Free Property Advice. Conveyancing
- 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 »
- You and GST On Your Real Estate Transactions Despite all the form filling required to record GST outputs (income) and inputs (expenses) moving through business affairs, GST is basically a very simple tax. Unfortunately it becomes complex around the edges of the few items which are excluded from its claws by being exempt, zero rated, or charged at a non-standard rate. Whether ‘IN or OUT’ often raises complex issues of interpretation, and hence a large number of cases fall to be considered by the Courts, with a very substantial proportion relating to real estate transactions. Read More »
- Update of Personal Properties Securities Act 1999 The Personal Property Securities Act 1999 ("PPSA") came into force on 1 May 2002, and reformed the law relating to security interests. A "security interest" means rights in personal property granted as security in a lending or leasing transaction, with "personal property" being defined as all property other than land. All security interests taken in personal property are subject to the PPSA. 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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