Insights & Articles

In today's financial landscape, banks are tightening their lending requirements, prompting many buyers to explore alternative options like second-tier lending. Mezzanine financers and other last-resort money lenders can provide vital financial support, but it's crucial to approach these agreements with caution and a clear understanding of the fine print. After all, surprises are for birthdays, not loan agreements!

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.

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.

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.

Consider these five tips before entering into an agreement.

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.

On 30 October 2020 the Supreme Court delivered a landmark judgment in the context of contracts of guarantee in the case of Brougham v Regan [2020] NZSC 118. A summary of the key facts of the matter and important points in the Court's decision follow.

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.