Is your rental safe and healthy?
Penalties for landlords dragging the chain
New laws came into effect on 1 July 2016 that require landlords to make their properties safe and healthy for tenants. These new laws provide some lead time for properties to be brought up to standard; the will apply to all rented properties from 1 July 2019. Will your rental property meet the new standard?
Bright-line test period extended
Property investors will be familiar with the bright-line test where there are potential tax issues if a residential rental property is owned for less than two years before it is sold. In addition to rental properties, the sale of a holiday home can be subject to a tax liability, as it is not a primary residence which is exempt.
In the current buoyant property market, many property investors have been considering selling other properties that form part of their rental portfolios.
Keeping New Zealand safe from money launderers
As you will no doubt be aware, from 1 July 2018 all law firms will be subject to the requirements of the Anti-Money Laundering and Counter Financing of Terrorism Act 2009 (AML for short). At first glance you may wonder why we must adhere to these very strict requirements and why you will be asked for additional information.
Pre-purchase inspections – what you can object to and what you can’t
The final step before you settle your property purchase is to undertake a ‘pre-purchase inspection’. This gives you the right (under the contract you signed) to inspect the property one last time and raise any last minute issues about the property with the real estate agent and with us before settlement.
Purchasing from a developer who isn’t a builder – what are the pitfalls?
One of the increasingly popular options for purchasing a new house is to buy from a property developer who may not have actually built the house. Contract builders are brought in to construct new homes in subdivisions; the developer then sells on. This can result in a nice new house at a reasonable price.