Commerce Commission warning on rent-to-buy housing
The Commerce Commission is warning people buying houses under rent-to-buy schemes to make sure they get the full protection of the new Credit Contracts and Consumer Finance (CCCF) Act.
Tuesday, June 7th 2005, 8:27AM
by The Landlord
After a complaint from Waikato where a buyer wasn’t given all the required information about the contract, the Commerce Commission today said house purchasers should get independent advice before they signed up to a rent-to-buy contract."The rent-to-buy schemes are not illegal," said Commerce Commission acting general manager, Peter Taylor.
"However, in many instances they have features which meet the definition of a consumer credit contract and the commission recommends that purchasers get independent legal advice to ensure their position is protected," he said.
"We have also written to a number of rent-to-buy scheme providers throughout the country reminding them of their obligations to consumers under the terms of the CCCF Act."
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