Land Information New Zealand and eDealing
Best Conveyancing Lawyer For Me?
There are many factors to the selling, buying and refinancing of a property that cause far more trouble than you should have to face alone. A conveyance lawyer will protect you through the thick and thin of your property transaction.
Which is the best conveyancing lawyer for me?
“Conveyancing lawyer for me” – what does this really mean? We know that the Auckland housing market today is a touchy subject for most young homeowners-to-be. With ever-changing interest rates and many prime property purchase opportunities being snapped up faster than some of us can keep up with, home ownership can be a looming prospect for Aucklanders to face. As if this wasn’t a stressful enough situation to consider, there are many underlying factors to the selling, buying and refinancing of a property that are often overlooked, and eventually cause far more trouble than you should have to face alone. A severely underrated asset to your arsenal is the conveyance lawyer – a member of your team that is devoted to seeing that the needs and wants of all parties are met. Above all, a conveyancing lawyer ensures that the undertakings of all parties are upheld and met to the best of their ability. With all of these factors to consider, the question of “which is the best conveyancing lawyer for me” springs to mind.
We want to assure you that no matter the interest rates you face, or how drastically the rate of property sales in Auckland fluctuate, we will be here to assist you for all your property buying, selling and refinancing obligations. As the oath keeper, you can rest assured that when working with our conveyance lawyers, all of your needs will be met with enthusiasm and remarkable results.
Give our conveyancing lawyers a call today for all of your property selling, buying and refinancing needs.Contact Your Conveyancing Lawyer in Auckland
You might have seen the recent announcement by BNZ about their new shared homeownership scheme. So, what exactly is it and what does it mean for people who are keen to take their first step onto the property ladder? As an Auckland lawfirm specialising in property law and conveyancing, here’s our take:
BNZ Shared Homeownership Scheme – The Details
The BNZ shared home ownership scheme is not dissimilar to homebuying schemes which have been run in the UK and Ireland with success for a number of years.
In summary, a first-time buyer teams up with an equity investor to co-purchase a house. The buyer invests what they can afford, with the co-investor (in this case YouOwn) investing the remainder to bring the total equity to 20%.
The buyer then services the loan on their share of the property, as well as paying an “interest” charge to their co-investor, with the eventual aim to buy them out and own 100% of the house.
Shared Homes Scheme – The Benefits
- It allows you to get a foothold on the property ladder – you put up a deposit that you can afford (minimum 5%).
- You can start to increase the % ownership you have in the property after 5 years, with no set timeframe to achieve full ownership of the house.
Shared Ownership – Things to Consider
- This scheme is aimed at buyers with a household income of minimum $120,000 given the price of the eligible homes.
- It only applies to certain Auckland new-build homes at the present time.
- As well as your mortgage repayments you pay a separate charge on the equity investment by YouOwn.
- You’re responsible for all ownership costs such as insurance, rates and maintenance of the house.
- You won’t be able to sell your house without agreement from the equity co-investor, although you may be able to rent it out if your circumstances change.
As Auckland lawyers, we consider the BNZ co-ownership scheme to be an interesting new way to get on the housing ladder for first-time buyers. However, it always pays to do your research and to consider all legal aspects to ensure that it’s the right choice for you.
Here at Quay Law, as property lawyers and conveyancers we’d be happy to help you discover if the shared homeownership scheme is right for your circumstances. If you’re looking for a lawfirm in Auckland to help with selling, purchasing or financing a home, get in touch with Quay Law today.Contact Your Conveyancing Lawyer in Auckland
In October last year the foreign buyer ban NZ came into effect and some New Zealanders breathed a sigh of relief, but should they have? Will the foreign buyer ban NZ have any impact on property prices or overseas ownership? According to the Real Estate Sector in New Zealand, the change in property law will not help kiwis who are struggling to afford their first home. However the Associate Finance Minister David Parker says it will still help in the way of stopping Kiwis being outbid by foreign buyers.
According the average amount of property transfers that happen each year in New Zealand, only 3% have foreign buyers. That equates to approximately 4200 houses. This number may seem small, but when you add up the total year to year, the number grows significantly, therefore these restrictions may start to have an effect on Kiwi first home buyers after all.
Australian Property Restrictions and What They Show.
