is' mean?

If you’re thinking of purchasing a home listed ‘as is, where is’, it may have:

suffered substantial damage and has been written off by the insurers
been approved for repair, but no repairs have been carried out, or
not had insurance at the time of the natural event.

It’s a good idea to confirm that you can insure the house well before settlement because your lawyer and lender may require that you have evidence of insurance cover before the settlement date. Seek legal advice and clarification from the insurance provider before signing a sale and purchase agreement.

Transferring an existing claim

If a property with an EQC claim is being sold and the parties have agreed they want EQC to settle any outstanding claims with the buyer, the seller will need to complete a deed of assignment to advise EQC of the assignment of the claim to the new owner.

Find out about transferring an EQC (external link) property claim.

Coastal hazards

Living by the sea is a dream for many Kiwis, but if you’re interested in a coastal or seaside cliff-top property, it’s important to understand the long-term risks and potential issues from rising sea levels and coastal erosion.

Government agencies have released information on the risks and impacts global warming and climate change will have on New Zealand coastal properties. The Ministry for the Environment states that rising sea levels will increase the risk of erosion, inundation and saltwater intrusion. And the Parliamentary Commissioner for the Environment has released a report which highlights the different effects global warming is having on our country.

If you’re interested in purchasing a coastal property, it’s a good idea to get it checked by an accredited property inspector who can identify defects, future or urgent maintenance issues and any problems resulting from a coastal location.

Below are some things to consider when looking to purchase a coastal property.

Rising sea levels

According to the environment report above, the sea level is likely to rise by between 50 centimetres and 1.0 metre by the end of the century. A report commissioned by the Deep South National Science Challenge (external link) states that nearly 44,000 homes in New Zealand are less than 1.5 metres above the current average high tide mark.

If you’re looking for a property near the sea, it’s a good idea to ask what if any precautions have been made to the property to protect against the threat of rising water levels.

Flood zones and storm impacts

The frequency and severity of storms and cyclones bringing heavy rainfall, damaging winds, waves and storm surge to New Zealand has increased.

Coastal flooding typically occurs when a major storm, king tide, or tsunami causes the sea to surge inland. Flooding is usually caused by:

heavy or excessive rainfall
landslides — triggered by heavy rainfall or earthquakes
rapid ice melt in the mountains
a ruptured dam or levee
high sea levels at river mouths.

The property title and LIM report may include a history of flooding as well as potential flooding hazards. Some councils may provide flood maps which show the area's risk of flooding.

If you’re considering living in a coastal area, find out about road access during storm conditions and consider the cost of vehicle maintenance if the road is often inundated by salt water.

Coastal erosion

Coastal erosion is a natural process which happens when wind, waves and water currents wear away the shoreline.

Properties located on low-lying sand or cliff tops are more at risk of erosion.

For more information on coastal erosion visit Te Ara (external link) - The encyclopaedia of New Zealand.

Can you get insurance on the property?

If you’re looking at buying a coastal or clifftop property, you’ll need to find out if the property can be insured and at what cost.

As the risk of environmental damage increases along coastlines, insurance companies are reassessing how they cover this type of damage. Be aware that the cost of premiums may increase, exclusions may be added, or insurance cover may be withdrawn for some properties as the risk changes.

The Earthquake Commission (EQC) doesn’t cover damage to land from coastal erosion (although it does cover storm and flood damage to land) and it doesn’t cover damage to residential structures or contents from storms, floods or coastal erosion.

Seek legal advice and clarification from an insurance provider before signing a sale and purchase agreement.

Maintenance and upkeep of coastal property

Property maintenance costs may be higher for coastal properties because salt water can damage building materials and exposed electrical components. There may also be additional upkeep, for example, cleaning salt from windows and removing debris.

Local council information

If you’re searching for a home in an area that has been affected by natural events you may need to collect additional information specific to the area. Councils will provide you with more detailed information about the natural events that can occur in the area.

Some councils provide geological hazard maps which allow you to search the area's flooding, faults, liquefaction, and geothermal risks.

In Canterbury, you can look up a property’s land zone, technical category, regional information and data on the Canterbury Maps (external link) website. The Christchurch City Council also provides information about the technical categories and land zone on their website My Land Zone (external link) .

