Warranty vs due diligence

On 28 March 2007 Mr and Mrs Singh, experienced orchardists, signed up to purchase a lemon and kiwifruit orchard in Glenbrook.  The standard form of agreement for sale and purchase of real estate was used.  A due diligence clause was inserted, giving the purchaser 5 working days to satisfy itself as to a "due diligence…

Details

What if Council information is wrong?

I once heard a story about a property developer who purchased a property for residential redevelopment.  Integral to the due diligence investigations was a LIM which clearly identified the location of services.  Services were in a convenient position to enable redevelopment and the developer in our story proceeded in reliance on the Council records he had…

Details

What if Council information is wrong?

I once heard a story about a property developer who purchased a property for residential redevelopment.  Integral to the due diligence investigations was a LIM which clearly identified the location of services.  Services were in a convenient position to enable redevelopment and the developer in our story proceeded in reliance on the Council records he had…

Details

What if Council information is wrong?

I once heard a story about a property developer who purchased a property for residential redevelopment.  Integral to the due diligence investigations was a LIM which clearly identified the location of services.  Services were in a convenient position to enable redevelopment and the developer in our story proceeded in reliance on the Council records he had…

Details

Property Council Manifesto – Fast Forward to Growth

 The Property Council New Zealand recently released its manifesto Fast Forward to Growth.  It is easy to read, focused on commercial property and aimed at encouraging growth, productivity and investment.  Key points it advocates include: • A national policy on development contributions. • Development contributions assessed to reflect the benefits achieved by the development. • Giving developers the…

Details

What is quiet enjoyment?

The right of a lessee under a commercial lease to quiet enjoyment is implied in the majority of leases.  The implied covenant is a limited guarantee that the lessee can occupy the premises without interruption or disturbance from the lessor, or persons through whom the lessor derives title or persons who claim through the lessor. …

Details

Unit Titles – 8 months on

The Unit Titles Act 2010 has been in force for over 8 months now.  Most bodies corporate have had their first AGM under the new Act and made the necessary decisions.  The next key date is 1 October 2012.  By this date: new body corporate rules are needed final decisions are needed on responsibilities for…

Details

Unit Titles – 8 months on

The Unit Titles Act 2010 has been in force for over 8 months now.  Most bodies corporate have had their first AGM under the new Act and made the necessary decisions.  The next key date is 1 October 2012.  By this date: new body corporate rules are needed final decisions are needed on responsibilities for…

Details

Merry Christmas Mrs Forster

Right at the end of last year a High Court judgement was released for the first prosecution under section 141 of the Real Estate Agents Act 2008.  That is the section that prohibits a person who is not licenced under the act from carrying out real estate agency work.  The section came into force on…

Details

Working days

Through the Christmas period what “working days” means will depend upon what your contract or the relevant legislation says. As a general rule statutory holidays and weekends are not “working days”. Beware though, some contracts and legislation refer only to “days” (and weeks or months).  When that happens those days where we are all celebrating the…

Details

Buying a bach?

If you become tempted to purchase a bach over the Christmas period (as a certain partner of ours did one year) then an agreement on an envelope will certainly be legally enforceable if done properly.   Debra bought her family bach by recording an agreement on an envelope that included adoption of the standard ADLS/REINZ terms…

Details