Paraparaumu

Kapiti Collective
32A Howell Road
Corner Howell and Seaview Roads Paraparaumu Beach

Waikanae

12 Oriwa Street Waikanae 5036

Wellington

Meeting rooms arranged.

Postal address

PO Box 85
Waikanae 5250

PROPERTY LAW

Residential and commercial conveyancing – we provide conveyancing services at a competitive rate – see our offers below - buying, selling, financing homes and commercial land – what type of title – interests noted on the title - sale and purchase agreements – conditions - loan finance - mortgages – leases – tax – relationship property issues.

Wise Owl Legal Ltd
  • Residential property conveyancing - sale and purchase and refinancing
  • For the buyer - A step by step process – title – pre-purchase conditions – finance – property ownership – an unconditional agreement – settlement date – buy report.
  • For the seller – sale preparation – marketing – preparing the sale and purchase agreement – title – settlement date – sale report.
  • Rest homes - agreements - retirement villages – occupation rights agreements – advantages and disadvantages – transfers - outgoings – enduring powers of attorney and will requirements. See also under the heading ELDER LAW for more information.
  • Commercial property – your requirements –title, lease and tenancy arrangements – compliance issues – sale and purchase agreement – conveyancing
  • Subdivisions – various consents – surveyor – loan finance – conveyancing – issue of new titles.

We specialise in all practical aspects of property law. We can assist whether you are the first home buyer, an experienced home buyer or seller, a commercial property investor or a small to medium business owner.

Brian Geary (see profile) is a member of the Property Law Section of the New Zealand Law Society. For more information go to www.propertylawyers.org.nz

WE OFFER A FREE NO OBLIGATION INITIAL CONSULTATION

service by phone or in person to discuss with you the likely steps and costs involved.

CONVEYANCING AT A DISTANCE

We can often deal with your home purchase, sale or refinancing at a distance without meeting person to person. We can meet locally if you are in the Wellington, Kapiti Coast area.

DISCOUNT

A ten percent (10%) discount on all residential conveyancing to elder clients who hold the NZ Government SuperGold card.

FIXED LEGAL FEES

FIXED LEGAL FEES are offered on standard residential conveyancing, so there are no surprises. For more complex transactions we can estimate the likely fee on a fair and reasonable basis. Our overheads are less than larger firms and we pass those savings on to our clients. You can expect a competitive fee and a comprehensive legal service.

FREE standard WILLS with every successful home sale or purchase.

RESIDENTIAL PROPERTY SALE AND PURCHASE and REFINANCING (CONVEYANCING)

New Zealanders like to own their homes. For most, it is their biggest investment. We provide you with clear, comprehensive property advice and legal services - whether it is your home purchase or sale, a re-financing or a complex commercial transaction.

A property transaction is like an iceberg. You will see only a small part of the legal work that needs to be done. As your property lawyer, we will make sure that the transaction goes through with a minimum of fuss. We will look after your interests every step of the way.

PROPERTY CONVEYANCING IS A STEP BY STEP PROCESS:

See us early:

Stay in control of the process. Seek our advice early. The best time is before you commit to signing a sale and purchase agreement. We may not be able to change it later. We can step you through the conveyancing process. Buying or selling a home can be a stressful experience. So avoid potential stress, frustration and added costs, by seeking our legal advice early.

FOR THE BUYER:

A step by step process:

We can discuss what kind of title we are dealing with – is it a fee simple title, a unit title, a lease, a cross lease or some other kind of title. A unit title purchase is illegal until the buyer has also received a pre-contract disclosure statement. With a unit title or leasehold property there are ongoing financial commitments. What interests e.g. easements such as a right of way or building line restriction, are registered on the title and what affect does each have? You need to know this. We will thoroughly search the title and advise you.

What are your written purchaser pre-purchase conditions to be? What are the other terms of the written sale and purchase agreement? Then there are the title and rates searches and to consider what due diligence reports on the property you will obtain – a building inspection, an engineer, a property valuation, a rent assessment, a Council Land Information Memorandum (LIM), a “P” (methamphetamine) test, especially if the property has been tenanted or is remotely located.

