Sellers Guide
Understanding the selling process.
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Buyers Guide
Understanding the buying process.
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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.
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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.
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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).)
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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