Tag: Section 6

Caveats and Registration

March 29, 2010

The Land Transfer Act 1952 in New Zealand provides for 5 types of Caveats.
A caveat is a warning to anyone to be aware. A Caveat is a notice which is registered against a title for any party to be aware that a claim is being made and sought. Caveats do not create new rights, they are used to protect existing ones. The person lodging a caveat must have reasonable grounds to register a caveat. If they don’t then they may be liable to compensate anyone who suffers a loss as a result of the registration.

The different types of Caveats are:
1. A caveat against bringing land under the Act.
2. A caveat against dealing with land.
3. A caveat against an application for prescriptive title.
4. A caveat as notice of interest in respect of compulsory registration of title.
5. A caveat to forbid issue of an ordinary certificate of title to replace a certificate limited by parcels.

Other types of Caveats can be registered by other statutes. As an example Section 42 Property Relationship Act 1976, where a spouse is claiming an interest in the other spouse’s property.

Or

Section 6 of the Joint Family Homes Act 1964 which allows a creditor to possibily lodge a caveat claiming an interest in the land due to debt.

The most common caveat we come across is the caveat against dealings. Generally a caveat is used by a person who wishes to protect an interest in land by preventing the registered proprietor from disposing of the land or dealing with it in a way that would affect the caveators rights and interests.

Caveats can be registered to protect a Purchaser under a long term Agreement for Sale and Purchase, or the Caveator is a lessess under an Agreement to Lease, or the Caveator is a mortgage under an agreement or unregistered mortgage, or the Caveator holds an option to purchase, or if the Caveator is a beneficiary under a Trust.

We would love to hear your comments and feedback :)

Real Estate Agents Act 2008

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.

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