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.

This article discusses the importance of property owners in New Zealand reviewing their insurance coverage, especially in the aftermath of widespread damage caused by weather events in 2023. The focus of this article is on the often-overlooked aspects of insurance related to land and potential complications arising from natural hazards.

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.

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.

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.