With record-breaking real estate prices in and around the Upper Clutha and wider Queenstown Lakes District, it’s not surprising so many property owners have swarmed to peer-to-peer accommodation platforms, like Airbnb, to reap the rewards.
We Kiwis love our real estate – in my experience, though, there are some who aren’t quite so enamoured with the checks and balances needed when buying a property.
Most laws tend to have initial bedding-in challenges. In the case of the new foreign buyer legislation, it’s the failure by would-be buyers to complete a crucial new form – an oversight so significant, it’s already derailing sales and causing financial grief.
The property market’s never far away from the headlines these days – but whatever the state of the market, properties will still be traded, and the same old legal considerations are just as important to ensuring your interests are covered.
Anyone looking to buy land in New Zealand who is classified as an “overseas person” will need to sign on the dotted line before next Monday (October 22) or, otherwise, be subject to the new foreign buyer rules.
Talk about a hot spot. The old adage “neither a borrower nor a lender be” is all good in theory – until you’re a doting parent confronted by your desperate, cap-in-hand child, all too aware you hold the only key to them getting into their own home.
There’s the old saying that “possession is nine-tenths of the law”. But, if there’s one piece of legislation that sets that concept on its ear, it’s the Personal Property Security Act (PPSA) – unfortunately, though, many businesses that supply and lease goods on hock still aren’t using this helpful credit control tool.
When it comes to “pushing the boundaries” in terms of property law, an area that throws up some interesting – and challenging – issues is encroachment.
