What must an agent give me before I sign?

The approved guide, before signing

Section 127 of the Real Estate Agents Act 2008 requires the agent to give you the Real Estate Authority approved guide, the New Zealand Residential Property Agency Agreement Guide, before the agency agreement is signed, and to obtain a signed acknowledgement from you that you received it.

It is worth reading rather than initialling. The guide explains what an agency agreement commits you to and what your options are, and it is written for sellers rather than for the industry.

The appraisal, in writing

Rule 10.2 of the Client Care Rules sets the standard. In its own words: An appraisal of land or a business must be provided in writing to a client by a licensee; and realistically reflect current market conditions; and be supported by comparable information on sales of similar land in similar locations or businesses.

So a price range said out loud at the kitchen table is not an appraisal, and a range with no sales behind it does not meet the rule either. Where no directly comparable or semi comparable sales data exists, rule 10.3 requires the licensee to explain that to you in writing.

An appraisal is also not a valuation. A valuation of land for members of the public must be produced by a registered and certified public valuer under the Valuers Act 1948. If a bank, a court or a relationship property matter needs a valuation, an appraisal will not stand in for it.

The agreement, the fee and your copy

Section 126 says an agency has no entitlement to commission or expenses unless there is a written agency agreement signed by you and the agent. A copy of the signed agreement must be given to you within 48 hours.

Alongside it, ask for the fee in writing with GST and any fixed administration or transaction charge shown, and the marketing schedule itemised and agreed before anything is booked. Both are negotiable terms until you sign.

If the agreement is a sole agency for residential property, section 130 gives you a cancellation right: you may cancel by 5pm on the first working day after the day a copy of the agreement is given to you, in writing, with the clock running from delivery of the copy.

Nothing stops you taking all of it away overnight and reading it properly. A good agent expects that.