Insights & Articles

In the intricate landscape of estate planning and the execution of wills, the selection of legally appointed executors and trustees is critical. We explore an example case, which is a real eye-opener on the wild ride of wills, family dynamics, and the not-so-simple task of divvying up the goods.

Obtaining a LIM is a crucial step for prospective property buyers, but with the cost of a LIM being around $400 and with many real estate agents offering LIMs at no cost, it can be tempting to rely on their convenient provision. However, it's crucial to be aware of the potential limitations that may come with an agent-provided LIM.

Succession, once a straightforward process, is now akin to navigating a minefield. With children seeking to cash in on their beneficial interests or shareholdings to fuel their own ventures, the need for careful consideration and expert advice has never been greater.

The significance of insurance in the context of purchasing a home cannot be overstated. It is not only a critical component but also a mandatory one when seeking financial assistance from lenders for a home purchase. Lenders need proof of adequate and appropriate insurance coverage before approving a loan drawdown.

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.

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.

A New Normal - The impacts of the Covid-19 virus have been felt the world over and have pushed businesses to their limits. Parties on each side of a lease have been left with the job of negotiating through untested and uncertain lease clauses in a time where the support being offered by Government has been unclear and anyone who did hold insurance is discovering that 'pandemics' and 'infectious diseases' are a common policy exemption.

We have been fielding an unprecedented (but understandable) number of queries from both tenant and landlord clients wanting to understand the legal position in respect of either termination of commercial leases, and obligations in respect of rental/outgoings payments.

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.

Previously, under the Limitation Act 1950 ("the 1950 Act") claims to recover money owing under a deed or mortgage, had to be brought within twelve years of the money falling due for repayment. However under the Limitation Act 2010 ("the 2010 Act"), this has been reduced to a limitation period of six years.