When purchasing property many people focus on title, price, and finance. However, district plan rules are also important and can significantly affect what you can do with your land.
A recent court decision highlights the serious financial consequences of failing to settle a property purchase once a sale and purchase agreement becomes unconditional. In this case, a purchaser was ordered to pay approximately $1.1 million in damages after defaulting on settlement.
AA Insurance has stopped offering new home and landlord policies for parts of Westport because of the town’s significant flood risk, even though existing policies remain in place. This is widely expected to be the first of many similar decisions around the country.
If you're buying property or refinancing with a bank loan, your lawyer has specific legal duties to complete before the bank will release the funds. Understanding these requirements can help avoid delays and surprises during settlement.
If you are considering buying, selling, or renovating a cross-lease property, it is important to understand how the structure operates, what issues to look out for, and how to safeguard yourself against avoidable legal complications.
