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/ EQC - Crown Policy for Support Package to Owners of on Sold Properties

EQC - Crown Policy for Support Package to Owners of on Sold Properties

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28th November 2019

On 15 August 2019, the Government announced a new policy to support owners of onsold properties with failed repairs.

 

The Policy

 

The purpose of the Government support package is to provide ex gratia payments to eligible owners of On-Sold properties, to cover the Over-Cap portion of the cost to repair natural disaster damage arising from the Canterbury Earthquake sequence associated with:

 

  1. Failed Repairs: a failed, inadequate, or non-compliant repair carried out by EQC to settle the original claim(s)
  2. Missed Damage: damage that is attributable to the Canterbury Earthquake Sequence, but which was not identified and assessed before EQC settled the Claim(s),  

 

General Criteria

 

To be eligible for an ex gratia payment, you must meet certain criteria:

 

1. You must be the current owner of the Property.

 

2. An application to register your interest for an ex gratia payment must be made on or before 14 August 2020. The application form is on EQC’s website: https://www.eqc.govt.nz/node/1873  

 

3. Your Offer to purchase the Property must have been made on or before 15 August 2019.  

4. If your Offer was subject to a Building Condition, you must have satisfied or waived that Building Condition on or before 15 August 2019.

 

5. The Original Owner(s) of the Property must have lodged at least one Claim with EQC.

 

6. Before making your Offer to purchase the Property the Claim(s) lodged by the Original Owner(s) to which an ex gratia payment relates must have already been assessed by EQC and determined to be Under-Cap.

 

Further information is available on EQC’s website:

https://www.eqc.govt.nz/sites/public_files/documents/factsheet/Factsheet-Government-On-Sold-Support-Package.pdf

 

If you require our assistance contact Julie Hawthorne