Purchasers beware approving early release of the deposit
December 2015
It is always in the interests of vendors to get their hands on their purchaser’s deposit payments as soon as they can. Why? After deduction of land agent commission, the balance can be used to repay part of the mortgage prior to settlement and save some interest. Also possession of the deposit gives additional power to the vendors in any dispute.
Unless the parties agree otherwise, there is a statutory minimum of 10 working days where the agent must hold the deposit.
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New Tax Compliance measures impact on the Transfer of Property (Conveyancing) process
October 2015
The Government has made changes to improve Tax Compliance in the property sector. These will have a significant impact where we are transferring property for our clients. We are now required to provide tax information by way of a “Tax Statement” to Land information NZ (LINZ) who will then provide this to IRD. A transfer of land will not be able to be actioned unless the required information is provided.
We will therefore now need a lot more detail from our clients than we are presently obtaining.
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Property Transaction Guidelines
April 2015
David has been instrumental in the revision of the Guidelines adopted by the Property Law Section of NZLS and ADLS Inc for incorporation in the latest edition of its widely used agreement for sale and purchase of real estate.
The Guidelines assist the day to day smooth running of transactions involving the sale and purchase of properties, the registration of mortgages and their subsequent discharge and relationship property protocols.
Many of the Guidelines are of a technical nature. However there is much in them that help all law firm clients - including Northlaw’s - understand the matters considered when we act in respect of property transactions.
Here is a link to the 80 page edition of the Guidelines (updated and operating from 13 April 2015):
