Conducting due diligence on a unit title is different to the due diligence that is carried out on other estates of property. This is because of the statutory disclosure obligations under the Unit Titles Act 2010 (Act) and the additional considerations that purchasers should be aware of when purchasing unit titles. Statutory Disclosure The Act… Continue reading Due Diligence When Buying a Unit Title
Resources
Transferring Trust Property to New and Continuing Trustees
When a new trustee of a trust is appointed, or an existing trustee retires or is removed, the trust’s property must be transferred from the existing trustee(s) to the continuing and new trustee(s). In other words, the trust property must be divested from the old trustee and vested in the new trustee(s). Nature of Trust… Continue reading Transferring Trust Property to New and Continuing Trustees
Relationship Property on the Death of a Partner or Spouse
When two people are married, civil union partners, or de facto partners, and one spouse or partner dies, the question arises of how to deal with their relationship property. The term “relationship property” is defined in section 8 of the Property (Relationships) Act 1976 (PRA) and includes the family home, family chattels, and other jointly… Continue reading Relationship Property on the Death of a Partner or Spouse
What Is a Will?
A will records the final instructions of a natural person (the will-maker) for disposing of their property when they die. It may also include the appointment of a testamentary guardian. A will is only valid if it complies with section 11 of the Wills Act 2007 (Wills Act) or is made by court order. A… Continue reading What Is a Will?
Do I Need a Will?
You should have a will if any of the following applies to you: You have more than $40,000 held in your, or by, KiwiSaver, bank accounts, the trustees of a superannuation fund, an employer, a local authority, Kainga Ora, ACC, MSD and the Crown, or in a life insurance policy. You own an asset worth… Continue reading Do I Need a Will?
KiwiSaver First Home Grants
If you are a first-time home buyer, you may be eligible to receive a First Home Grant from Kainga Ora to put towards the purchase of your home. These grants of up to $10,000 are provided by the New Zealand Government (through Kāinga Ora) and can assist you by topping up your deposit. Who can… Continue reading KiwiSaver First Home Grants
Statutory Demands – FAQs
What is a statutory demand? A statutory demand is a special type of demand that creditors can make against companies under section 289 of the Companies Act 1993 (Act). Who can make a statutory demand? A creditor of a company can make a statutory demand. A creditor is defined as a person who would be… Continue reading Statutory Demands – FAQs
The Importance of Company Share Registers
A share register is a critically important company document. Under section 87 of the Companies Act 1993 (Act), every New Zealand company must maintain a share register. There are no exceptions. Failure to maintain a share register is an offence by the company and every director. On conviction, the offence carries a potential fine not… Continue reading The Importance of Company Share Registers
A Due Diligence Condition is the Best Condition (for a Buyer)
The ADLS/REINZ agreement for sale and purchase of real estate – the form of agreement used in most conveyancing transactions in New Zealand – allows buyers to make the contract subject to a range of standard conditions, including finance, building report, LIM, and toxicology report. These are helpfully included in the Conditions box on the… Continue reading A Due Diligence Condition is the Best Condition (for a Buyer)
Company Annual Returns – Requirements and Consequences of Non-Compliance
What is an Annual Return? Each year, the board of every New Zealand company must deliver a document called an annual return to the Registrar of Companies (see Companies Act 1993, section 214). The annual return must contain prescribed information about the company and its directors and shareholders. It must be delivered in the month… Continue reading Company Annual Returns – Requirements and Consequences of Non-Compliance