Residential | Commercial
The purchase and sale of a residential property (usually a family home) is often the most important and significant transaction in which the parties may have been involved.
We therefore pride ourselves on taking particular care in paying detailed attention to residential transactions. We are conscious of the need to ensure that nothing unexpected arises and that the transaction is completed efficiently and at an acceptable cost.
Why Choose Turner Hopkins
- Our property partners have more than 30 years combined experience in dealing with residential property matters
- We pride ourselves on being available to assist with any matter that may arise with your residential property
- We offer a thoroughly professional service and are flexible on how we charge for our services. An example is there may be no fee or a heavily reduced fee for a sale or purchase that does not proceed
- We are there to help guide our vendor and purchaser through the process of selling and buying
The Areas We Cover
Sale - purchase agreements
A large number of residential Agreements for Sale and Purchase are prepared by Real Estate Agents. We recommend our clients (both vendor and purchaser) arrange to have sent to us the draft for review before signing. We also assist both our vendors and purchasers to draft agreements for a private sale.
As part of the residential property transaction, we review title documentation, including freehold titles, cross lease titles, unit titles and flat owning company titles.
Due diligence investigations
We carry out a due diligence investigation of residential property – this may include working with building inspectors, valuers and other professional advisors.
We can work with clients to obtain finance for their purchase and assist in the release of any mortgages or other charges against a property to complete a sale.
We have experience in working with clients who wish to buy residential property as an investment. This may include working with the client's accountants to ensure the ownership structure is correctly put in place. We can, where necessary, help incorporate the ownership company for such structure and advise on how the purchase of a residential investment property should be structured financially.
We are able to assist our clients in advising on how they should own a residential property and, if required, assist in putting together a Property Sharing Agreement.
Code compliance issues / building act
We work with clients that have compliance issues in relation to a property they are selling or purchasing. We can liaise with the client and local authorities to assist in clarifying issues.
Unit title cross leasing
We advise purchasers on the form of title they may be purchasing, which includes a Unit Title, pursuant to the Unit Titles Act or a Cross Lease title.
We have experience in dealing with most of the trading banks and other lending institutions in preparing their finance and security documentation. We will co-ordinate with the client execution of these documents and prepare the necessary security documentation. We will work with the client to obtain the necessary documentation from them to complete such matters including insurance certificate and, if a Unit Title, a pre-settlement disclosure statement.
Title transfers – settlement
We are completely eDealing compliant and can complete electronic settlements on behalf of our clients. Both property partners are Conveyancing Professionals and entitled to complete registration of electronic dealings. We work with our clients to complete the financial settlement of their transaction as well as the legal transfer and settlement.Send an Email Enquiry →
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What is a Sale and Purchase Agreement?
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)
- Rate of interest for late settlement
- Deposit amount
- Any buyer conditions
- Date when the agreement becomes unconditional
- Settlement date
Why do we need a lawyer to review the Sale and Purchase Agreement?
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.
What is a Title search?
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.
What is a LIM (Land Information Memorandum)?
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.
Do I need a building or engineering inspection/report?
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.
What is a Code of Compliance?
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.