In the past all body corporate levies have been assessed on unit entitlements. Because unit entitlements are based on value, historically different owners using the same facilities could be required to contribute to costs to differing extents.
Archive | Legal
Unit Titles Act 2010 Developers and Disclosure
Posted on 11 May 2011.
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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Compulsory GST zero rating – new GST rules
Posted on 11 May 2011.
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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Destruction and leases
Posted on 11 May 2011.
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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Compulsory zero-rating
Posted on 04 April 2011.
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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Pre-emptions and options to purchase
Posted on 04 April 2011.
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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Are body corporate management contracts ultra vires?
Posted on 04 April 2011.
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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New tender form
Posted on 01 April 2011.
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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Gifting your house to the trust, does it really work?
Posted on 02 February 2011.
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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More work that can be done without building consent – takes effect from 23 December 2010
Posted on 02 December 2010.
Look what has sneaked up on you just in time for Christmas.. Building (Exempt Building Work) Order 2010 amends Schedule 1 of the Building Act. This takes effect from 23 December 2010 – just in time for those summer projects!
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Independence and the Enduring Power of Attorney
Posted on 12 November 2010.
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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