This is a question often overlooked when buying your home. It is, however, a common situation when two people are buying a property together. Let’s take an example to show how these both work.
Our team here at Aspiring Law is fielding a lot of queries about the latest changes to what’s known as the “bright-line test”, the property tax regime that came in in 2015.
A recent High Court case (Mitchell v Zhang [2015] NZIT3208) clarified a vendor’s obligation to disclose information about land to a purchaser – and serves as a reminder of how critical timely due diligence and legal advice is when buying property.
It’s now nearly two years since significant changes to the Residential Tenancies Act came into force – so, it’s timely for landlords to double-check they are complying with the new laws, and are up with the play on what’s yet to come.
Given my profession, it’s perhaps not surprising that, even when I’m away from the office, conversations and questions often turn to the laws of our land – or, more specifically, the laws of our neighbourhoods.
Making the leap from investing in residential housing to commercial property can be very lucrative – and exciting – but if you’re planning to move into this space, be sure you don’t get caught out by the differences in completing your due diligence.
