Transition under the Unit Titles Act 2010

Once the UTA 2010 commences, there are transitional arrangements that apply for 15 months.  This is a short summary of the options, useful for a body corporate secretary/manager. Body corporate rules – a body corporate can either keep its existing Schedule 2/Schedule 3 rules or elect for the rules to be replaced with the operational rules under…

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New Agreement for Sale and Purchase of Real Estate

The next time you pick up an agreement for sale and purchase of real estate, chances are it will be the latest version (eighth edition 2006(3)) jointly released by the REINZ and the Auckland District Law Society last week. Compensation clause The new agreement introduces a process to be followed before a purchaser is entitled…

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New Agreement for Sale and Purchase of Real Estate

The next time you pick up an agreement for sale and purchase of real estate, chances are it will be the latest version (eighth edition 2006(3)) jointly released by the REINZ and the Auckland District Law Society last week. Compensation clause The new agreement introduces a process to be followed before a purchaser is entitled…

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Buying a Unit Title

 A potential purchaser recently asked just what they should look out for when buying a unit title.  I am sure they did not expect a list that was quite as long as I had in my mind but there are a lot of things to take into account.  Here is a summary of some of…

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Getting to know the new Unit Titles Act.

 Today we ran our first webinar introducing  the Unit Titles Act.  It was aimed at those who have a body corporate secretary role and examined the requirements of the transitional provisions.  We will be running more webinars over the months to come.  If you would like to be told when they are scheduled click here…

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Subdivisions, minimum areas and cancellation of contracts

 The Supreme Court decision in Mana Property Trustee Limited v James Developments Limited gives some useful advice about minimum area clauses which developers/purchasers entering pre-sales contracts should consider.  This case is also useful when considering what to do when there is a breach of an essential term in an agreement for sale and purchase. The Court found for the…

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Pre-sales contracts

We recently have been involved with development funding with one of the main banks.  The requirements for the pre-sales contracts included: • Purchasers needed to be NZers (residents or citizens) and independent third parties • Each purchaser could only acquire one lot • Sunset dates needed to be capable of being complied with and at least 6 months…

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Tenancy law changes

Big changes here for boarding house owners (and those looking at acquiring boarding houses in the run up the Rugby World Cup).  They will now be subject to the Residential Tenancies Act in a number of scenarios.  For example, boarding house owners will now need to give 28 days notice that a tenancy is being…

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Review of Land Transfer Act

No major policy changes are expected here.  It’s more about modernising the Act to reflect how land transacstions are actually done now.  There are 24 areas for change identified. 

Unit Titles Act 2010

The Department of Building and Housing has published a Unit Titles Amendment Bill consultation document dated 20 November 2012.  They are seeking views on some proposed amendments to the Act and Regulations.  Written submissions are due by 1 February 2013.  The review is only intended to address minor and technical issues with the Act. A…

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The Way We Were

Certificates of Title Remember when you bought a property and the lawyer gave you a handwritten title on paper that was thick and waxy and felt really important?  You could see the history of the land you were buying from the many entries on the title.  It was treasured and when it wasn’t kept at the…

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