For a buyer requiring finance, the financial framework needs early consideration. There is the loan documentation – the interest rate – floating or fixed or a combination, the terms and repayment options – principal and interest or an interest only period, whether you have mortgage repayment insurance, redundancy insurance, life insurance, home ownership insurance – full insurable value or not, whether there is any Kiwisaver first home buyer superannuation withdrawal requirements, any first home subsidy requirements, any parental loans or gifting to assist first home buyers.

Property ownership and related issues:

Should you own in your personal names, or in a trust or a company? There are taxation and other implications if you are buying a property as an investment. Should the property be in joint names for a couple? Should ownership be in shares as tenants in common? How do relationship property agreements, wills and family trusts work?

An unconditional agreement:

When all vendor and purchaser pre-conditions are satisfied the sale agreement is said to be “unconditional” but subject to the remaining general terms of the agreement. The seller must sell and the buyer must buy. A deposit is usually payable in terms of the agreement. A ten per cent (10%) deposit is usually requested by the real estate agent, but the percentage or amount of the deposit is negotiable. The deposit paid forms part of the price. The balance is payable on settlement date. Possession of the property and the handing over of the keys to entry are usually on the same date.

Settlement date:

We are busy on your behalf throughout this whole period, but the exciting day for you and us is settlement day – the day we actually buy the property. We have completed all loan and conveyancing document processes, we have provided you with the vendor settlement statement, plus our own financial statement to you, we have gathered in the balance of the purchase price from the various sources together with legal and other expenses to be paid, we check the title again and any other matters requiring our input. We have obtained your prior approval to proceeding with the actual settlement after you are satisfied with your final pre-settlement inspection of the property.

Then we complete the settlement by transferring the balance purchase price into the trust account of the vendor’s lawyer or licensed conveyancer. The vendor’s lawyer releases the title into our Landonline workspace and we promptly register the title in the purchaser’s names together with any mortgage(s). We phone you to say that you can pick up the house keys from the agent or as arranged. You now have legal title to and possession of your home or rental property. We can usually email your certificate of title and any registered mortgage to you by day’s end, together with your after settlement Buy Report. We then post the report to you.

FOR THE SELLER:

The step by step process described above for a buyer, helps you to see where the seller fits in.

Sale preparation:

We discuss whether a sale through an agent or a private sale is intended. What price range? What method of sale – auction, tender or by negotiation. What due diligence will you carry out to prepare the property for sale? We can discuss your real estate agency agreement, what vendor disclosures to potential buyers are required. We can discuss the drafting of a written sale and purchase agreement, what vendor conditions, what chattels, what mortgage repayments, is there any family trust involvement, if a unit title then compliance with its requirements and so on. Will you first obtain an independent valuation of the property before you offer it for sale? It will make you feel less vulnerable and give you confidence when dealing with your real estate agent in respect of the asking price. They will give an appraisal of the price range as well. Will you obtain your own Council LIM report and a building report? We can discuss the options you have when making disclosure

Marketing:

As vendor, the steps often begin with a decision as to how the property is to be marketed for sale. Is it with a licenced real estate agent or by your own efforts as a private sale? With an agent there will be an agency agreement to sign. With a private sale you may ask us to prepare a marketing package for you.

Preparing the sale and purchase agreement:

The agent will often draw up a sale and purchase agreement for you with purchaser and vendor pre-conditions. But drafting can be a complex business. Ask the agent to email the draft agreement to us before you sign it. We will check it or draft specific clauses for you. Use our experience to advise you of any potential problem. We work with you and the agent to ensure that both parties have an agreement which states precisely what both parties intend. We may also work with the purchaser’s lawyer direct, especially for private sales. We may present a draft sale agreement for their lawyer to check or vice versa.

Unit title sales

If you are selling a unit title you must ensure that the purchaser receives a pre-contract disclosure statement before or at the time the sale agreement was signed. The real estate agent or us can organise this with you. Before settlement we will ensure that the buyer receives a pre-settlement disclosure certificate from the body corporate secretary or nominated person. We will make sure that your levies are up to date.

For all sales:

Whether a fee simple title, a unit title or a cross-lease title - you will sign an authority that enables us to transfer the title to the property on settlement day. Before settlement the vendor must allow the purchaser to carry out a final inspection of the property.

