Archive for November, 2009

Trusts

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November 30, 2009

What are the essentials of a Trust;

* Settlor

* Assets

* Trust deed document

* Trustees

* Beneficiaries.

The Settlor must be over the age of 20. It can also be a Company or another Trust, and you can have more than one Settlor.

Trustees can be anyone who can own property.  Trustees are given a big responsibility and must ensure they are familiar with the terms of the Trust this includes record keeping of decisions and actions. Trusts also allow for an independant Trustee to be appointed.

Beneficiaries these are the people who will benefit from the trust. If the Trustees breach any obligation the Beneficiaries can take legal action.

Stay posted :}

: Property Conveyancing News, Uncategorized
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Trusts

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November 23, 2009

Trusts – a Trust deed is a legal document creating a relationship between a person who places assets under the control of a Trust for the benefit of people or for specific reasons. The person placing assets in the trust are known as the Settlor, the control of the assets under the trust are known as the Trustee and the people who are to benefit are known as the Beneficiaries.

The assets transferred to the trustees becomes their property, but it is for the benefit of the beneficiaries. Trustees have a legal obligation to deal with the assets of the trust in accordance with the trust deed. Generally there will be more than one trustee of a trust.

Stay posted for more general advice around trusts. Warm regards Kim

: Property Conveyancing News, Uncategorized
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Rotorua’s person of the Year

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November 19, 2009

Congratulations to Steve McGuire on this recent award. To find Rotorua’s Person of the Year, Classic Hits took nominations from the Rotorua Public and then got the stations listeners to vote fo the person who they think made the biggest contribution to the Rotorua community in 2009. Several leading members of the community were nominated, however, after the voting process, just one nominee stood out above all the others and it was Steve McGuire from LJ Hooker Rotorua. Steve is frequently seen out in the Rotorua community particularly the Western Heights area. Whether it’s helping out with a charitable barbeque, collecting cans for the Salvation Army Food Appeal, organising market Days or any of numerous efforts, Steve is there helping out. Great going

: Property Conveyancing News, Uncategorized
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Real Estate Agents Act 2008

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November 15, 2009

How ready is the Industry and the Representatives for the changes to take effect tomorrow 17th November 2009. Watch the Headlines.

What does this new Act mean; The purpose of the Act is to promote and protect the interest of Consumers in dealing with the Real Estate industry as a whole and to promote public confidence in the performance of those who undertake such Real Estate Agency work.

The Act now regulates Agents, Branch Managers and Sales persons. This will raise Industry Standards and this is great and well overdue in my opinion.

Furthermore the Industry is now accountable to an independent Real Estate Agents Disciplinary Tribunal with much higher fines for those who commit an offense under the Act.

Who is qualified to undertake Real Agent Agency Work? The Act states “a person must not carry out Real Estate Agency work, or hold themselves out to the public as ready to carry out any work, if that person is not Licensed under the Act or otherwise exempt Section 6.

We’ve compiled this slide show to help explain the implications of the Real Estate Agents Act of 2008 which you can view by clicking here.

: Property Conveyancing News, Uncategorized
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Buying a Business

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November 12, 2009

The last blog on this matter:

If there are licences to operate, or possibly a government consent involved the Agreement should provide provision for the licence to be current and transferred upon settlement so you as the Purchaser can continue to trade.

You should also ensure the Agreement provides provision for the Vendor to remain for a period after settlement to ensure  smooth transition, and gain some practical tips and experience from the Vendor.

Seek the advice of your Accountant around any matters regarding GST. In particular if you as the Purchaser are registered for GST this will make the transaction zero rated for this purpose.

Seek advice as to whether the business should be purchased in your dividual names or the name of a Company.

Furthermore I can not stress the importance of you completing your full due diligence before entering into any Agreement to purchase a business or franchise.

Warm regards Kim

: Property Conveyancing News, Uncategorized
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