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.
Newsflash – notwithstanding some speedy cryogenics breakthrough, we’re all going to shuffle off this mortal coil one day. Even our most hardy avoidant, denial mechanisms, including skirting around the very real need to not only make a proper Will, but also keep it current, are an antidote to that reality.
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.
Mortgages, eh. They’re one of life’s bittersweet realities – there’s the immediate relief in securing one … quickly followed by the more sobering reality of servicing the blessed loan.
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.
