Clients are loaning their parents cash. These loans are being secured in one of two ways. A mortgage over the parents’ family home, with repayment expected upon the death of both parents. Or children are being sold a portion of the family home in consideration.
The Overseas Investment Act 2005 provides that a transaction needs consent when there is an overseas investment in sensitive land. What is sensitive land? What type of property transaction is caught?
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.
In light of the changes to the Overseas Investment Act 2005, there has been a lot of discussion about who cannot buy residential land in NZ now. Denise Marsden looks at it another way, considering who can buy residential land in NZ without consent.
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.
If the certificate of title for your property is limited as to parcels it means that the area and boundaries of your property are not correctly defined or guaranteed.
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.
Don’t assume converting your cross-lease title will be a complicated and expensive task. With the right people engaged to carry out the work, you can save a lot of time, money and unnecessary administration.
Are you considering investing in property with friends? In today’s escalating property market it is becoming more common. Good legal advice can help you manage the risk.
The Bright Line Test was introduced as part of the Taxation Act 2015. It requires income tax to be paid on any gains from residential property that is disposed of within two years of acquisition, subject to some exceptions.,,
You will have seen media reports of expected changes to the Overseas Investment Act. They implement the government’s plans to restrict the sale of houses to people who are not New Zealanders. The submission period has been extended and submissions close 16 February 2018, so there’s time to have your say if you would like…
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…