GE Image Gallery 133

Category: Corporate & Commercial

  • Overseas Investment Act – Amendments have legal effect

    1 November 2018

    Amendments to the Overseas Investment Act 2005 (OIA) that restrict certain overseas people from buying residential land in New Zealand reported in our September newsletter came into force on 22 October 2018.The new provisions affect the purchase of land that is rated as a residential or lifestyle property (residential land). This includes apartments, townhouses, and standalone dwellings in use unit title developments.The effect of the amendments requires overseas persons to obtain consent from the Overseas investment Office (OIO) under the OIA ...

  • All for One and One for All?

    1 November 2018

    The allocation of costs for significant repairs to unit title developments can be a very contentious issue. A recent decision of the Court of Appeal in Gu v Body Corporate 211747 [2018] NZCA 396 provides further guidance for bodies corporate and unit owners.The case relates to a mixed use building in Eden Terrace, Auckland. A reinstatement scheme under section 74 of the Unit Titles Act 2010 (UTA) had been settled by the High Court in October 2011 to provide for ...

  • Sale of Common Property

    3 October 2018

    Does your Body Corporate have surplus land? If the answer is “yes,” then we can look at whether the sale of common property is a possibility for your body corporate.There are two ways, processes, in which the sale of common property can be achieved. The first is where part of the common property is sold, and a new principal unit or accessory unit within the same body corporate is created.The second is where part of the common property is sold and ...

  • ACP Cladding and the Suspension of CodeMark Product Certification

    3 September 2018

    In the aftermath of the Grenfell Tower disaster, there has been a renewed focus on the types of cladding used on buildings in New Zealand. This is because the use of Aluminium Composite Panel (ACP) cladding was considered to be a major factor in the speed and spread of the Grenfell Tower fire.Essentially, ACP cladding is a sandwich of two thin aluminium sheets with a binding core made up of polyethylene and/or a mineral combination. ACP cladding is popular because ...

  • Getting Paid – Make Sure You Hold the Deposit

    3 September 2018

    As agents are aware, when you hold the deposit and the agreement for sale and purchase is declared unconditional, the standard ADLS/REINZ agreement will allow you to deduct your commission – no risk.However, what happens when you allowed the deposit to be held by a third party, or it was a term of a bespoke agreement? In this case, if you are not paid, you must take legal action. To avoid that, always make sure the agreement provides that you ...

  • IMPORTANT ANTI-MONEY LAUNDERING REGULATIONS UPDATE

    31 May 2018

    You may be aware of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (the “AML/CFT” law), which has been in force for some years now. To date, it has mainly affected banks and other financial or investment entities. The purpose of the law reflects New Zealand’s commitment to the international initiative to counter the impact that criminal activity has on people and economies within the global community.From 1 July 2018, lawyers are required to comply with the AML/CFT ...