Archive for October, 2009

Agreement for Sale and Purchase

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October 28, 2009

Lets break it down in bit by bit:

Recently the Real Estate Institute of New Zealand released a plain English version of a new Agreement for Sale and Purchase. This Agreement has not been received well by the Real Estate Industry. It would appear the majority of Agents will stick with the Auckland District Law Society Eighth edition (2006) (2).

The transaction begins with the negotiations between the Vendor and Purchaser, when both parties are satsified the Agreement for Sale and Purchase is completed with the terms and conditions which require satisfaction prior to the Agreement being confirmed unconditional. The Agreement for Sale and Purchase represents the contractual obligations of the parties.

Front Page:

The date of the Agreement should always be the date at which the last party signed.

Vendor; The Vendor’s names as shown on the Certificate of Title.

Purchaser; The names of all person who at the end of the transaction will be registered on the Title. To take it further the names should be as described on Driver’s License or Passports.

Address; The address for which the transaction is in relation too.

Estate and legal description; This should be exactly as described as per the Certificate of Title. Delete the estates which are not applicable.

Purchase price; The price will be inclusive of GST (if any) unless the appropriate deletion is made.

Deposit; The amount of the deposit is often 10%, note the parties can agree to a different amount or even no deposit at all.

Payment of purchase price; There are two options, one which must be deleted. Cleared funds is the first option, this simply means cash, bank cheque or electronic transfer. The settlement date needs to be inserted and the second option deleted. The second option would be used in payment was to be made by instalments or if vendors finance was involved.

Possession date; This is the date the Purchaser will take possession. This is generally the same as the settlement date.

Stay posted for further information around the Agreement for Sale and Purchase. Regards Kim

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This a Blog especially for Jim.

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October 23, 2009

James is just back from Auckland after attending a seminar run by Property Tutors Don Ha (Ray White No 1 office) and Sean Wood (15 Million dollar man). Totally awesome real life, real situations, really big returns. Also just received an Ebook “Millionaire Phenomen” by Jon Giann (Oz wonderboy).

When we go to these weath creation seminars and read these motivation wealth creation books why is it they are all saying the same things, with the same or very similiar strategies? It’s because they are real and the work. Get on the web and get a copy of the Ebook from info@knowledgesource.com.au and lots of other great information all for free.

Check out propertytutors.com for New Zealand mentoring programs.

If you are serious take massive action today and make positive changes to your investment strategies.

Regards Jim

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Dividing Fences

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October 22, 2009

This information is contained in the Fencing Act 1978, so what does it mean to you? A fence under the Act is considered adequate if its nature, condition and state is satisfactory for the purposes it serves. There are different types for fences for urban and rural properties. If there is no dividing fence and you want your neighbour to contribute to the cost then you are required to serve notice. The notice must;

1.  State the boundary along which the work is to be done.

2. The work to be carried out – identifying the nature of the work and materials to be used.

3. What will happen if the neighbour doesn’t reply.

4. Estimate of the cost involved.

The best approach is to discuss the matter openly with your neighbour and the majority of the time you will find most people are obliging, and will come to the party to pay half of the cost.

The neighbour has 21 days to either:

1. Confirm they will contribute half of the cost or

2.  Or dispute the  cost and serve a notice back outlining their objections and make a counter proposal.

If the neighbour does not respond within 21 days, the law will treat the neighbour as accepting the proposal.

If you and your neighbour can not come to an amicable resolution then the dispute could be resolved through the disputes tribunal or district court.

Stay posted for further great information

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Gifting Duty

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October 18, 2009

Gift duty is charge on any gifts that one person makes to another. It is only charge when gifts with a combined value of $27,000.00 are given in any 12 month period. A gift is something given when; – nothing is received in return – something is received in return, but it’s value is less than the value of the property given. Here are some examples of gifts;

1. Transfers of any property (such as company shares or land)

- Any form of payment.

- Creation of a trust.

-Forgiveness or reduction of debt.

-A debt remaining so that is cannot be collected by legal action.

If you make gifts with a combined value of more than $12,000.00 in any 12 month period, you must complete a Gift Statement and submit it to the Inland Revenue Dept. There will be no liability for gift duty unless the $27,000.00 gifting threshold is exceeded.

You can obtain further information from the Inland Revenue Dept regarding Gifting Duty.

Regards Kim

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Joint Family Homes Act 1964

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October 15, 2009

Should you make an Application to register you home under the Joint Family Homes Act 1964. It could be an advantage if you have your own business and this will could provide protection from creditors. In effect the property could be registered if:

1. You are the registered owners.

2. You are able to pay all debts.

3. You are not the joint owners of any other home registered under the Act

4. You live in dwelling on the land.

5. The dwelling is your principle place of residence.

If you meet the criteria the effect of registration is that your land is settled as a Joint Family Home. Therefore an interest of $103,000.00 from the proceeds of the sale of the home will be protected from any creditors.

As part of your Application you may request your Application be advertised in the Public Notices, this will inform creditors that you are applying.

If you choose not to advertise and are bankrupt within 2 years of making the Application you will not receive the protection of the Act, as registration will be void against the official assignee.

Regards Kim

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