The purchase and sale of a residential property (usually a cherished family home) is often the most important and significant transaction you will ever be involved with. Our team understand this and the importance it holds and will help you to manage the process with confidence and with a minimum of stress.
Or call +64-9-486-2169
The right advice -every step of the way
Residential property services
Residential property transactions require meticulous attention so they can be completed as efficiently and cost-effectively as possible, avoiding any unexpected glitches. Whether you are looking to buy or sell residential property, you can be assured of Turner Hopkins' property team's experience and diligence.
Sale /purchase agreements
Most residential sale and purchase agreements are prepared by real estate agents. We always recommend that our clients – both vendors and purchasers – send us a draft before signing anything. We can also help vendors and purchasers draft agreements for private sales.
Title documentation
As part of a residential property transaction, we routinely review title documentation, such as freehold titles, cross lease titles, and unit titles. We are also proficient in dealing with the more uncommon flat owning company titles.
Unit title or cross lease? Freehold or leasehold?
Following this documentation review, we can advise what the different types of titles mean for you as a purchaser regarding responsibilities and potential pros and cons.
Investment advice
Some clients are looking to buy residential property as an investment and want advice about how the purchase should be financially structured. We can work alongside your accountants to ensure the ownership structure is correctly in place and, if required, help to incorporate the ownership company for said structure.
Ownership structure
Not only does a property's title affect the owner's rights and responsibilities, but also the type of ownership being undertaken. The options include:
Individual ownership
Partnership, co-ownership, joint venture
Limited liability partnership (LLP)
Company or look-through company (LTC)
Tenants in common (TIC)
Trust
We can help determine which one is right for you based on your personal circumstances and preferences.
Due diligence investigations
Due diligence, as it relates to residential property, can include working with building inspectors, valuers, and other professional advisers, as appropriate.
Compliance with New Zealand's Building Act 2004
If there are Building Act code compliance issues, we can liaise between the property vendor or purchaser and local authorities to seek clarity.
Funding assistance
Do you need assistance obtaining finance for your residential property purchase? Turner Hopkins can help, including with the release of mortgages or other charges against a property to complete a sale.
Financial documentation
Over the decades, we have worked with most of the trading banks and other lending institutions, preparing our clients' financial and security documents, including insurance certificates and the pre-settlement disclosure statement (in the case of a unit title). We coordinate the whole process so that everything runs as smoothly as possible.
Title transfers and electronic settlements
We work with you to complete the financial settlement of your transaction and the legal transfer and settlement.
We are, fully eDealing compliant and able to complete electronic settlements on your behalf. Both of Turner Hopkins' property partners are conveyancing professionals, permitted to complete the registration of electronic dealings.
Why choose Turner Hopkins?
We are steadfastly by our clients' side from start to finish.
Between them, our property team has more than 50 years of experience and know-how, and we pride ourselves on being available to help with any matter that may arise during the sale or purchase.
Reach out to our team below to find out more.
Or call +64-9-486-2169
Your Property specialists
John Stirling
Partner
Phil Shannon
Partner
Joy Yuan
Principal
Kate Chivers
Principal
Kathryn Wynd
Legal Executive
Olga Pelevina
Senior Solicitor
Frequently asked questions
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The Sale and Purchase Agreement is a legally binding contract outlining the agreed conditions of the buyer and seller of a property. If you are using a real estate agent, they will probably use the ADLS form from the Auckland District Law Society and Real Estate Institute of New Zealand.
The agreement should include the following:
Names(s) of the buyer and seller
Property's address and type of title
Any chattels to be sold with the property (for example, drapes, white ware, light fittings and fixed floor coverings)
Price
Rate of interest for late settlement
Deposit amount
Any buyer conditions
Date when the agreement becomes unconditional
Settlement date
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It is wise to have your lawyer view the draft Sale and Purchase Agreement before you sign – this is for both a private sale and one through a real estate agent – as once signed this is a legally binding agreement.
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A search carried out to retrieve the document(s) relating to a property's history. It includes the current status of the title, including the owner, legal description, easements, land covenants and mortgages.
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A LIM is a record of information on a property held by the local authority and includes rates details, any building consents granted, notices relating to the property or neighbouring ones, flood, erosion and contamination risks.
Many Sale and Purchase Agreements have a clause relating to a LIM so your lawyer can consider the LIM before the agreement goes unconditional.
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By obtaining a professional building and/or engineering report you will be alerted to any matters that may need attention. A building inspector will inspect areas of the house that are reasonably accessible. A normal inspection will cover:
Interior – services
Exterior – roof, roof space and sub floor
Site – potential for flooding, drainage, site conditions (retaining walls, etc.), run-off from adjacent ground
Other buildings on the title
For apartments, the inspector will generally only inspect the interior and balcony, if there is one.
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A Code of Compliance (CCC) is a formal statement confirming that the building work carried out on a property is compliant to the building consent issued by a local authority.
An owner of a property owner must apply for a CCC once all the work has been completed and inspected.
