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Investors and the Housing Market - This Weeks Announcements from the Government

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March 26, 2021

Why order a LIM report?

When your buying your first home (or any property) you may wonder why you being told to order a LIM report.A LIM (stands for Land Information Memorandum) is a report from the Council and gives you all sorts of juicy info about the property, like building consents, what the land has been previously used for, and its zoning.  If you’re looking at buying a property you should get a LIM and make your purchase conditional on being happy with it.If you’ve checked out a LIM report before, you...

March 17, 2021

Trustee Duties - New Requirements Under the Trusts Act 2019

Becoming Familiar with the Trust              The Trustees must become acquainted with the terms of the Trust document and in particular establish: The beneficiaries of the Trust and their circumstances.The assets and liabilities of the Trust, and ensure any title documents for the Trust assets are held safely.The location and the manner of operation of any Trust bank accounts. The bank account should be operated in accordance with the Trustees' wishes and all...

March 8, 2021

Confidentiality Agreements

A confidentiality agreement (also referred to as a “non disclosure agreement” or “NDA”) is a contract where parties agree not to disclose information covered by the agreement, typically used to protect non-public business information such as trade secrets/commercially sensitive information. Should I just get on with it and sign it? The answer is no! We recommend you should pause and consider what’s involved: Who are the parties? Don’t just focus on who the proposed parties are, think...

February 23, 2021

Property Sharing Agreements

It’s a Kiwi dream to own your own home. But with ever increasing property prices reality dictates that we pool our resources with family, friends or business partners to get on the property ladder. If you’re in this situation we recommend you complete a property sharing agreement (PSA). These agreements set out how you get into the property, how you go on, and how you get out of a property sharing arrangement. A PSA is a great way to maintain relationships between owners and avoid unnecess...

February 22, 2021

Enduring Powers of Attorney

While it is a new year, it is still important to take time to speak to our loved ones about important matters. Especially why it is important to have enduring powers of attorney in place. An Enduring Power of Attorney is a document appointing a trusted friend or family member to manage your affairs should you become unable to manage your own affairs.  This is either for property matters and for personal care and welfare. It is, by far, less expensive and saves a lot of heartache to ensure t...

February 17, 2021

Winding up Your Trust

The new Trusts Act 2019 is in force which is changing the landscape of Trusts in New Zealand. You may wish to simplify your life and wind up your Trust!Since the introduction of the new law, a trust is automatically wound up, or terminated, at the end of 135 years from the date of the trust deed (previously this time period was 80 years).  However, a trust may be wound up earlier than the 135 years if the trustees agree to terminate the trust and the trust deed allows for this.Trustees may ...

February 16, 2021

The long-awaited Trusts Act 2019 (Act) has arrived!

The long-awaited Trusts Act 2019 (Act) has arrived! The Act aims to update trust law and make the law accessible to all (not just lawyers). The Act came into force on 30 January 2021, and applies to all existing written trusts, as well as any new written trusts established. If you are a trustee of a trust, or are considering becoming one, we summarise the matters that you need to consider below. Mandatory duties (cannot be “contracted out” of within the terms of the trust deed) A trustee m...

February 16, 2021

Advice for first home buyers

I love helping people buy property – it is should be such an exciting time in someones life. However, the stress levels experienced when buying a home is up there with birth, death, divorce and marriage! My goal is to make sure this process is easy as possible for you (and even fun!). ...

January 17, 2020

Brightline Test – where do you stand?

In an effort to cool the housing market, the government introduced a “bright-line” test for the taxation of gains from the disposal of residential land acquired and disposed of within two years (subject to some exceptions such as your main home). The test is aimed to deter property speculation, and to make the property market accessible to the first home buyer. As stated above the test does not apply to your main family home. The bright-line rule applies to the sale of any residential prope...

January 9, 2020

Why do I need a Will?

As lawyers we see some horror stories when it comes to passing on. Completing your will is the best way to prevent more heart ache for your loved ones. It is a shocking fact that only around half of all adult New Zealanders have a will. Without making your wishes known in a will, the government will determine how to distribute your estate. How the government’s formula works may shock you.  A formal process must be followed, and your family will need to deal with the courts who will appl...

January 2, 2020 Posts 1-11 of 11 | Page