Archive | Legal

Unit Titles Act 2010

The Department of Building and Housing has published a Unit Titles Amendment Bill consultation document dated 20 November 2012. They are seeking views on some proposed amendments to the Act and Regulations. Written submissions are due by 1 February 2013.

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Council’s new duty of care – Part 2

Buller District Council and Swordfish Co Limited, a property developer, have been before the High Court a couple of times debating whether or not the council owes a duty to take reasonable care in issuing its s224 certificates and registering consent notices.

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Council’s new duty of care – Part 1

On 11 October 2012 the Supreme Court held that council owe a new duty of care. It has come about from the litigation about the Spencer on Byron development, which is leaky. The court by a 4-1 majority has held that the Court of Appeal was wrong to allow the strike out of the claim against council.

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Complusory Zero Rating

A recent proliferation of webinars on the new agreement for sale and purchase and GST has raised some interesting points. Zero rating will still apply to the sale of a taxable supply but the sale and purchase of land now requires the parties to examine their GST positions and determine whether the transaction is compulsorily zero rated.

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Taxing lease incentives – changes on the way

The government’s measures to increase their tax take through the targeting of the property industry looks set to continue. First we had the erosion of depreciation, followed by the changes to loss attributing qualifying companies. Now the government is proposing to change the way it taxes lease inducement payments.

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Cross-lease vs fee simple

Fee simple ownership is true exclusive ownership and possession of the land and buildings on it. It’s ownership of what is below and above the ground (as is reasonable). Yes, others do get a say – for example the neighbours might have a say over fences; Council in terms of compliance with the District Plan or the Building Code and there are all sorts of other legal rules that impact your ownership – trespass, nuisance etc. But it’s as good as it gets.

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New agreement for sale and purchase

We have set out below a short summary of the changes in the new 9th edition. There are some changes specific to unit titles and commercial transactions, which we cover separately. The first section is potentially relevant to all agreements. There is a lot to take in. Some of the changes assist vendors, and some purchasers, so the agreement remains appropriately balanced between the interests of the parties.

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Selling off the plans – what’s new

For the first time in a very long while pre-sale contracts for residential properties are hitting the market. Residential developers and their banks have been keeping a low profile these last few years but things are beginning to change.

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