Development funding anyone?

The changes to the NZ investor migrant policy that we flagged a couple of months ago have just been made operative.  This should be of interest to developers seeking development funding.  Migrants can now invest in residential property developments in order to secure residency.  Residential property development has been added as an “acceptable investment” for migration…

Invalid cancellation of lease

Lessors are encouraged to take a lot of care and attention when cancelling leases under the Property Law Act 2007. The Supreme Court’s decision on 10 May 2011 in Ingram & Knee v Patcroft Properties Limited shows that care and attention is very important. The lessor was held liable to pay damages to the lessee…

Unit Titles Act 2010 Developers and Disclosure

Unit Titles Act 2010 Developers and Disclosure The impact of the Unit Titles Act 2010 on developers Disclosure requirements in general are introduced in a previous blog.  What follows is an analysis of the specific implications for developers and the additional “turnover disclosure” that is relevant when a development is completed.  Pre-contract Disclosure Pre-contract disclosure…

Destruction and leases

What is happening in Christchurch is impacting on the New Zealand property industry in all sorts of ways.  One of these is the debate regarding contractual obligations between the parties.  Most leases inadequately deal with the situation in Christchurch.  Whilst they may deal with partial destruction and total destruction they do not adequately cover many…

Are body corporate management contracts ultra vires?

We have written previously about body corporate rules considered ultra vires by the Courts.  Contracts entered into beyond the powers conferred by the body corporate rules will be void and unenforceable.  On 21 February 2011 the High Court gave its judgement as to whether or not the body corporate secretarial services contract and management contract…