The selling process for the first sales release at Tamakuku Terrace will be by tender. Offers must be submitted in the tender form using the Particulars and Conditions of Sale of Real Estate by Tender (Fifth Edition 2020) by the tender deadline and completed in full.
As it is a tender, you will have one chance to place your best offer to try and secure your preferred lot. Your offer must be submitted on the standard tender document (described above and referred to below in Step 1) and must be completed correctly as non- complying or incomplete tenders will not be accepted.
This will be the first time buying land for many people so we have put together a ‘how to guide’ to ensure you know how the process works.
On tamakukuterrace.co.nz the following information is available:
Before submitting a tender, you need to be sure that you are eligible to buy a property in New Zealand according to the Overseas Investment Act 2005. If you are an overseas visitor and not a New Zealand resident or New Zealand born, then you need to check your status with this Act.
If your tender is accepted, it becomes a legally binding contract, which means you are committed to its terms. We recommend you seek legal advice before submitting your tender to ensure you understand the terms and what is required of you. We are available to discuss questions you may have.
You’ll need to make sure your finances are organised before you submit a tender. We recommend you discuss lending approval with your bank. Sometimes your bank will require a ‘turn key’ house and land price, so speak with a local builder or building company about what house designs will work on your desired lot and confirm build costs.
You must pay a deposit of 10% of the purchase price for the lot when your offer is accepted, so please make sure you have these funds available.
The information setting out the conduct of tender is included in clause 33 of the Further Terms of the tender.
Your Tender MUST:
Please do not submit a deposit with your tender. If your tender is accepted, you will be notified and required to pay a deposit of 10% of the purchase price within 2 working days of notification that your tender has been accepted. Payment details will be provided at the time of notification.
No tenders will be presented to the Council officers before the tender closing date and time (October 28th at 5pm).
The tender review process is completed in partnership by Veros who are the Development Managers and Simpson Grierson who are the legal counsel. All tenders, including the identity of the tenderer, will be kept confidential and will not be divulged to any other tenderer or third party (other than Stephen Cornwall or other employees at Veros who are assisting with the tender process and Sonia Bannister or other legal counsel at Simpson Grierson). The preferred tenders will be presented to the appointed council officers within 3 working days’ of the tender closing date and time, and after they have had been legally reviewed for completeness.
We want to help as many people purchase a lot as possible, so that means you will only be able to purchase one lot per sales release.
We know some people will only want one particular lot, while others would be happy with any selection of lots. When preparing your tender:
There is no warranty that a purchaser who submits a tender will have any of its tenders accepted.
The enclosed tender is a legal document and if it is accepted by the Council, you will be legally bound. The Council is registered for GST which might have consequence depending on your situation, accordingly we strongly recommend you seek advice from your solicitor and/or accountant before signing and submitting a tender document.