What does this mean?
Conveyancing is the term used to describe the legal work required for completion of a property transaction - usually a sale or a purchase. There is a misconception that conveyancing is a paper shuffling exercise, but in reality the range of tasks involved is often complex and difficult. Read more.
People enter into property agreements without legal advice now don’t they?
Yes they do, and many risk their savings by failing to get proper legal advice from the beginning.
Property lawyers provide a valuable service for a very reasonable fee. Read more.
Do I need a Land Information Memorandum (LIM)?
A LIM is a report on the property provided by the local authority from their records. It will, among other things, give information on the zoning of the property and will identify whether the proper building consents have been obtained for any additions and alterations. Read more.
What other research should be done before I commit to a property purchase?
A valuation report from a registered valuer will allow you to assess the proper market value of the property and may also provide other useful information. A lender will require a valuation report if you are borrowing significantly for the purchase.
A building consultant’s report and/or an engineer’s report may also be appropriate. Read more.
Why is it important to check the title?
The title documents, held by Land Information New Zealand (LINZ), record who owns the property and any mortgages or other restrictions that apply to the property, which might prevent you from enjoying the use of the land, such as covenants or easements. Read more.
What is a conditional agreement? Can I back out of a conditional purchase agreement?
An offer to buy can be unconditional - that means once you sign it you are bound to proceed with the deal on the agreed date at the agreed price, no matter what. You should never consider entering into such an agreement without taking legal advice. You would
need to ensure that you not only wanted to buy the property but that you already had all required finance confirmed.
A conditional offer is one that hinges on certain things happening. Such an offer is also a binding contract once all your conditions are satisfied and you are bound to proceed with the purchase. Read more.
How does the Property (Relationships) Act affect my partner and me?
This legislation applies to couples who are married or have lived in a de facto relationship for three or more years. De facto relationship is defined widely to include relationships between people of the same sex.
This is a particularly important issue for people in de facto relationships and for people entering into second relationships or marriages. In the latter case each person might bring their own property to the relationship and may wish to ensure that on separation or death their share goes to their children rather than their partner. Read more.
If I want to lend my child some money to purchase a property, how can I protect my interests?
You will need to seek separate legal advice to arrange the terms of the loan and to ensure that these are adequately recorded, and protect your interests. In this case, your interests are quite separate from those of your child. Read more.
Do I need a new will?
If you have a valid and up to date will you don’t need to make a new one if you purchase property. However, it’s a good idea to check your will and revise its provisions if your circumstances have changed. Read more.
Family trusts are set up for a number of purposes but their main purpose is to rearrange asset ownership in order to protect the assets owned by the trust. Read more.
Where there is more than one purchaser you should seek advice about joint ownership issues, including the implications of ownership as joint tenants or as tenants in common. Read more.Source: www.propertylawyers.org.nz