We regularly get asked “Is it worth me having a Trust anymore?” As you would expect from a Lawyer, the answer is “Well, that depends”. There is no doubt that the baby boom generation have loved Trusts. The love affair has changed the previous use of Trusts away from the intergenerational protection and transfer of assets, to one of the protection of assets for the individual.
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Cross Lease titles originally arose as a device to get around Council rules that would allow more than one dwelling on a certain sized parcel of land but would not allow subdivision of that land. They created a de facto subdivision by making two or more people owners of the land and then granting a ‘cross lease’ between the owners in respect of the houses built on the land. Over the years some difficulties have arisen with these titles.
If your Agreement is subject to you approving a LIM, the standard agreement provides that you have 5 working days from the date of the Agreement to order the LIM and 15 working days from the date of the Agreement to advise your approval, or otherwise, of the LIM. In Tauranga, it takes up to 10 working days to obtain a LIM from Council, so ordering the LIM is a priority once you have signed the Agreement.
There are certain styles of construction and types of material that are susceptible to Leaky Building Syndrome. The Consumer build website, which is a collaboration between the Department of Building & Housing and the Consumer Institute, has some useful tips about some of the red flags for leaky buildings when buying a house, at their website:
The Building Act 2004 requires Councils around the country to assess certain buildings, including certain multi residence buildings, for earthquake risk. Older buildings are likely to be a higher risk. A high risk assessment could mean that the building has to be strengthened within five years. This can be a significant cost to owners.
The Historic Places Act 1993 (“the Act”) protects all archaeological sites, whether recorded or not, from damage and destruction. Under section 2 of the Act, an archaeological site is defined as a place associated with pre-1900 human activity, where there may be evidence relating to the history of New Zealand.