Tag: Conveyancing

What is a Guaranteed Title Search and Why are the Important?

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January 5, 2012

What is a Guaranteed Title Search and Why are the Important?

 

When you are selling or purchasing property it is extremely important your Registered Conveyancing Practitioner obtains a Guaranteed Certificate of Title Search prior to completion of your property Conveyancing and Settlement.

A Guaranteed Search is obtained from Landonline, it is a search which is completed on the original Certificate of Title which would have been done at the time your Agreement for Sale and Purchase was confirmed unconditional and the initial settlement preparation work was undertaken.

The Guranteed Search is completed to ensure that there have been no other instruments or dealings registered against the Title prior to registration of your dealing details.

The Guaranteed Search procedure was introduced in the Land Transfer Amendment Act No 2 1982. Where a Guaranteed Search is obtained prior to settlement in some circumstances the Purchaser, mortgagee or any other person obtains an interest in the land may seek damages from the Crown for loss caused by the registration of another instrument or dealing.

The remedy is available when the following conditions are fullfilled:

  • The Guaranteed Search is obtained within the first operative period which starts on the 13th day before settlement day and ends on settlement day.
  • No entry or memorial relating to the registration of the instrument causing loss was on the Certificate of Title.
  • The instrument causing the loss is lodged within 2 months from either settlement of the transaction or registration of the documents relating to the settled transaction, whichever took place earlier.
  • Loss is sustained through the registration or lodgement of the offending instrument.

So you can see the importance of completing a Guaranteed Search when you are purchasing or selling.

To obtain a Guranteed Search please visit the link below:

http://www.propertyconveyancingservices.com/services/

To your Conveyancing Success :)

: Property Conveyancing News
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Property Conveyancing Terminology

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September 25, 2011

Property Conveyancing Terminology

 

In todays blog I thought I’d outline some of the common Property Conveyancing Terminology used by our Profession so you maybe better informed when talking with your Property Conveyancing Practitioner:

  • Agreement or Contract: In New Zealand the Contract is prepared by the Real Estate Agent, Conveyancing Practitioner or Solicitor in a Private Treaty. This is document prepared when the Purchaser (Buyer) is ready to present an offer detailing the terms and conditions to the Vendor (Seller) on a property transfer. The document used in New Zealand is the Agreement for Sale and Purchase.
  • Chattels: These are the moveable objects to be left at the house and property when settlement has been completed. Generally being Carpets, Curtains, Drapes, Blinds, Light fittings, Dishwasher, Stove, Oven or what ever else has been agreed between the parties. It is very important to have every thing listed in the Agreement, so there is no confusion at settlement.
  • Conditional Agreement: This is the Agreement prepared between the parties but is subject to either the Vendor or the Purchaser completing and satisfying certain conditions within a specified time frame. Such as Finance Approval, Builders Report, Valuations, Approval of Title or a Land Information Memorandum, or whatever has been agreed.
  • Cross Lease Title: This type of Title is quite common in New Zealand, even though they can be a nightmare to deal with. This is when there is more than one dwelling (or Flat) on a Title. The owners of each property co-own the land, and each leases their own property which forms the Cross Lease Title.
  • Deposit: A percentage of the purchase price to be paid by the Purchaser will need to be paid as a deposit, this is generally either 5 or 10%, or what has been negotiated. This can be due and payable upon signing of the Agreement or upon the Agreement being confirmed unconditional. It is always in your best interest to have this paid upon unconditional.

It is always in your best interest to have your Conveyancing Practitioner check your Agreement prior to you signing.

Stay posted for an update on the terms used by the Conveyancing Profession and if you would like some more advice or help then please visit https://www.propertyconveyancingservices.com

Cheers Kim :)

: Property Conveyancing News
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Property Conveyancing Services Fanpage

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March 22, 2011

We would love to give you the opportunity to secure a 20% discount off your next Conveyancing and Property Settlement sale or purchase by simply visiting our fanpage and registering for your gift certificate @ http://www.facebook.com/pcsfanpage. Cheers Kim :)

: Property Conveyancing News
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Buying a Property

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April 21, 2010

Most people find the process of purchasing a property a daunting and scary experience, but rest assured it can be one of the most fantastic experiences. The first step to undertaking a property purchase is research and understanding what it is you need to be looking for. This blog is designed to give you some useful tools to help you.

Step 1. Understanding the market and area in which you want to purchase a property. There is lots of information available on line today.

Some of the resources you could use would be the local property press, quotable value, real estate agents property advertisers, estate agents or statistics from the Real Estate Institute of NZ to name a few.

Step 2. Speak with a professional Mortgage Broker to assess your ability to borrow funds and how much deposit you will be required to pay once the Agreement is confirmed unconditional. They will also look at the best loan structure to suit your needs.

This will also help you guage the price market in which you can buy.

Step 3. Check with the local council as to what the annual rates are. Is there any water charges applicable? How much will the insurance cost? What are your Conveyancing and Settlement fees? These costs will also need to be factored into your budget.

Step 4. Make a wish list of what it is you are looking for in the house in your market price.

Some things to consider :

- Schools.
- Public transport.
- Library.
- Shopping Centres.
- Sports and Recreation facilities.
- Banks.
- Post offices.
- These are but to name a few.

Step 5. Take your time and visit open homes to see what you get for your investment. Never buy on emotion. I have personally been guilty of this and it can be costly.

Step 6. Prior to entering into any Sale and Purchase Agreement make a trip to the local Council and check the property file. You will find a lot of information about the property you are intending to purchase.

Step 7. Once you have found your dream home contact your Conveyancing Practitioner to get the appropriate advice about what conditions should be included in your Sale and Purchase Agreement. They can also conduct a Title Search to see what encumbrances are registered as there could be some which affect the use of the land.

Above all enjoy the experience. When you engage the right Professionals the process will be hassle free.

If there is any further information you need please contact us, or is there anything in particular you would like to know?

Please leave your comments and feed back below we would love to hear from you Kim :)

: Property Conveyancing News, Uncategorized
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Caveats

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March 25, 2010

The registration of a Caveat over a property is giving notice that there is an existing right to claim. A party lodging a Caveat must have reasonable grounds to register the Instrument against the Title. Under the Transfer of Land Act 1952 there a five types of Caveats.
1. A caveat against bring land under the Act.
2. A caveat against dealing with land.
3. A caveat against application for prescriptive title.
4. A caveat as notice of interest in respect of compulsory registration of titles.
5. A caveat to forbid the issue of a certificate of title to replace a title limited by parcels.

Caveats can also be registered under other statutes such as Section 42 of the Property Relationships Act 1976 where a spouse claiming an interest in the other spouses property may lodge a claim by registration of a Caveat.

This can also happen under the Joint Family Homes Act 1964, which allows a creditor of an applicant who claims an interest in land which is subject to an applciation under the Act.

Stay posted for more terms used in Conveyancing and we look forward to your comments :)

: Property Conveyancing News, Uncategorized
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