When a lender agrees to advance funds to a borrower, a landlord agrees to let commercial premises to a tenant, or a supplier agrees to provide goods on credit, the lender/landlord/supplier (the creditor) might ask for the obligations under the relevant contract to be guaranteed by a third party (the guarantor) as a condition of… Continue reading Guaranteeing the Obligations of a Third Party
Resources
Unit Titles and the Stratum Estate
If you are looking to buy an apartment, townhouse, flat, or another dwelling in a shared housing complex, there is a good chance the title to the property will be structured as a stratum estate. This is a special type of estate in land created under and governed by the Unit Titles Act 2010 (Act).… Continue reading Unit Titles and the Stratum Estate
What Is a Mortgage?
When banks, second tier lenders, and other financial institutions agree to lend money to help finance a real estate purchase, it will usually be on the condition that the borrower’s obligations under the loan (or the obligations of a guarantor) will be secured by a mortgage over the land being purchased. Most people do not… Continue reading What Is a Mortgage?
Nominating Someone Else to Complete a Property Purchase
A person who has entered into an agreement to purchase property might want to nominate a third party or parties, known as the nominee(s), to complete the transaction. This might occur, for example, because the purchaser would like the trustee(s) of a trust, or themselves and another joint buyer, to take title, perhaps in circumstances… Continue reading Nominating Someone Else to Complete a Property Purchase
Joint Tenancy vs Tenancy in Common
If you want to own land with another person, you will have option of holding the legal title as either joint tenants or tenants in common. So, what is the difference? In a joint tenancy, the registered proprietors have shared title to the whole property. They own 100% of the property together. This means that… Continue reading Joint Tenancy vs Tenancy in Common
Using KiwiSaver to Buy Your First Home
KiwiSaver can help you buy a home faster. With the help of a lawyer and your KiwiSaver provider, and subject to a few conditions, you can use the balance in your KiwiSaver account towards the purchase of your first home. What is KiwiSaver? KiwiSaver refers to the management investment schemes governed by the KiwiSaver Act… Continue reading Using KiwiSaver to Buy Your First Home
Buying a Residential Property
Some things you might want to know Conveyancing Buying a residential property falls within the category of transactions lawyers term “conveyancing”. This short guide sets out some things you might want to know about what is involved in a property purchase conveyance. The Sale and Purchase Agreement Every property purchase involves entering into a sale… Continue reading Buying a Residential Property
Selling a Residential Property
Some things you might want to know Conveyancing Selling a residential property falls within the category of transactions lawyers term “conveyancing”. This short guide sets out some things you might want to know about what is involved in a property sale conveyance. The Sale and Purchase Agreement Every property sale involves entering into a sale… Continue reading Selling a Residential Property
Refinancing a Residential Property
Some things you might want to know Conveyancing Refinancing a residential property by entering into a new mortgage with a different bank falls within the category of transactions lawyers term “conveyancing”. This short guide sets out some things you might want to know about what is involved in a refinance conveyance. Your Existing Mortgage A… Continue reading Refinancing a Residential Property