We advisors, who specialise in trusts, had felt for some time the days of assets being cleanly ring-fenced and largely taken out of the equation for rest home subsidy assessments were closing.
Where there is a (last) Will (and testament), there is a way. Without this most crucial of documents, unfortunately, not only is there a no absolutely clear way for settling an Estate, things can get downright wayward.
A residential property was being auctioned in Auckland. The auction stalled at a price of $2.5 million. The vendors had set a reserve of $2.7 million. The auctioneer halted the auction while he asked the vendors whether they would be prepared to reduce the reserve price. The vendors agreed to reduce the reserve price to $2.6 million.
The Court of Appeal recently had to decide the meaning of a condition in a sale and purchase agreement which made the purchase of a property “subject to and conditional upon … approval of directors”. This is the first time that a “subject to director’s approval” clause has been considered by a New Zealand court.
The Court of Appeal in the case of Westland District Council v TC York and Alpine Glacier Motel Limited, has confirmed that a Council will be liable for any damages suffered by a purchaser as a result...
A recent High Court case shows that, in some circumstances, buyers of a property cannot rely totally on a code compliance certificate, but may have to undertake further investigations themselves. This will have implications for agents in circumstances where buyers ask them whether the purchase should be conditional on a builders report.
The High Court, in a recent case (Quin v the Real Estate Agents Authority [2012] NZHC), has discussed what obligations an agent has to explain defects to a potential purchaser. It has also clarified whether a Complaints Assessment Committee (“CAC”) can order an agent to pay damages if there is a breach of those obligations.
Having access to water makes a big difference to the value of farm land. Water permits can be essential to a farm or vineyard’s operations. Water permits can therefore be extremely valuable, and when buying a property it is important to make sure there is a valid water permit in place and that it can be transferred.
