That will enable them cash up and get out quickly, leaving the Government to recoup the pay-out on the property from insurance companies.
The scheme will be unveiled today, and will be voluntary - people will be able to negotiate with their insurance companies if they wish - and the price the Government will pay will be based on 2007 official valuations.
Those who will benefit the most from the Government offer may be people living in quake-affected areas but whose homes are not badly damaged. They may be eligible for only a small insurance payment, but will be able to sell to the Government at preearthquake values.
Among the worst affected areas are Bexley, Avonside, Avondale, Dallington and Horseshoe Lake - about 5000 properties.
People in Lyttelton and other Port Hills areas will have to wait a little longer for their options plan because the effects of the June 13 earthquake on them have not been assessed.
Homeowners without insurance are not covered by the buy-out plan. Prime Minister John Key and Earthquake Recovery Minister Gerry Brownlee will outline the scheme today in Christchurch. Mr Key said yesterday many Christchurch people did not feel in control of their lives.
"We want to put some more control back in for those home-owners." Mr Brownlee said yesterday no area was too damaged to be repaired.
"All land can be repaired," he said. "There is an issue then about how easily that is achieved, the time it will take and what will be the disruptive factors for communities."
He said every homeowner should be able to find out today the land status of his or her property. Residential Christchurch was the Government's priority and he did not expect rebuilding in the central city business area to begin for a year.
Government offers to buy properties will not be made for a couple of months, and owners will have nine months to respond.
The cost to the Government is unknown but early estimates suggest it could cost the taxpayer up to $500 million.