Before these restrictions came into effect in NZ, Australia had already banned foreign ownership on existing (opposed to new) residential properties. However, they hadn’t created any restrictions for foreign trusts and corporations, which means that their laws are less strict than ours. So far, there is little evidence that shows that these restrictions have had any impact on slowing housing price inflation in Australia.
How did foreigners react to the foreign buyer ban NZ?
A large percentage of foreign property buyers are from China as they prefer to invest outside of China, in countries that have a more stable economy which can provide good returns on investment. Upon hearing the news of the new restrictions being put in place against foreign buyers, many Chinese jumped at their last chance to buy in NZ. There was a 59% increase in NZ property enquiries on just one of many real estate websites advertising NZ property to China.
The foreign buyer ban NZ frees up property for Kiwis, now it’s time to find an Auckland law firm that knows real estate law.
With the extra 4200 homes opening up to Kiwis each year, it’s time to look into a conveyancing law firm in Auckland to help you understand real estate law with your property transactions. Quay law can help you with purchasing, selling, conveyancing, financing and all general legal advice you could need to know. If you have found or are selling the perfect home, call Quay Law to speak to a qualified and professional conveyancing and property lawyer.
Immigration Consultants and Lawyers for Immigration in 2018
Whether you are already residing in New Zealand or are planning a move to New Zealand, you should be aware of the benefits and risks surrounding your application or current permits. Consider working with immigration consultants and lawyers?
Losing your New Zealand job may result in you not being eligible to work in another organisation. This can have dire consequences, the worst being that you could have to face leaving New Zealand.
A work permit does not carry with it a guarantee for renewal or a guarantee that permanent residency will be granted. It’s unfortunate, but some migrants do not completely understand this when making the move to New Zealand.
Unemployment In New Zealand Is At 4.4% – The Lowest In Nearly A Decade.
A Westpac Senior Economist, Michael Gordon, has found that “Firms are finding it increasingly difficult to find new workers, as the pool of available workers has narrowed over time.” Companies are increasingly looking overseas to fill the shortages – making this a great time to immigrate.
New Zealand welcomes new migrants – people who will contribute to the country by bringing valuable skills or qualifications, setting up a business, or making a financial investment.
So what options are available to you? Immigrants in New Zealand fall broadly into three categories:
- Those that hold Citizenship
- Those that reside in New Zealand and hold permanent residency
- Those that reside in New Zealand and hold valid work permits
If You Currently Reside In New Zealand And Hold A Valid Work Permit That Is About To Expire, Review Your Options
Are you eligible for permanent residency? If so then this should become your priority. Holding a permanent residency permit places you in a stronger position, should you be required to find alternative employment. What would you do if downsizing or the organization sponsoring your work permit application closed?
For this reason, it is important to have a contingency plan; and apply for the renewal of your work permit in a timely fashion.
The Quay Law Team of New Zealand Immigration Consultants and an Expert Immigration Advisor Are Ready To Assist
Employers who are unable to find suitable workers in New Zealand and have roles that do not meet the Skilled Migrant or Talent work permit criteria may be able to assist a potential employee in obtaining an Essential Skills work visa or permit. An employer would have to demonstrate that:
- There were no suitable employees in New Zealand.
- They made genuine attempts to attract and recruit New Zealand workers for the positions at the current market salary.
- They provided evidence of advertisements placed, responses received, industry statistics on vacancies, and training in place to address shortages.
Work and Income would also be contacted. All of the above takes time, so you need to allow sufficient time when renewing your work permit.
At Quay Law, our immigration consultants and lawyers are often asked to clarify the difference between a visa and a permit? A visa allows a person to travel to the NZ border and a permit allows them to remain in the country. Unless a person has a multiple-entry visa or another single-entry visa, a permit expires when a person leaves the country.
Consult a Professional Immigration Consultant for the Best Chance of Success
We recommend that you do your homework and consult a professional immigration consultant or advisor to ensure that all your requirements pertaining to New Zealand Immigration are adequately addressed. Sometimes this can be as simple as ensuring that your application is completed using the correct application form, a mistake that can cause an unnecessary time delay. Mistakes or shortcuts in this NZ immigration process can have financial and emotional consequences.
To talk to an immigration consultant or lawyer about your immigration plans please contact a lawyer at Quay Law.
Looking into Business and Investment Visas for New Zealand?
