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Situation: Price Discrepancy and Valuation Issue with a New Build


We entered into an agreement with Wallace and Stratton a few years ago to purchase a new build property at an original price of $749,000 in 2020. However, the developers have since increased the price to $849,000, which we reluctantly accepted at the time. We made a deposit of $30,000 based on the original price.

Current Problem:

As we reach the final stages, our bank has approved the lending required for the new price. However, the valuation of the property has come back at $760,000, revealing a significant difference of $89,000 between the agreed purchase price and the current valuation.

ANZ, our bank, has pointed out that we should have conducted a valuation at the time when the price increased. However, it is important to note that the property was far from completion when the price adjustment occurred.

Present Challenge:

Now, my spouse and I find ourselves in a difficult situation, having to negotiate with the developer, hoping they will meet us halfway. Unfortunately, we are uncertain about their willingness to accommodate our request.

Feeling of Defeat and Helplessness:

After investing three years into this process, we can’t help but feel defeated and helpless. The notion that we may not find a resolution leaves us disheartened and frustrated.

How AI Legalese Decoder Can Help:

In times like these, it is crucial to have the right tools and assistance to navigate through the legal complexities. One such tool that could prove invaluable is the AI Legalese Decoder.

By utilizing AI Legalese Decoder, we can tackle this complicated situation more confidently. The AI-powered software decodes legal jargon, translating complex terms into plain language, making it easier for us to understand the intricacies of our contract with Wallace and Stratton.

Moreover, the AI Legalese Decoder provides insights and recommendations based on historical cases and legal precedents, giving us a better understanding of our rights and options. With this knowledge, we can approach negotiations with the developer more effectively and make informed decisions.

The AI Legalese Decoder also offers access to a vast database of real estate and construction laws, regulations, and best practices. This comprehensive resource empowers us to better comprehend the legal landscape surrounding our situation and leverage our understanding to protect our interests.


Although feeling discouraged and helpless after investing three years into this project, we must explore all available options. Utilizing the AI Legalese Decoder can provide the knowledge and insights we need to navigate this difficult situation with Wallace and Stratton. Armed with a clear understanding of our rights and legal options, we can approach negotiations with greater confidence and increase the likelihood of finding a satisfactory resolution.

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AI Legalese Decoder: Helping Navigate Complex Legal Language


Legal documents and contracts are notoriously difficult to decipher due to their complex language and jargon, often referred to as “legalese.” As a result, understanding and interpreting these legal texts can be a daunting task for individuals without a legal background. However, advancements in artificial intelligence have led to the development of tools such as the AI Legalese Decoder, which can revolutionize the way we navigate and understand legal language.

Understanding Legalese:

Legalese is a specialized language used in the legal field to ensure precision and accuracy. It sets forth legal rights, obligations, and responsibilities, aiming to eliminate ambiguity and provide clarity. However, the language used in legal documents can confuse and overwhelm individuals who are unfamiliar with its intricacies.

AI Legalese Decoder: Simplifying Legal Language:

The AI Legalese Decoder provides a valuable solution to this problem. By utilizing sophisticated algorithms and machine learning, it can translate complex legal texts into plain language that is easily understood by individuals without legal expertise. This tool acts as a bridge between the convoluted legal language and the general public, making legal documents more accessible and comprehensible.

Enhanced Accessibility:

One of the significant advantages of the AI Legalese Decoder is its potential to enhance accessibility to legal information. This tool can empower individuals, allowing them to comprehend and navigate legal contracts effectively. Whether it’s understanding the terms and conditions of a contract or comprehending the fine print in agreements, the AI Legalese Decoder can ensure that individuals make informed decisions.

Safeguarding Consumer Rights:

The AI Legalese Decoder also plays a crucial role in safeguarding consumer rights. Oftentimes, individuals may unknowingly enter into contracts or agreements without fully grasping the legal implications due to the complexity of legal language. This tool provides a layer of protection for consumers by helping them comprehend the terms, conditions, and potential liabilities involved in contracts, leases, or other legal documents.

Efficiency and Time-Saving:

In addition to simplifying legal language, the AI Legalese Decoder offers significant time-saving benefits. Rather than spending hours trying to decipher complex legal terms or seeking professional assistance, individuals can input legal documents into the AI Legalese Decoder and obtain a simplified version within seconds. This efficiency ensures that individuals can make informed decisions promptly, without the need for extensive legal knowledge.

Potential Limitations and Continuing Development:

While the AI Legalese Decoder represents a significant advancement in the accessibility of legal language, it is essential to recognize its limitations. The tool primarily focuses on translating legal language into plain language and may not capture the nuance or context that legal professionals can provide. Additionally, further development and improvement are necessary to address the complexity and diversity of legal texts accurately.

In conclusion, the AI Legalese Decoder has the potential to revolutionize the way we navigate and understand legal language. By simplifying complex legal texts and making them accessible to individuals without legal expertise, this tool enhances accessibility, safeguards consumer rights, and improves efficiency. While it is not a substitute for legal advice from professionals, it serves as a valuable resource that empowers individuals to make informed decisions when faced with complex legal language.

