Boundary adjustments and redevelopments under the Unit Titles Act 2010.
There have been a spate of recent cases about requisitions. That is, purchasers objecting to defective titles.
Another way for a buyer to cancel a pre-sale contract?
A number of property subdivisions completed within the last 2 or 3 years were originally pre-sold at levels well above market value at the time of settlement.
s225 Resource Management Act, when can a purchaser cancel?
Migrants can now invest in residential property developments in order to secure residency. This will be of interest to a developer seeking development funding.
We were interested to hear that the investor migrant policy is changing with effect from 25 July 2011.
The impact of the Unit Titles Act on developers.
A recent case illustrates the needs to comply precisely with Securities Act requirements.
Does land need to be insured?
A July Supreme Court decision provides useful advice about minimum area clauses for developers/purchasers entering into pre-sales contracts. This case is also useful when considering a breach of an essential term in an agreement for sale and purchase.
The Law Commission suggests some changes to the law relating to covenants and encumbrances
What do development funders want to see in pre-sales contracts at the moment?
The Unit Titles Bill is slowly working its way through. Hopefully we see a new Unit Titles Act this year because it is definitely needed.
In October last year the promised streamlining of the Resource Management Act came into effect. Perhaps all of the property developers had already gone to ground, or perhaps it was because the need for change had been so long in the coming that the fanfare wasn't great. There wasn't a lot of noise about the changes.
What a Court considers a reasonable time for completion of a subdivision might be longer than you think!