WHAT CAN GO WRONG DURING THE CONVEYANCING AND SETTLEMENT PROCESS!!!!!!!!!!

I thought it important to share what can go wrong during the Conveyancing Process and what we experience in our Roles as Registered Conveyancing Practitioners.

We recently completed a settlement on behalf of a Vendor who was selling one property and purchasing another with the settlement and possession date to be on the same day (as you would expect it to be).

Under the terms and conditions of the Sales and Purchase Agreement condition 5 the Purchaser has the right to Requisition Title, and in our Vendor Client sale that is exactly what happened. So what was the problem with the Title?

Let me set the scene – The property being sold was a Lot within a 6 Lot subdivision. The Titles within the subdivision had registered on the Certificate of Title several Easements and a Covenant.

At the time of the original Subdivision one of the Easement documents had the Deposited Plan number with an error where two numbers had been transposed, and neither the Council or the Land Information New Zealand registry office picked up the error at the time the original documents were lodged (Bummer)!!

So what was the Resolution?

Answer =

1. Get new Variation of Easement document prepared.

2. Prepare a meeting with all Registered Owners within the Subdivision (6) and one not living at the property.

3. Explain in Plain English what needs to be done to rectify the problem without too much confusion and expense.

4. Get the Registered Owners Approval to proceed and possibly contribute to the cost. (Try and save our Vendor Client a huge expense) 2 agreed, 2 didn’t. Move on!

5. Write to the Banks who have Registered Mortgages on the Titles explaining the error, how it happened and what needed to be done to fix it, provide them with a copy of the Variation of Easement and get their Consents as they would be needed and Registered in the Edealing to correct.

6. Lodge and pay for a new 243 Resource Consent from the Tauranga City  Council (Which can take upto 20 working days) and also provide a copy of this to the Banks and Registered Owners.

7. Provide copies of these to the Representative for the Purchaser for their approval.

8. Set up the Edealing in Land Information New Zealand, and prepare the Authority and Instruction forms for all Registered Owners to sign.

9. Arrange another meeting with the Owners and get everyone to sign those documents listed in 8.

10.  Be ready for Settlement. AND guess what we were! Phew

Now that is just a quick run down on what went on behind the scenes.

So if you want the extra ordinary mile from the Best of the Best in the business. Look no further than

www.propertyconveyancingservices.com

Cheers Kim