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…
Kiwisaver – First Home Withdrawal First home buyers may be entitled to apply for a first home withdrawal to purchase their first house. A first home buyer is an individual who has not owned a house or land before either in New Zealand or overseas. The following will apply: You have been a member of…
From 1 July 2016 lawyers will need to deduct Residential Land Withholding Tax from the proceeds of some residential property sales and pay it to the IRD. This is the new tax that is intended to help compliance with the residential investment property tax rules. When is tax withheld? The withholding tax will only apply…
The High Court was recently asked to issue a declaratory judgement by the Bream Tail Residents Association Incorporated. They wanted to know if one of the owners was prohibited by the rules from subdividing. (Bream Tail Residents Association Incorporated v Wong [2016] NZHC 537 (30 March 2016) The owner of Lot 41 wished to subdivide…
If you are purchasing a property you must obtain you own LIM. It’s not new advice, but the Courts have provided another reminder why it is important. The same goes for a PIM if you are developing/building. The recent case of Monticello Holdings Limited v Selwyn District Council 2015 NZHC 1674 confirms that if you…
The year starts with a reviewed ADLSi/REINZ Ninth Edition 2012 (3) form of agreement for sale and purchase of real estate. The important changes to note are: Tax statement clauses are added to ensure vendors and purchasers comply with rules introduced 1 October 2015 and requiring tax statements to be lodged at LINZ prior…
Standard form contracts used in residential property development breach the Fair Trading Act 1986 if they are a consumer contract that contains “unfair terms”. This was part of the changes to consumer law that applies to contracts from 17 March 2015. This might be relevant to: Residential building contracts Agreements for sale of a property…
Next year lawyers will be required to retain tax on sale proceeds and pay the tax straight to the Inland Revenue Department. They will need to do this when: • an off-shore person (some Kiwis will be caught) • sells residential land • they have acquired since 1 October 2015 • that have held for…
IRD numbers You will have read of the upcoming changes in the law – that affect the sale and purchase of land. These come into effect on 1 October. If the buyer is an individual or a couple buying their main home in their own name and they are not an "overseas person" they are…
