There 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…
DetailsA recent decision by the real estate agents disputes tribunal has left real estate agents and lawyers re-examining responsibilities on a sale. A purchaser looked for and thought they had found a property that was a house and income unit. The property had a separate one-bedroom flat and was marketed by the agent as a…
DetailsThe 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…
DetailsI 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…
DetailsThe 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. …
DetailsThe 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…
DetailsThe 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…
DetailsRight 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…
DetailsAt this time of year with Christmas trading and summer there may be lessors who are approached by lessees requesting a change to their trading hours. Leaving aside resource management restrictions, retail leases commonly give the lessor an unqualified right to approve any modification in trading hours. Further these retail leases tend to include a "keep open" covenant. …
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