A unit title is a form of property ownership where you own your unit, but the common areas are owned by the body corporate. This ownership structure is common in high-rise apartment blocks.
Generally speaking, GST on a property sale and purchase between two GST-registered entities results in a ‘GST neutral’ position for both the seller and the buyer. It’s essential that the sale and purchase agreement contains the correct wording, particulars and information in respect of the GST position of the parties to the agreement.
After 25-odd years, I’ve lost count of the cases I’ve seen where people would wager a vital organ they haven’t put a single legal foot wrong. In reality, they’re marinating in wrongdoing, risk and liability.
New Zealanders love to talk about property. There are a multitude of topics relating to property that Kiwis have an intimate knowledge and understanding about which form the topic of water cooler and dinner conversation. The cross lease is just one of those many topics of conversation.
Our ability to access the ‘great outdoors’ in New Zealand is seen as something of a citizen’s right. At times, however, It does conflict with the rights of private landowners when, in order to access the great outdoors, there is a need to cross their private land first.
Most laws tend to have initial bedding-in challenges. In the case of the new foreign buyer legislation, it’s the failure by would-be buyers to complete a crucial new form – an oversight so significant, it’s already derailing sales and causing financial grief.
We’ve received several requests lately to provide a heads up on what happens when one property owner damages another party’s land. Where do responsibilities and obligations begin and end, we’ve been asked. And, not surprisingly, the big question: who pays?
Anyone looking to buy land in New Zealand who is classified as an “overseas person” will need to sign on the dotted line before next Monday (October 22) or, otherwise, be subject to the new foreign buyer rules.
