Free Property Advice. Buying and selling property
- Sellers Guide Understanding the selling process. Read More »
- Buyers Guide Understanding the buying process. Read More »
- Buyers be wary and check the contract In the current tough economic climate, many people are defaulting on their mortgages. Accompanied with the declining property market, this has led to a record increase in the number of mortgagee sales throughout the country. While to many a mortgagee sale appears to be an opportunity to get into the property market at bargain prices, there are risks associated with purchasing at mortgagee sale which can turn a dream purchase into a nightmare. In this article, David Wallace and Rose Syms of Gibson Sheat stress the importance of ensuring that all clients wishing to purchase at mortgagee sale are aware of these risks. Read More »
- E-Dealing - Electronic Registration Joanna Pidgeon, principal of Pidgeon Law, has championed the use of e-dealing in her firm and is a member of the New Zealand Law Society's Land Titles Committee. Read More »
- Stop, Collaborate and Listen Stacey Fraser, a solicitor at Langley Twigg, cautions you to seek legal advice before you sign a binding document. If you are buying or selling residential property in New Zealand, chances are you will use what is referred to as the standard form REINZ-ADLS Agreement for Sale and Purchase ("ASAP" ) (current edition is the Eighth Edition 2006 (2).) Read More »
- How useful is a solicitor's approval clause? The short answer is "not as useful as you might imagine". This article looks at the decision of the High Court in R v J 4/8/08, Associate Judge Christiansen, HC Christchurch CIV-2008-409-1287. The vendors put a solicitor's approval clause in the contract, presumably thinking that it would allow them to walk away, and were surprised to find that that might not be the case. Read More »
- Partly oral "rent to buy" agreement upheld by High Court The High Court has upheld a partly oral, partly written "rent to buy" agreement, signed in front of a kaumatua by only one of the registered owners. Read More »
- Purchasing Property from a Deceased Estate Nineteen-year-old first home buyer Jasmine, bought a $220,000, three-bedroom home in Porirua with a $15,000 deposit from a deceased estate in February 2008. Settlement (the date a buyer actually pays the money and gets the keys) was set down for 10 March 2008. Read More »
- Timely Payment But No Settlement: A Necessary Requirement of Notification? You want to buy a house. You sign the contract. You pay the deposit. All the conditions are met. You reach settlement day. Your lawyer pays the money over to the vendor's solicitor before the deadline stated in the contract. However, a technical glitch means that the vendor doesn't receive notice that the money has been paid until after the deadline has passed. Surely that doesn't matter? Well, it did in the Supreme Court case of Larsen v Rick Dees Ltd [2007] 3 NZLR 577, where the Court upheld the vendor’s cancellation of contracts for the sale of real estate. This article, published in (2008) 14 NZBLQ 37, analyses the Court’s reasoning in support of this harsh result. It questions the basis for finding that the purchaser had breached an essential obligation to make the vendor aware of the payment and argues that the contrary conclusion could easily have been justified. Read More »
- Buying and Selling Residential Property - Property Tax Do I have to pay tax on property I sell? This guide will help you to understand whether you should be paying tax when you sell a property and tells you about your responsibilities. It will help you decide whether you need to get more information or professional advice. Read More »
- Do I have to pay tax on property I sell? Do I have to pay tax on property I sell? The answer to that question depends on your reason or intention at the time you bought the property. When deciding whether or not you should pay tax on the profit from the sale of a property, the IRD look at your intention when you bought it. If you bought the property with the firm intention of selling it when prices rise—to make a gain from the increase in the property’s value—the profit is likely to be taxable. However, if you bought the property to provide a home for your family, any profit from the eventual resale will most likely not be taxable. Read More »
- The Deposit - What is its relevance? The vendor wants it, the agent wants it more and the buyer cannot find it. Is it important? This article looks at the issues and tells us why collecting a deposit is so important to the vendor. Read More »
- What are you signing? Be aware of your obligations under a conditional contract How hard do you have to try to fulfil the conditions in an agreement for sale and purchase? This article reviews a recent High Court decision highlighting the importance of your contractual obligations when buying or selling property. It also provides advice on working with your lawyer to ensure you avoid the pitfalls of a conditional Sale and Purchase agreement Read More »
- Out On A LIM - What a prospective purchaser should know about LIM reports Anybody who has bought or sold their own home at any stage will have heard of a LIM report, but what does a LIM report tell you, how do you obtain a LIM and, having obtained a LIM report, what is the impact of that report on the process of buying and selling a home? In this article, Alice Caird, a Partner with the Timaru Lawlink firm of Timpany Walton, explains what you should know. Read More »
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