You can also find natural hazard property information on local council's interactive maps that provide information for property owners:

Bay of Plenty (external link)
Greater Wellington (external link)
Hawke's Bay (external link)
Northland (external link)
Otago (external link)
Whangarei (external link)

This is not a complete list of all councils interactive maps across New Zealand. You should contact your local council for more information.

Some councils located in coastal areas may also provide information about the area’s coastal erosion, landslips, rainfall amounts, and general coastal hazards including the effects of climate change.

Property Checker tool

Property Checker is a tool that helps buyers to identify potential issues with a property.

Simply answer a series of questions about a property you’re interested in. A report is produced which you can email to yourself and others. The report highlights some areas we recommend you research further before making an offer.

Learning about problem building materials

Understanding meth

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IAG no longer accepting any Deeds of Assignment to transfer insurance claims

Contributor.

Over the past 6 years it had become usual practice that EQC and private insurance claims were assigned to the purchaser upon a sale if the parties both agreed. Previously private insurers had been happy to allow the assignment of these claims provided a valid Deed of Assignment was entered into by the parties.

We have touched on this in our August newsletter , but it is important that you are aware of the developments in this area. In our experience it is now uncommon for most private insurers to accept Deeds of Assignment for the residual benefits of claims that have previously been settled. We are also aware that different insurers are taking different positions as to whether they will allow the assignment of claims which are still open.

IAG in particular has now made a business decision to no longer accept any Deeds of Assignment that intend to transfer claim entitlements to the property's new owners. This will of course have a major bearing on how you, as agents, will prepare contracts and market properties.

When you are tasked with marketing a property that has an IAG claim (whether the claim has been settled or is still open), you will now need to be aware that that it will not be possible for the vendor to assign the IAG claim to the new owners. IAG will not accept whatever assignment is presented to them even if the vendor has represented to the purchaser that an assignment would be possible.

If the property is insured through an insurer other than IAG then it is important that the vendor obtains their insurer's consent to assign the insurance claim(s) before the vendor makes any promises to the purchaser.

Put simply, our view is that the default position should be that a claim cannot be assigned unless the vendor has obtained the written consent of their insurer.

Accordingly, it is also important that purchasers and vendors are also aware of this from the outset so that there are no false expectations, particularly if someone is under the assumption they can rely on the claim going forward to fix a driveway, for example. If the parties' expectations are clear at the outset then you can avoid a messy situation where a purchaser discovers they can't in fact obtain rights to a claim they expected to receive.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

New Zealand

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Standard Procedure for Purchase of a Residential Dwelling

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Standard Procedure for Purchase of a Residential Dwelling

The following outlines the standard procedure Pier Law performs for purchasing a residential dwelling. Many of these steps must be handled by your lawyer. At Pier Law we provide full services for your residential legal needs. Don’t hesitate to contact us if you are purchasing a property. The standard specification for a purchase in Canterbury is as follows:

Perform a preliminary interview – ideally before the contract is signed – to discuss purchase price, basis of financing, status of EQC and/or private insurance claims, contract terms, and pitfalls
Receive and peruse contract
Report to Purchaser with details in relation to the contract enclosing Letter of Engagement, Information for Clients and Standard Terms of Engagement
Report to solicitor for vendor, and confirm time for confirmation of conditions
Perform a search of the title and associated documents
Obtain a Land Information Memorandum (LIM) from the local Council
Review title and LIM with purchaser
Liaise with client and/or third parties (e.g. bank and insurance company) relating to confirmation of conditions
Confirm contract as unconditional with Vendor’s solicitor and real estate agent
Set up the e-dealing in Landonline workspace
Advise Vendor’s solicitor of e-dealing details
Prepare Land Information NZ (“LINZ”) client authority forms and Deeds of Assignment for assignment of EQC and/or private insurance claims (if required)
Prepare sale notices to advise Council of change of ownership
Receive loan documentation from bank and review, prepare loan documentation for signing by Purchaser
Prepare associated documentation required for settlement including where required; guarantees, waivers of independent legal advice, Company Resolutions or Trustee Resolution
Obtain LINZ guaranteed search within 14 days of settlement and check Personal Property Securities Register for any charges registered against chattels that form part of the sale. Arrange for Vendor’s solicitor to organise release of charges prior to settlement (if applicable)
Receive and check settlement statement, prepare purchase statement and account
Meet with Purchaser to arrange signing of loan documentation, LINZ forms and Deeds of Assignment, review statements and account for settlement
Send signed loan documentation, together with solicitor’s certificate, to bank
Arrange for payment of purchase price (or cash contribution if mortgage required) and legal costs and disbursements to the credit of the trust account in time for settlement
Arrange for transfer of settlement monies upon receipt of vendor’s solicitor’s undertakings and copies of signed Deeds of Assignment
Complete settlement ensuring certification of e-dealing documentation and registration of transfer and mortgage with LINZ
Ensure the keys are uplifted and passed to the purchaser by arrangement or other suitable arrangements made for possession
Report and account to purchaser with copy of the Certificate of Title and Deeds of Assignment
Report to bank with security documents as required
Report to EQC and/or the private insurer with copies of Deeds of Assignment (if applicable)
Receive payment of any balance outstanding from client to clear account