Settlement date for your sale:

We will organise repayment of any loan secured by mortgage etc on the title so that we can transfer clear title on settlement day. By then, you will have received your vendor statement showing the amount the purchaser must pay to settle their purchase. You will also receive our financial statement showing the total funds received and disbursed, including the bank mortgage loan repayment and the net balance paid into your nominated bank account. With a company or a family trust there are other incidental documents to attend to.

After settlement

we notify the agent to release the house keys. If it is a private sale we can have the keys collected from us or you. We notify the change of ownership to the Council Rates Department. With a unit title, the body corporate is also notified. We contact you to advise that the sale is completed and the net proceeds of sale are safely deposited in your nominated bank account and that you may now cancel your house insurance policy. We email and then post you an after settlement Sale Report.

REST HOMES AND RETIREMENT VILLAGES

Call us early for free initial advice:

Your choice of a rest home or retirement village will govern the kind of agreement you actually sign. Call us early for advice. We specialise in elder law. Your initial interview is free and you get a 10% discount off our legal fee if you have the government SuperGold card.

We will ensure that you understand the advantages and disadvantages before you decide to sign the agreement to enter into the rest home or retirement village you are looking at. We will also take care of the legal documents with you.

For retirement villages:

The Retirement Villages Act 2003 provides residents with certain rights and outlines the responsibilities of village operators. There will be village rules and/or codes of conduct. In addition to the obvious right to live in your villa, unit or apartment, other rights and obligations under the agreement should be carefully considered and understood. These might include whether friends and relatives can stay, sub-letting if you go away for a period, keeping a pet, alterations, and your wishes on re-sale when you leave.

The Occupation Rights Agreement:

This sets out your particular occupation rights and obligations to the village you have chosen. You will not usually own the villa, unit or apartment. You may well be purchasing a right to occupy the space for as long as you need it. It is a personal right, created by the agreement you sign. It may be secured by a registered title, but you are not usually able to mortgage it or register other interests such as a caveat.

You will be required to sell back this right to the village owner when you leave, though you may help them to market the property to someone new. Since an occupation right is personal to you, it may or may not be owned by a family trust. You may not be entitled to any capital gain from the sale of the property, but you may have to make up the difference to the village owner if the place sells at a capital loss on the original purchase price.

The occupation agreement will have obligations in respect of the interior space. It will advise whether you pay for interior maintenance and repairs and whether you must pay refurbishment costs on termination. There are insurance obligations, the place being insured by the village owner, with your interest noted on the policy.

Later, you may want to transfer within the village, to another dwelling or a serviced apartment. You will usually terminate your existing occupation right agreement, with the amount repaid to you put towards the amount you pay for the new dwelling, at its current market price. The sum repaid may not be enough to purchase the new occupation right if the market price of dwellings in the village increases and you may have to make up the difference. So it is a careful selection process whenever you enter or leave accommodation within the village. We are there to help you through the process.

There will be a village outgoings fee payment, made up of compulsory elements such as insurance and fixed services and voluntary elements for the services you wish to add. Administration charges for goods or services supplied are charged through the village. You can choose medical care on a user pays basis. Utility charges relating to your place such as electricity, gas, telephone/tolls etc are not usually included in the village fee. The fee is usually payable monthly and subject to cost increases. The obligation to pay often continues after termination of the occupation licence for either 6 months or until resale.

Retirement Villages require you to have current Enduring Powers of Attorney as to care and welfare and a valid Will in place before you enter the Village. We can prepare these for you.

COMMERCIAL PROPERTY transactions:

Buying and selling commercial property can be complex. We can help you through the process, from the commercial and property requirements which have led you to decide to buy or sell this particular property, to the conveyancing process itself.

We will review the land title, and any related documents such as leases and tenancy arrangements. There may be statutory and other compliance issues, such as the relevant parts of the district and regional plan. Once you decide to proceed, there will be the preparation and signing of a sale and purchase agreement which sets out your specific requirements. The actual conveyancing is likely to broadly follow the step by step process outlined above for a residential sale or purchase. There may well be a loan, a mortgage, perhaps a lease and related documents to attend to. There will be a number of other considerations relating to your particular transaction.

Subdivisions take various forms. Various consents are required. We will work with you and your surveyor and liaise with your bank and others to obtain titles to your newly created sections of land with the land easements and interests noted on each title.