The objective of New Zealand’s business and investment visas, and overarching immigration policy is to help grow New Zealand’s economy by enabling experienced business people to establish or buy businesses in New Zealand, contributing to the country’s economic growth.
The business migration category encompasses a number of immigration pathways – two visas for self-employed people or ‘entrepreneurs’, two for investors and one for employees of a relocating business.
Navigate the Immigration Act 2009 with an Auckland Immigration Lawyer
These visa categories aim to encourage self-employed entrepreneurs to come to New Zealand to operate or found a business that delivers significant benefits to New Zealand and its people. While doing so, they work toward meeting the criteria to be eligible to qualify for New Zealand residence.
The person may either purchase an existing business or establish a new business in New Zealand. However, they will need to operate the business successfully for a specified period of time as well as meet a number of other very specific and detailed requirements during this time.
For New Zealand’s business and investment visa categories, it’s important to get professional advice from an immigration lawyer experienced in these applications. The key to a successful application lies in having a proper business plan, including:
- Financial projections for a number of years.
- A proper assessment of the market in which the business will operate.
- Acceptable proof points as to why INZ should believe your business will succeed.
Succeed when applying for business and immigration visas
The investor visa categories enable people with significant funds to invest in a range of specific investment vehicles. The rules governing the sort of investment vehicles in which you may invest to meet the conditions of the investor visa category are detailed and complex. You will need to engage professional legal assistance to help you through this process.
For more information about business and investment visas, or to start your immigration application, please contact Quay Law’s friendly immigration lawyers and consultants.
The importance of updating your will
If you should die, having a valid will, also known as a “last will and testament”, is the only way to ensure that your assets and possessions are distributed to the people that you want them to go to, and in the way that you want them to be distributed to those people. However, the key word here is having a valid will. That’s because a legal will or parts of a will can be deemed to be invalid. Did you know that? Not many people do. So if you have a will (and making a legal will is something that everyone over the age of 18 should do) then you should definitely review it with your wills and trusts lawyer to ensure it’s still a valid will.
Legal requirements to update your will
Before 1 November 2007, when the Wills Act 2007 came into effect, documents that were intended to be a legal will but that failed to meet certain formal requirements, were deemed to be invalid as a will, often resulting in much-added heartaches, such as an intended beneficiary being deprived of an inheritance.
A valid will had to be in writing, properly signed and be properly witnessed by two witnesses. Some of the things that can make a last will and testament, or parts of it, invalid, are things such as the following:
• If the will was made before the will-maker got married or entered into a civil union, or ended their marriage by court order.
• If it can be shown that the maker of the will was in any way subject to undue pressure or influence to dispose of their property in a certain way.
• If the will-maker was not of sound mind or was under-age when they made the will.
• If the will-maker made handwritten changes to an existing valid but neglected to sign or initial the changes and have them properly witnessed.
• If a will was drafted by a lawyer but the will-maker died before they could sign the will.
The Wills Act of 2007 and its impact
Prior to 1 November 2007, documents that were intended to be a legal will but which failed to meet the various formal requirements of a valid will were deemed to be invalid.
However, the Wills Act 2007 has made some important changes by allowing a Court of Law, in certain cases, to validate documents that record the testamentary intentions of the deceased as a valid will.
The focus of these changes was to ensure that a will-maker who set out to express their genuine last will and testament, should not have those wishes frustrated merely by various legal technicalities. Now the Courts can validate certain documents, otherwise deemed as invalid previously, as valid wills. However, this does involve an application to the High Court under Section 14 of the Wills Act 2007 and still needs certain requirements to be met.
Rather than have to go through a legal rigmarole involving the Counts, we recommend instead that you review your last will and testament every few years with your wills and trusts lawyer, just to be sure your will is still a valid will. Validating a will with the help of a lawyer should also be done when your circumstances change, for example, you get married or enter into a civil union or de facto relationship, or when relationships break up.
Helping you validate your will
It’s important to make sure you constantly stay on top of your estate planning by ensuring that your will and power of attorney are updated regularly.
For expert advice as to whether your current will is still a valid will, or if you need to update or amend your will, simply call 09 523 2408 to speak with your Auckland lawyer at Quay Law. We’ll also provide you with a quote of the cost for amending your will, as there’s no fixed price for updating a will because each person’s circumstances are unique.Contact Your Conveyancing Lawyer in Auckland
The latest immigration news is that Immigration New Zealand has increased the remuneration thresholds for Skilled Migrant visa and Essential Skills visa applications, with effect from 15 January 2018.
