Property Blogs

At this time of year with Christmas trading and summer there may be lessors who are approached by lessees requesting a change to their trading hours. Leaving aside resource management restrictions, retail leases commonly give the lessor an unqualified right to approve any modification in trading hours.

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Have heard about law changes making it easier to chop down trees? Are you waiting for 1 January 2012 so you can fell a pesky tree without the need to apply for a resource consent? Not so fast. Case law earlier this year shows the changes to the legislation may not work quite how many people expected them to.

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If you become tempted to purchase a bach over the Christmas period (as a certain partner of ours did one year) then an agreement on an envelope will certainly be legally enforceable if done properly. Debra bought her family bach by recording an agreement on an envelope that included adoption of the standard ADLS/REINZ terms for the sale and purchase of real estate.

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The changes to the NZ investor migrant policy that we flagged a couple of months ago have just been made operative. This should be of interest to developers seeking development funding.

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A lessor must tread very carefully when considering the position of a lessee who has not yet exercised its right to renew the lease. The Property Law Act 2007 assists a lessee by providing relief in two situations where a right of renewal would otherwise be lost:

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The impact of the Unit Titles Act 2010 on developers- Disclosure requirements in general are introduced in a previous blog. What follows is an analysis of the specific implications for developers and the additional “turnover disclosure” that is relevant when a development is completed.

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From 1 April 2011 it became compulsory for certain land transactions to be compulsory zero rated (CZR). This means that GST will be charged at the zero percent. The regime will apply to almost all transactions involving land that are made between GST registered parties. There are some limited exclusions.

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What is happening in Christchurch is impacting on the New Zealand property industry in all sorts of ways. One of these is the debate regarding contractual obligations between the parties. Most leases inadequately deal with the situation in Christchurch. Whilst they may deal with partial destruction and total destruction they do not adequately cover many of the circumstances that have arisen in the cordon area.

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From 1 April 2011 GST will be set at 0% for nearly all land transactions between GST registered parties. This compulsory zero-rating is designed to prevent the IRD having to pay out GST refunds to purchasers where the vendors have not returned the GST.

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The drafting of a pre-emption clause and option to purchase in a lease was considered by the Court of Appeal. The tenant’s option to purchase had been exercised by Fitzroy Engineering Group Limited and Technix Group Limited was attempting to then exercise its right of pre-emption.

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We have written previously about body corporate rules considered ultra vires by the Courts. Contracts entered into beyond the powers conferred by the body corporate rules will be void and unenforceable.

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Real estate agents have commonly had their own form of tender conditions. The tender conditions were generally similar and most included terms of sale very close to the ADLS/REINZ form of agreement for sale and purchase. A new standard tender form is welcome.

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The transfer of homes into trusts is common place. It is done every day. People do it to protect their assets, to create a distinction between the entity owning the significant assets and the person taking on board liabilities.

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Statute imposes specific obligations on how a power of attorney is to be signed and witnessed. In 2008 changes were made to the legislation that enabled the giving of enduring powers of attorney.

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The long awaited LAQC reforms have finally been released.

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The Supreme Court decision in Mana Property Trustee Limited v James Developments Limited gives some useful advice about minimum area clauses which developers/purchasers entering pre-sales contracts should consider.

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