Residential red zone insured properties Agreement for Sale and Purchase, option 2

Property owners in the residential red zone had two options to choose from if they wanted to sell their property to the Crown.  This document is a sample copy of the Agreement for Sale and Purchase of Real Estate, option 2.

Option 2 distinguished between land and dwelling claims. Here the Crown offered to purchase the land and any buildings on the property and take assignment of earthquake-related insurance claims relating to land damage only. This allowed owners to continue to pursue their insurance claims on improvements with EQC and their private insurers. Depending on the terms of their policy and levels of damage to their homes, home owners could claim the costs of rebuilding or reinstating their dwelling and other improvements at another location. These costs could be more than the rateable value of improvements on their properties. Owners would keep the right to make EQC or private insurance claims relating to the contents of their home.

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