Crown offer background information
Residential Red Zone Offer Recovery Plan released
30 July 2015
The Residential Red Zone Offer Recovery Plan has now been approved and released.
The process of making new Crown offers to owners of vacant, insured commercial and uninsured properties in the residential red zone is now underway.
Once a consent form has been returned, eligible property owners will receive an offer to purchase their property as outlined in the Residential Red Zone Offer Recovery Plan.
Property owners have until 10 December 2015 to decide whether to accept the offer. The final date for settlement is 26 February 2016.
Agreement for Sale and Purchase - the agreement that you and the Crown will sign to record the terms on which you have agreed to sell your property to the Crown.
CERA - Canterbury Earthquake Recovery Authority
Cross lease - where, on one land title, there are several flats/houses that are each owned by a different person and together all those different persons own the land that the flats/houses are on; and they each lease the land that their own flat/house is on from all the other owners.
Crown - The Government
EQC - Earthquake Commission
Insurer - the insurance company that your house is insured with.
Settlement date - the date under Option 1 and Option 2 on which: You or your tenants must be out of the property. The Crown will make the final payment to you for your property. The Crown will become the owner of your property.
Tenancies - where people have a right to occupy a property (whether exclusively or otherwise) and pay some form of rent.
Unit title - where a dwelling owned by an individual that is part of a community of individuals (known as a body corporate) where each individual owns a unit and the community together owns the common property.