New Securities Act

 The Government has recently released the proposed draft Financial Markets Conduct Bill (Bill).  The Bill represents a comprehensive review of securities law.  It will replace the existing Securities Act. The Bill removes the troublesome concept of “offer to the public”.  Instead, unless an exemption applies, disclosure is required.  Disclosure is made using a single product…

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…