Property transactions are about to get that much easier

Man holding the world

 

Property transactions in New Zealand are, in theory, a relatively simple affair. You find the right mortgage, you seek out the best-fitting property, you engage with the seller, sort out the paperwork and voila: you are now the proud owner of a piece of real estate.

However, in reality, the process can become a lot more involved than that. While we can help you handle the mortgage bit and simplify that particular section of the process, it can still be a hassle when sifting through the complex jargon of the actual property ownership transfer. After all, that's a major part of the whole job description of conveyancer - to guide people through the more esoteric parts of property sales.

But it looks like one of the authorities behind this process has taken pity on the humble property purchaser, and has decided to make life that much easier when it comes to paperwork. Land Information New Zealand (LINZ), the institute responsible for property transactions and gatekeeper of real estate information, is updating its software in a big way.

The problem that this system is facing is that it's simply out of date. A decades-old system

If you're a current property owner or investor, you will likely be well aware of exactly what happens when you begin the process to buy a property. But what you might not be aware of is the fact that an enormous amount of the information you receive and the paperwork you lodge all goes through a single system.

This piece of software, which Land Information Minister Louise Upston says processes more than 3.5 million property transactions and information searches a year, is one of the key points of entry for everyone from homeowners to lawyers and real estate agents.

However, the problem that this system is facing is that it's simply out of date. Even Ms Upston, the person responsible for LINZ, describes it as such, saying that the technology is quite literally decades old and in need of an update. The new software, known as Advanced Survey and Title Services (ASaTS), aims to do just that.

The start of a revolution

While it may not seem particularly impactful, this new system could break down a lot of the barriers that first home buyers and property investors alike encounter: a lack of information. ASaTS will make it easier for real estate hunters to find out pertinent information about a given property without specialist help, while the specialists themselves will have access to a far more interactive and user-friendly system.

So what does this mean for the average Squirrel Mortgages customer? Your property journey will become that much easier, from getting a home loan from us right through to the actual paperwork and sale. With such a hot property market in New Zealand at the moment, this new system can only be a boon for anyone looking to buy, sell or refinance property in Aotearoa.