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All our Partners practice in the area of real estate, sales and purchases - financing of farm, residential and lifestyle properties. They each have more than 20 years experience in this important area which is a speciality of Glasgow Harley. |
Property and Resource Management We handle all types of Land and Property transactions - Houses, farms, subdivisions, commercial developments, hotel and motels, foreign investments, aircraft, ship and chattels transactions, leasing, rural property transactions, financing and securities. Buying Property A purchaser of land is usually introduced to the land by a real estate agent who is the vendor's agent and the vendor pays. The purchaser who wishes to make an offer instructs the agent to draw up an offer in writing. We like to see the offer before you sign it to check your interests are protected. Alternatively the offer may be made "subject to solicitor's approval as to form, title and content". The offer is usually drawn on the Auckland District Law Society forms which are fair to vendor and purchaser. Agents are honest but are working on the vendor's behalf not yours. It is our job to protect you. The offer is then accepted by the vendor. Normally there are a number of conditions included which must be fulfilled by a nominated date or the contract does not proceed. The conditions may include the raising of finance, the sale of your existing property, obtaining satisfactory valuation, building consultant /or local authority reports, and solicitors approval of the contract and title. A deposit is paid to the agent usually upon confirmation of the conditions. Settlement (comprising payment of the balance of the price and the transfer of title) is affected by the solicitors for each party on the possession date. You are entitled to re-inspect the property on one occasion before settlement. If you fail to settle you can be sued by the vendor for any losses and the deposit will be forfeited. It is necessary that you be given some 12 working days notice by the vendor before this happens. Finance is usually provided by banks or other institutions. Mortgage brokers also arrange loans through banks and are paid by the bank. Banks will normally charge you a fee and give part of this to the broker. Securities are prepared by your solicitor and registered against the title, to give the Bank a power to sell your property if you breach the terms of the loan. Selling Property We like to see the contract before you sign it, but if not, then make sure the Agreement is made "subject to the Vendor's Solicitor's approval as to form content and title". This is to protect you from making a contract you may not be able to fulfill. Once the Purchaser has fulfilled its conditions (if any) the agreement becomes an "unconditional contract" and proceeds to an electronic settlement and title transfer. At settlement we must discharge all mortgages and other charges (including rates and water charges) before settlement happens. This is done by legally binding Solicitors undertaking to the Purchasers lawyers, to your Bank and to other chargeholders. Following settlement, we transmit the funds remaining to you after paying off all charges. Electronic Systems for Sales and Purchases New Zealand's electronic systems for lawyers settling sales and purchases and for transferring title and registering bank mortgages are very efficient (compared with other countries) and give the parties the maximum protection. It is essential that title is guaranteed and that when title is electronically "handed over" there is simultaneous electronic payment of the price. These systems achieve these goals. |
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