Developers commonly become members of the body corporate committee, especially if units remain unsold or it is a staged development, so as to retain control.
Tag Archives | Subdivisions
It’s tricky – anticipating what the bank will want; especially if your plan is to change lenders once development funding is needed. It definitely involves wearing a banker’s hat.
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.
Common areas and the requirement to become a member of a society or a shareholder in a company have been popular means of managing residential subdivisions over the last decade. They necessitate compliance with the Securities Act 1978 although an exemption from full compliance has been established for these types of developments.
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.
Agreements for sales off the plans will include sunset clauses – or “twilight” clauses as a client called them the other day. I like that new name it seems more accurate somehow.
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.