Insights & Articles

Residential Property – Buying & Selling

Purchaser Failure to Settle on a Property Purchase: Rights and Remedies

Purchaser Failure to Settle on a Property Purchase: Rights and Remedies

Written by:
Brandon Cullen
The recent fall in property values across New Zealand has led to numerous purchasers being unable to obtain finance and complete settlement. This leaves both vendor and purchaser in an awful position, with lawyers scrambling to minimise the losses suffered on each side.
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ADLS/REINZ Sale and Purchase Agreement: Claim for Compensation

ADLS/REINZ Sale and Purchase Agreement: Claim for Compensation

Written by:
Craig Andrews
Eryanto Widjaya
If the purchaser discovers a defect with the property or breach of the sale and purchase agreement by the vendor just days before settlement is due, what can the purchaser and vendor do in that situation? Can the vendor force settlement? Should the purchaser be allowed to claim a reduction in the purchase price? The claim for compensation provisions were designed to achieve both objectives, requiring settlement to occur subject to some adjustment of the purchase price payable on settlement.
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Are You Sure You Want To Give That Warranty?

Are You Sure You Want To Give That Warranty?

Written by:
Hamish Coupe
When you are selling a property it is common to list the 'Chattels' which you are to be selling with the building. Chattels are items which are able to be removed from a property without too much effort, and which were never intended to permanently form part of the structure. Common examples are an oven, paintings or a fridge. Occasionally they can be large eg a spa pool or garden shed. If it can fit on a truck, it may well be a chattel.
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Amendments to the Residential Tenancies Act 1986

Amendments to the Residential Tenancies Act 1986

Written by:
Alissa Bell
Vast changes to the Residential Tenancies Act, what landlords need to know of their rights and obligations to tenants. With the increasing number of New Zealanders renting, Parliament has seen it fit to make changes to the Residential Tenancies Act 1986 ("the Act") to ensure renters are occupying warm, dry and liveable properties. The reformed Act looks to strike a balance between providing security and stability to tenants, while protecting landlord interest. It is important that landlords have an understanding of the new obligations and responsibilities the amended legislation imposes upon them, along with the penalties they may incur if not followed.
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Update on recent amendments of the Real Estate Agents Act 2008 and recent decision of the Real Estate Agents Disciplinary Tribunal

Update on recent amendments of the Real Estate Agents Act 2008 and recent decision of the Real Estate Agents Disciplinary Tribunal

Written by:
Real estate agents or salespersons seeking to challenge a Complaints Assessments Committee's finding of unsatisfactory conduct need now to be aware of a shortened appeal period.
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House and Land Package Purchase Issues

House and Land Package Purchase Issues

Written by:
Brandon Cullen
Buying a new build "House and Land" package has become a popular option for many first home buyers. It can involve a deposit lower than 20% of purchase price (depending on finance), and means you have the time it takes to build to keep saving towards the purchase of your new home.
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Purchasing An Interest In A Retirement Village: What You Need To Know

Purchasing An Interest In A Retirement Village: What You Need To Know

Written by:
Andrew Knight
Purchasing an interest in a retirement village is not like purchasing a residential property. There is an ongoing relationship between the village operator and the resident which is governed by the terms and conditions set out in what is called an "Occupation Right Agreement".
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