What’s behind the 2018 immigration changes?
We’ve all seen how, year on year, annual surveys show that New Zealand is one of the best countries in the world in which to live. So we’re not surprised it’s also one of the most popular immigration destinations in the world too. However, while New Zealand needs and welcomes skilled migrants from all over the world to fill existing skills gaps in its workforce, it also has to make sure that its own citizens are not disadvantaged when it comes to finding employment in their own country.
As a result, New Zealand immigration law, and its rules and regulations, change constantly to be able to get the right balance between ensuring high employment levels for New Zealanders while at the same time making it possible for skilled migrants to work in New Zealand and help promote the country’s continued economic growth.
2018 immigration changes to remuneration thresholds in visa categories
In a previous article we explained how, in August 2017, Immigration New Zealand was tightening immigration rules and points categories by, among other things, introducing remuneration or salary thresholds in the Skilled Migrant and Essential Skills visa categories, to help better manage migration levels.
From 15 January this year, Immigration New Zealand has increased those remuneration thresholds for the Skilled Migrant and Essential Skills visa categories.
Why revise the visa salary thresholds?
The remuneration thresholds introduced last year for the Skilled Migrant and Essential Skills visa categories are indexed against the New Zealand median income, which is updated annually. As mentioned earlier, New Zealand immigration law is also focused on making sure that New Zealanders seeking employment in their own country are not pushed to the back to the employment queue by lower-paid migrants.
In a nutshell, the minimum income threshold for a resident visa application under the Skilled Migrant immigration visa category has increased from NZ$48,860 to NZ$50,523; while the minimum income threshold for the temporary Essential Skill work visa category has increased from NZ$41,537 to NZ$42,952.
Here’s an overview of what’s changed in the remuneration thresholds for these visa categories
|SKILLED MIGRANT IMMIGRATION VISA remuneration threshold for employment in a job at:||Before 15 January 2018||From 15 January 2018|
|ANZSCO (Australian and New Zealand Standard Classification of Occupations) skill levels 1 to 3||$23.49 per hour or more (or equivalent annual salary)||$24.29 per hour or more (or equivalent annual salary)|
|ANZSCO skill levels 4 and 5, or a level not included in ANZSCO||$35.24 per hour or more (or equivalent annual salary)||$36.44 per hour or more (or equivalent annual salary)|
|To earn bonus points||$46.98 per hour or more (or equivalent annual salary)||$48.58 per hour or more (or equivalent annual salary)|
|ESSENTIAL SKILLS WORK VISA remuneration threshold for employment in a job at:||Before 15 January 2018||From 15 January 2018|
|ANZSCO (Australian and New Zealand Standard Classification of Occupations) skill levels 1 to 3||$19.97 per hour or more (or equivalent annual salary)||$20.65 per hour or more (or equivalent annual salary)|
|ANZSCO skill levels 4 and 5, or a higher level not included in ANZSCO||$35.24 per hour or more (or equivalent annual salary)||$36.44 per hour or more (or equivalent annual salary)|
How do these changes to visa salary thresholds affect current visas and visa applications?
The 2018 visa remuneration threshold changes will not affect visas that have already been granted, nor will they affect work visa applications or immigration or residence visa applications received by Immigration New Zealand before 15 January 2018.
However, any new work visa applications or renewal, or immigration or residence visa applications made on or after 15 January will be subject to the new remuneration thresholds.
For more information about the recent immigration changes, simply contact the friendly Auckland immigration lawyers and consultants at Auckland law firm Quay Law.
The key to successful New Zealand visa applications
New Zealand immigration law is complicated, and, as mentioned above, the rules change constantly in response to the changing needs of the country’s labour market. The key to a successful New Zealand immigration or work visa application is to apply for the right visa category, and then present your visa application properly to Immigration New Zealand.
This is where your Auckland immigration lawyer at Auckland law firm Quay Law can be a great help. Our immigration lawyers understand the finer details and rules of New Zealand immigration law and can give you the best possible immigration advice for your unique situation. So contact the immigration consultants at Quay Law today.Contact Your Conveyancing Lawyer in Auckland
A property auction is a way to sell or buy a property through a process of negotiation open to the public. The intention behind the process of publicly negotiating the price is to ensure the property is bought or sold at its true market value at the time of the auction.
