Tag: Land Information

Land Information NZ Increase Fees – How is this going to impact on your Property Sale and Purchase

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May 3, 2011

Effective the 1st July 2011 New Fees and Charges for Suvey and Title Services

We have recently received notice from the Land Information New Zealand (LINZ) has reviewed their fees and charges. The increase in fees will take effect on the 1st July 2011.

LINZ states due to the decline in the volume of survey and title transactions over the last 12 months in the property market they claim under recovery of costs in the 2010/2011 year.

They have therefore reviewed fees which will have to be passed onto Clients who are either Selling or Purchasing.

The greatest increase is on the Registration fees for Discharges, Transfer and Mortgages going from $52.00 to $80.00. A substantial increase in my opinion.

LINZ claims their fees remain the lowest in the world? My question is such an increase warranted when all the Conveyancing and Settlements are completed electronically? So what amount of labor is required in the processing?

Our recommendation to clients selling, purchasing or refinancing is obtain a quote up front so you can factor all costs associated with your Property Conveyancing and Settlements.

Please visit:

http://propertyconveyancingservices.com/free-property-conveyancing-quote.html

Cheers Kim :)

: Property Conveyancing News
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Conditions in Your Sales and Purchase Agreement

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March 29, 2011

When you are Selling or Purchasing a Property is it important that the Conditions in your Sales and Purchase Agreement are worded correctly.

If the Conditions are not worded correctly huge problems can arise. In particular the Conditions should contain the following elements:

  • What needs to be done?

  • Who’s going to do it?

  • Who is going to pay for it?

  • When does it need to be done?

  • What is going to happen if something is discovered?

  • Who is going to pay to fix it?

    • Stay posted for more specific wording relating to the Finance, Land Information Memorandum, Approval of Title, Builders Reports, Valuations, Good Working Order and Warranties together with the Sale of another Property.

    Cheers Kim :)

    : Property Conveyancing News
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    Land Information Fees rise 1st July 2010

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    May 18, 2010

    Hi all just a quick blog to inform you effective from the 1st July 2010 the Land Information New Zealand has announced fees for registration and searches will increase.

    Registration fees will increase from $37.00 per document to $51.00 per document.

    Search fees will increase from $3.00 to $4.00 per search request.

    It would appear the Government Departments are looking at ways to increase revenue in this economy.

    Stay posted :)

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    Conditional Agreements

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    April 14, 2010

    Property is being purchased and sold on a daily basis. Unfortunately many people do not understand the legal terminology used when a Contract is being drawn up on their behalf. In this article we are going to explain in plain English the legal terminology of what a Conditional Agreement is.

    Conditional

    When you enter into an Agreement for Sale and Purchase is will be made subject to certain conditions which need to be satisfied by either the Vendor or the Purchaser.

    Examples of these conditions are

    1.Subject to the Purchaser obtaining Finance on terms and conditions acceptable to the Purchaser. This may also include the amount of funds and the name of the Lender.
    2.The sale of another property.
    3.A Valuation Report.
    4.A Builders Report.
    5.Land Information Memorandum or
    6.The Vendor obtaining a Code of Compliance for an illegal structure.

    These are but to name a few.

    The emphasis is that both parties will have a legal obligation to take all necessary steps to ensure their conditions can be met and confirmed making the Contract conditional upon the terms specified.

    If for any reason either party were not in a position to satisfy any of the conditions there is generally a provision allowing either party to cancel the Agreement or negotiate on further terms.

    Ensure you read the fine print in the Agreement as these also form part of your obligations. It is highly recommended you consult with a Conveyancing Practitioner prior to signing any Agreement to ensure your interests are protected. This is part of your own due diligence.

    It always pays to be safe rather than sorry later.

    Again we would love your feed back and let us know if the information we are providing is of value or if there is a topic you wish us to cover. :)

    : Property Conveyancing News, Uncategorized
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    Buying a Business

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    November 8, 2009

    Following on from my previous blog:

    * You should ensure you have access to the business before settlement to be introduced to the clients.

    * The Sales and Purchase Agreement should state that risk of the assets passes from the Seller to you on settlement and possession date.

    * What type of insurance will you require – Public Liability, Business Insurance, Plant and equipment, Motor Vehicle. Ensure you list everything and obtain the appropriate quotes, generally through a Broker.

    * What costs are to be apportioned between you and the Seller at settlement – Rates, Rent, any Licencing fees.

    * Will there be a Restraint of Trade – You are entitled to restrain the Seller from competing against you in a similiar type of business generally for two years, and within a certain radius from the premises.

    * What types of conditions are required in the Sales and Purchase Agreement – Subject to Finance, Landlord consent, Land Information Memorandum, Due Diligence, Confirmation of accounts.

    * Are there any franchise or licence agreements to be assigned.

    Stay posted for the final blog regarding purchasing a business. Warm Regards Kim

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