Enlist Our Services

If you are interested in more information or advice on residential law, please contact one of our friendly staff at the Styx Mill , Kaiapoi or New Brighton offices to arrange an appointment.

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Deed Of Assignment Of Trademark (Absolute-pro-assignor
Deed of Assignment in Malay
Deed of conveyance and deed of assignment
Deed Of Assignment In Malaysia
DEED OF ASSIGNMENT OF SHARES OF STOCK.pdf
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EXPOSED Rishi Sunak Caught Out In A PROVEN Lie?
Cold Case: The Evidence of The Resurrection

COMMENTS

Buying or selling a home with previous claims :: EQC Toka Tū Ake
Assignment of claims. When buying or selling a property that has an EQCover claim, the claim can be transferred to the new homeowner. Once a claim is transferred, the new homeowner will have the same rights and benefits as the previous owner. The rights and benefits of the claim refers to any remaining settlement for natural disaster damage to ...
PDF ASSIGNMENT OF CLAIMS WITH EARTHQUAKE DAMAGE
2. a deed of assignment. A new homeowner with an assigned claim has the same rights as the previous homeowner1 had. However, assigned claims may have no residual benefits, or residual benefits may be limited by previous settlements. Where a property is sold without an assignment of claim, any benefits the claim may have will remain
PDF Assignment of Eqcover Claims With Natural Disaster Damage
1 An insurance company may have different requirements for assignment of claim documentation. ASSIGNING (OR TRANSFERRING) AN EQ - COVER CLAIM If a property you are looking to buy has a claim with Toka Tū Ake EQC, this claim can be transferred to you from the current homeowner. This process is called an assignment of claim.
PDF EQC Claims Manual
d. Is there any reason for the claim (or any part of it) to be declined? 69 i. Grounds to decline a claim under Schedule 3, EQC Act .....70 ii. Schedule 3, EQC Act grounds to decline are the only grounds relevant when determining whether to decline part or all of the EQCover claim.70 e.
Buying a house after a natural disaster
EQC claims, or parts of claims, transferred to a new owner give that person the same entitlements as the previous claim holder. This means the new owner will receive any remaining entitlement up to EQC's cap for a natural disaster event. ... Send your Deed of Assignment to EQC for processing: This will ensure they have you on file as a claim ...
PDF BUYING OR SELLING A HOME
if there are any EQC claims listed. Transferring the benefit of an EQC claim. For the benefit of an EQC claim (for example, if the claim has not yet been settled or further related damage is identified) to be passed to a buyer, the claim needs to be transferred to them. This process is called 'assignment'.
Assigning your EQC Claim
A homeowner will be provided with a Deed of Assignment of EQC Claim. This document is a formal deed which includes a number of warranties. It provides the insurer with the right to receive a transfer of homeowner's EQC payment and any other benefit accruing under the EQC claim. There are some points a homeowner should consider before making ...
Getting your claim reviewed :: EQC Toka Tū Ake
We have developed a guide outlining the steps involved in reopening and resolving a settled EQC claim. Guide to reopening and resolving a settled EQC claim. Initial claim review process. ... If you bought the property after the earthquakes, the sale and purchase agreement, deed of assignment and any pre- purchase reports.
Claims :: EQC Toka Tū Ake
Claims. Navigating the claims process following a natural disaster can be a challenging time. Find out how to make a new claim, and about the usual claims process including assessment and cash settlement. We also offer guidance for buying or selling a home with previous claims, which includes asking us for claim information. Make a new claim.
Assigning an EQC Claim
While EQC agreed with the builder's and engineer's findings, as the current owner of Unit One had not had the EQC claim assigned to them, EQC were under no obligation to fix the substandard repairs. Thankfully this story has a happy ending. The adjoining unit owner in Unit Two had been living there since 2011 and held the original EQC claim.
More EQC info now available to homeowners
