Home
Loading

SEPTEMBER 2017

Purchasing a Residential Property

It's a risky business

Buying a property, be it your first home or a family bach, is a big decision. The right lawyer will make that decision a little bit easier.
The agreement for sale and purchase of Real Estate is a legally binding contract with certain obligations contained within the standard terms. Once you have signed you cannot cancel simply because you have changed your mind.

A good lawyer will be involved in the full process from step one, from preparing the agreement to key handover. The point is getting us involved early.

Before you take the leap, it is best to talk to your solicitor first.

Obtaining and reviewing the Certificate of Title

Checking your title beforehand is a prudent move. A Certificate of title will show the various interests which may affect the land including restrictive land covenants, encumbrances, Easements, Consent Notices or any number of instruments which can affect a person’s interest in or use of the land.

How we can help:

  • We will be able to identify any land restrictions, easements or caveats listed on the property which could prevent the transfer of title or affect your use of the land.
  • We will ensure the title is correct for the type of interest in land you are buying, be it a cross lease or a unit title. Your solicitor can help to identify a defective title.
  • Any defect in title can affect your ability to obtain finance or the resale value of the property.

Drafting the Agreement for Sale and Purchase

Your offer to purchase a property may be subject to conditions. These conditions are indicated on the front page or in the further terms of the agreement. How these operate is determined by the various clauses contained in the general terms of the standard form agreement issued by Auckland District Law Society. You need to be aware of how these will affect the agreement and any subsequent negotiations. Some standard clauses require a specific reason for termination to be provided or require the vendor to be given a chance to rectify a problem before the agreement can be cancelled.

How we can help:

  • We can draft specific condition clauses to suit your requirements.
  • We can advise you how to best structure your offer to ensure it is not only attractive to a vendor but protects your interests.
  • We can assist to prepare an agreement which gives you more power as a purchaser.
  • Ensure you are not committing yourself to any obligations you did not intend.

Completing the purchase

Whether you are obtaining a loan and registering a mortgage, or the title to the property is subject to a caveat, we are here to provide you with advice and guide you through the process.

How we can help:

  • We will liaise with council and the local water body.
  • We will attend on any loan documents and provide advice on the effects and obligations of any loan or mortgage.
  • We can search the security register to ensure any chattels are not subject to hire purchase or other security agreement.
  • We can advise on and assist with any restrictive interests on the title.

Whatever the problem we are here to help. So, before you put pen to paper and sign that offer, come and talk to us.