The recent Blue Chip Supreme Court decision will come as a huge relief to families up and down New Zealand. An argument had been made on behalf of numerous investors in Blue Chip schemes that Blue Chip had breached the requirements of the Securities Act. In signing up mum and dad investors across the country…
DetailsWe have set out below a short summary of the changes in the new 9th edition. There are some changes specific to unit titles and commercial transactions, which we cover separately. The first section is potentially relevant to all agreements. There is a lot to take in. Some of the changes assist vendors, and some purchasers,…
DetailsThe sight of the ADLS Fifth Edition 2008(2) commercial lease can bring a feeling of both comfort and familiarity. The ADLS commercial lease is widely used and understood. It is often seen as the form of lease that can ‘get the deal over the line.’ It is generally regarded as a fair lease, and not…
DetailsSinking funds are common in the management of commercial property. Increasingly they need to be considered in residential developments when dealing with the sale and purchase of the property. There are for example, FF & E Reserves (for replacing furniture, fittings and equipment). These are held in connection with apartments leased to hotel or serviced…
DetailsFor the first time in a very long while pre-sale contracts for residential properties are hitting the market. Residential developers and their banks have been keeping a low profile these last few years but things are beginning to change. Changes in the law mean there are some new things to look out for in agreements…
DetailsAs 1 October 2012 approaches there is a big issue looming in addition to sorting out your rules. It’s the change in the maintenance regime. Not so much the compulsory requirement that a body corporate have a long term maintenance plan, which everyone seems to be on top of. Rather the fact that the body corporate becomes…
DetailsBy 1 October 2012 new body corporate operational rules are required under the Unit Titles Act 2010. Most bodies corporate have started to prepare replacement rules. There are a number of things which are now covered elsewhere, not in the rules. These include AGMs, elections, voting, insurance and maintenance responsibilities. The new rules will focus…
DetailsHistorically anyone making changes to a unit title development needed either to complete a redevelopment plan or to cancel the unit title plan and start again. Both options needed unanimous consent from all of the owners. Things are different under the Unit Titles Act 2010 but there are still steps to be satisfied. Some of them are…
DetailsThere have been a spate of recent cases about requisitions. That is, purchasers objecting to defective titles. This can be relevant to any agreement for sale and purchase of land, but it is especially relevant where there is a pre-sales contract for land or apartments. The two most recent cases concerned covenants that were registered…
DetailsThe aftermath of the Christchurch earthquakes has given rise to a number of commercial and legal issues for landlords and lawyers. From insurance questions, to rental abatement, access and questions of untenantability, the earthquakes have left their mark on the commercial property market. One such leasing issue which is likely to become increasingly significant is…
DetailsBuilding Amendment Bill (No.4) had its first reading in parliament on 1 May 2012. The bill, if passed, will significantly enhance the consumer protection measures for building work. This article focuses on the consumer protection insofar as residential developers selling off the plan are concerned. Buyers currently have a set of implied warranties that a…
DetailsOn 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…
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