The Government's Earthquake Commission Amendment Act passed by Parliament this week, empowers EQC to share more information about previous claims on a home. "Previously homeowners and prospective buyers could only get information about claims on a property where there was a deed of assignment from the former owner.
EQC Claim Advice : r/chch
An indemnity can often work with eqc talk to your claim manager about providing a indemnity if the deed of assignment can't be sorted. Reply reply ... Transfer of the deed of assignment is part of the purchase and sale agreement, so the original owners could claim that the price that was agreed to when selling to the developer was based on them ...
Christchurch Earthquake Issues
Kris: Our understanding is that EQC have indicated that they will acknowledge and honour Deeds of Assignment between the seller of the house and the purchaser of the house, so that one of the clauses that a purchaser would want to see in a purchase contract is if there has been an EQC claim made, the vendor needs to undertake to assign that ...
Assignment of EQC claims
Be aware that there is a difference between an EQC claim and a private insurance claim. Unless there has been more than $115,000.00 damage to the property, an EQC claim will relate to damage to the dwelling and a private insurance claim will relate to aspects outside of the dwelling like the paths and the driveways. Obtain information early on
NZLS
- Deed of assignment of EQC and insurance claims. The templates will need to be amended to suit your clients' circumstances and are not intended to replace independent, tailored legal advice. Please read the following commentary, which serves as a warning around some of the uncertainty surrounding the use of deeds of assignment in agreements ...
PDF Treasury Report T2021/607: Providing information on EQC claims to
information without a deed of assignment from the previous owners. 5. Prospective purchasers wishing to obtain information about EQC claims on a property may request information on a property via an Official Information Act 1982 (OIA) request. Like any other agency, EQC needs to respond to an OIA request as soon as
FAQs EQC Act Changes 2019
How will these changes affect future EQC claims? The EQ Cover residential building cap will increase to $150,000 on each claim from 1 July 2019. ... unless there was a deed of assignment from the former owner. All information requests need to be done through EQC. ...
Sales of EQC repairs need legal clarification
They may also obtain Deeds of Assignment for EQC and private insurance claims. "It is not EQC's role to say whether properties should be sold or not. We currently have less than 2,000 remedial ...
What is a Deed of Assignment in New Zealand?
Assignment is the process where you, the assignor, transfer the rights and benefits under a contract to a new person, the assignee. You need to formalise this process in writing in some way, and you can use a deed of assignment to fulfil this requirement. There are a variety of situations you can use a deed of assignment in, so it is important ...
Understanding the impact of natural hazards
Transferring an existing claim. If a property with an EQC claim is being sold and the parties have agreed they want EQC to settle any outstanding claims with the buyer, the seller will need to complete a deed of assignment to advise EQC of the assignment of the claim to the new owner. Find out about transferring an EQC (external link) property ...
IAG no longer accepting any Deeds of Assignment to transfer insurance
Over the past 6 years it had become usual practice that EQC and private insurance claims were assigned to the purchaser upon a sale if the parties both agreed. Previously private insurers had been happy to allow the assignment of these claims provided a valid Deed of Assignment was entered into by the parties.
Standard Procedure for Purchase of a Residential Dwelling
Prepare Land Information NZ ("LINZ") client authority forms and Deeds of Assignment for assignment of EQC and/or private insurance claims (if required) Prepare sale notices to advise Council of change of ownership; Receive loan documentation from bank and review, prepare loan documentation for signing by Purchaser
Deeds of assignment
The assignment of claims was recorded in a deed of assignment dated 25 August 2016 between the liquidators and the Assignee (the " Deed "). Under the terms of the Deed, the liquidators ...