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…
DetailsThe 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…
DetailsIt is not uncommon to see encumbrances registered against titles. They are a tool used when a land owner has an obligation to someone like an incorporated society or a neighbour. An encumbrance might require that a land owner: join an association, maintain some native bush, or reinstate a fire wall. Sometimes they even impose obligations that…
DetailsThe 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…
DetailsNo 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.
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…
DetailsWe 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…
DetailsCertificates 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…
DetailsThere has been a very important Supreme Court decision relevant to all people using the standard form ADLS/REINZ agreement for sale and purchase, whether for residential or commercial deals. The facts Property Ventures Investments Limited v Regalwood Holdings Limited concerned the sale and purchase of a commercial property in Christchurch for $1.5m. The standard…
DetailsTraditionally body corporate levies have been based on unit entitlements. A unit entitlement is reflective of the value of one unit, compared to the value of others within the development. Once set, they have always been extremely difficult to change and that inflexibility has caused unfairness in sharing costs amongst body corporate members. The costs for a lift…
DetailsCurrently there is plenty of live debate about the role of the property manager in the commercial sector. Lots of individuals have long term experiencing with managing commercial buildings, negotiating leases and working alongside real estate agents. Despite protestations, it sounds like they are now caught by the Real Estate Agents Act. And it sounds like for many of…
DetailsMany new business are founded on great ideas. Often, they find an “edge” or niche in the market that others have not thought of yet. This is the role of entrepreneurs. They invariably need help creating a “ground up” legal structure. The structure will vary depending on the size and sophistication of the business. A…
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