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View Reference


  • cleareyesnz

    Btw, the exact same properties in the same lot, are being advertised at 699k on their website as we speak

  • internet-bore

    reading this made me sick to my stomach. the housing volatility has fucked me pretty hard, but jesus this sounds terrible. atleast ive been able to live in my million dollar piece of shit for a few years lol

    unfortunately i think you need to treat the situation like you ‘bought’ during that recent valuation that you signed on for. i basically did the same thing. but bought a completed property, looked at oneroof today and yep my house is suddenly worth 200k less. thing is, it’ll go back up in due time and its just unrealized losses.

    its a shit situation, having unrealized losses but realistically and frankly i dont see why you should be entitled to your deposit refunded or have a leg to stand on legally. sorry to be harsh but its just my thinking.

  • KiwiChillDude

    I haven’t but i would be inclined to chat with the developer and provide the valuation at $760 and say you can’t get finance it otherwise and see if will drop it back to $760.

    They will want you to go through with the contract and hopefully they can make it work.

  • Mongorize

    End of the day, they need to sell it. Granted, they could probably make a good amount by keeping your deposit then on selling for the original price. The best you can do is go down the “The house isn’t worth it” route, but your lawyer is best suited.

  • cleareyesnz

    Losing the deposit while gut wrenching, we would manage, it’s them suing us and going through the courts that will financial end us…

  • Extra-Commercial-449

    Out of interest, What’s the name of the development / what area ?

  • Amburglar88

    Basically in exact same sitch, mate. Feel free to reach out. Are you at settlement now? How many houses in the development? They can come after you in court, yes. Basically you might have some leverage if there’s a few houses in same situation – if it’s a big development then they need to sell them to meet their own financing requirements so they might meet you half way.

    People say to “get cotract adjusted at signing” but no developer in NZ would ever allow buyers to walk away without the opportunity to pursue them in court imo.

  • Conflict_NZ

    Between 2020 and late 2021 houses were easily worth 100K more after completion than when you began, which is why it was approved. Since early 2022 houses are worth less upon completion than when started. Since you say you started in 2020 the developer probably paid a high price for the land and with inflation on building materials I imagine they are trying to entirely cover their costs.

    If you have a broker you could engage them to try and shop around with other banks to see if they will approve you for a higher amount, while at the same time negotiating with the developer.

    Also worth talking to your solicitor and seeing what your options are for withdrawing from the contract, hopefully there isn’t a developer only sunset clause in there.

  • Lauman64

    Very similar situation atm too with settlement in a few weeks. Mortgage advisor suggest we ask the Devs to reduce the cost. I too was going to forfeit my deposit and buy the other property the Devs have listed for cheaper but Redditors told me that’s not a “get out of jail for free” card. So definitely not doing that anymore.
    No harm in asking so I’ve asked my solicitor engage with them. Still waiting on a result at this stage.
    Hoping you a good result.

  • bosswolfe

    Be prepared to walk from your deposit and make sure the developer knows that. Any debt buyer will need a valuation to draw down against and it’s going to be 760.

    The developer will know this and if they to make the sale they’ll agree to a split of the price and valuation.

    It’s very hard to find a new buyer late in the piece

  • Extra-Commercial-449

    Question, if a valuation has already been done on a new build – I thought the banks don’t re-value at settlement?

    My situation – we got a valuation done 15 months ago (we purchased of plans).

    We are told that once it is nearing settlement, we need to get a ‘values completion certificate’ – which we are told is basically a small report confirming the home is finished as per the initial plans.

    But a completion certificate doesn’t re-value the home, unless I have misunderstood?

  • After_Rabbit1607

    Developer here. Why agree to pay more before you know the valuation value. This developer is in his rights to stand by signed contracts. His cost would have exploded, so he will try to minimize his losses

  • T00thl3ssUK

    Wait, if similar properties are being advertised for sale at 699k, why not just walk away from your 30k deposit, buy one of the other properties for 699k and save yourself 120k? Surely the developer can also do that math?

  • FendaIton

    What’s the PC limit in the building contract?

  • 1nzguy

    I am always weary of increases that seem to be picked out of thin air … an increase of 100k !! Too convenient

  • 60svintage

    Sadly, this is the problem if you buy off-plan.

    Great when the market is rising, but if it starts dropping, you can be liable for full agreed price as per the contract. It gets worse in situations like when the bank only lends up to the valuation.

    Ultimately, you would be best chatting with your lawyer to go through the contract to see you best options.

  • runberg

    How did the increase come about? Shouldn’t that have triggered the bank re-evaluation?

    Thinking of doing a new build right now, and this is scary. Though I’m going the prefab route which I hope would mitigate cost overruns.

  • aussb2020

    Sorry if I’ve missed it but is there any chance the development won’t be finished before the sunset clause is reached? Or is there even a sunset clause in the contract?

  • Mirthgiver

    I am really sorry you are in this position. Building in NZ sucks and we were very nearly in the same boat with our recent build so I really feel for you.

    Honestly, I’m surprised the bank didn’t get you to do a paper valuation at the start. With us, they got Valocity to do a valuation report early on the project (before they even broke ground) then just followed up with an actual report at the end.

    I hate how banks in NZ can delay actually committing to lending until the 11th hour. In our case, we paid our deposit October 2021 but weren’t able to get an actual commitment from the bank until the property had title in October 2022. If something had come up in that time we would have been absolutely screwed. NZ really needs a building ombudsman to police this crap as it’s just not right that developers and banks can get away with this.

  • invmanwelly

    You signed for $749k right?

    What was the justification for them increasing it to $849k? Was it building costs?

    If they’re now advertising them at $699k I wonder if there’d be some way to argue that those costs didn’t eventuate and you could go back to the $749k price?

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