An act that has underpinned our land transfer system for 60 years was put to bed and the Land Transfer Act 2017 became effective. That change may not impact on you daily, but some things will impact on how you complete your developments in the future.
Are you a property developer mid-way through your apartment build? Have you decided not to apply for an exemption to the new OIO requirements (and save the $25,500 fee)? You might want to consider encouraging your buyers to nominate this month.
From 22 October 2018 (or potentially earlier if we have orders in Council to that effect) the sale of residential land in New Zealand to an overseas person will potentially require consent from the Overseas Investment Office. Denise Marsden looks at the law change from the residential developer’s viewpoint.
There have been a couple of recent decisions concerning bonds under construction contracts. They remind us it’s important to know what kind of bond you are dealing with.
Time lapse video of our office on settlement day. Bonnie Warburton’s behind the scenes glimpse at five crazy days. Attempting to settle 270 apartments on one day is no easy task and not for the faint hearted. Whilst the pressure of the SugarTree settlement at times was enormous, the satisfaction at the end…
On Monday 16th October our team handled settlements for close to 250 apartments and 30 carparks. This huge piece of work was undertaken for property development client, SugarTree. It is the second stage of a three phase development which bridges the suburbs of Ponsonby, Grey Lynn and Freemans Bay with the hub of the inner…
What’s not to love about modern user-friendly legislation? Nearly a year ago the need to set up Incorporated Societies in order to manage communal facilities on a property development, became a thing of the past. Incorporated Societies have their place but they require a minimum of 15 members, a common seal and are governed…
A deposit amount is a matter for negotiation between the parties. Whilst the customary figure is 10% it need not always be the rule. The Auckland District Law Society and Real Estate Institute of New Zealand Agreement for Sale and Purchase template (ADLS Agreement) provides that a vendor can retain a maximum 10% deposit when…
Auckland’s housing crisis is arguably one of the most pressing issues of our time. In response, a group of 130 public and private sector industry stakeholders met at a not-for-profit gathering, on 1 August 2017 – the first Auckland Housing Summit. The Summit was organized by a group of five key players: Leonie Freeman –…
We have mentioned previously that the rules relating to retentions under contracts covered by the Construction Contracts Act 2002 are changing. From 31 March 2017 retention money withheld under commercial construction contracts must be held on trust. This is intended to apply only to contracts entered into or renewed on or after 31 March (presuming…
A recent case considered whether or not the model IPENZ – ACENZ Short Form Agreement was incorporated into a contract between a client and an engineering firm. This was important because negligence had been alleged. If the short form applied it included a limitation of the engineer’s liability to $100,000.00. On the facts of the…
1 December 2015 – Payment Claims There is now no distinction between a residential and a commercial construction contract (with the exception of charging orders). All payment claims issued by a contractor must attach Form 1 from the Construction Contracts Regulations 2015 to be a valid payment claim under the Construction Contracts Act (CCA). You…