Often, the reason for holding an auction is that the seller is not sure of the property’s market value. So, if there’s a chance there will be a fair bit of interest in the property, the seller may decide that holding an auction is a good way to get ‘the market’ to determine the value of the property. At the auction, the buyer is, in effect, ‘the market’.
If there are two or more people interested in it and they compete with one another for it, then the seller may even be able to get a better-than-market-value price for it.
Sometimes, however, even if the seller knows what their property is worth, they might simply want to get a quick, unconditional sale, and feel that an auction as the best way to make this happen.
Before the auction
A property for sale by auction is usually marketed, including open homes, for a number of weeks before the auction. The seller’s real estate agent will use this pre-auction period to get feedback from people who view the property about what they think it is worth. This information will be used to help the seller set a realistic reserve price for the property at the auction. The reserve price is the lowest price the seller is willing to accept for the property. Usually, only the seller and their estate agent and the auctioneer will know what the reserve price is.
Sometimes, the seller may be willing to take offers before the auction. This will be made clear in the marketing information about the property. If you’re interested in the property, make sure you register your interest with the property’s real estate agent. That way, if they do get any pre-auction offers, they will also give you a chance to make an offer.
If you do want to make an offer before an auction is held, it will have to be an unconditional offer and be accompanied by a deposit, usually 10% of the full offer price. The deposit must be paid into the trust account of the seller’s lawyer. If the offer is successful, the lawyer will hold it ‘in trust’ until the property is transferred to the buyer, at which point it will become part of the settlement amount. If the offer is not successful, the deposit will be refunded in full.
If the seller is interested in your pre-auction offer, their real estate agent will contact all other potential buyers or people who have previously indicated they want to attend the auction to bid on the property, to tell them someone has made an offer on the property. If these people are also interested in making an offer, then the seller has two options:
- The seller could arrange for the auction to be brought forward. The highest pre-auction offer received will then become the reserve price for the auction. The person who then makes the highest bid will win the auction.
- The seller could decide they are willing to accept the highest pre-auction offer. Their agent will then begin a process of calling all the potential buyers who want to make an offer until they receive the highest unconditional cash offer.
An unconditional purchase
When you buy at a property auction you are buying unconditionally. If you are the highest bidder, and you’ve met the reserve price, then you have, in effect, made a cash offer. Once your bid is accepted and the auctioneer’s hammer has fallen, the sale is unconditional and is legally binding. You cannot attach conditions to an auction purchase, so you need to get all your ‘ducks in a row’ before the auction.
Do your homework beforehand
Buying a property at auction is an unconditional purchase which means that, when the auctioneer’s hammer falls, you have bought the property as it is. Therefore, you need to do all your research on the property before the auction.
Here are 5 essential things you need to work through together with your local conveyancing lawyer to get sorted before the auction.
- Arrange your finance: To bid at a property auction you need to have sorted your finance. Merely being ‘pre-approved’ for a loan is not sufficient, as this only means you are eligible for a loan. Your bank will still need to approve lending you the money for that specific property, so will probably require a property valuation for the property. As soon as the hammer falls at the property auction, you will have to hand over the required deposit (usually by cheque) and pay the balance of the purchase price on the settlement date, when you take possession of the property. So, you have to have your finance completely sorted before the property auction starts.
- Check the property title: Before the property auction, get your lawyer to check the property title to ensure there are no problems with the title. Ask your lawyer to carefully explain all aspects of the title to you.
- Check the ‘Particulars and Conditions of Auction’: Usually a set of Particulars and Conditions of Auction for the particular property will be made available to you prior to the property auction by the seller’s estate agent. Make sure you go through these carefully with your lawyer before the auction to ensure you understand everything, especially any conditions that might apply to the property.
- Get a builders report: Always get a building inspector to thoroughly check the property and provide you with a written report on it before the property auction. If you’re the successful bidder at the property auction, you cannot decide after the auction that you don’t like something about the property.
- Get an LIM report: Make sure you get an LIM or Land Information Management report before the property auction as this contains the local council’s records on the property.
Bidding at the property auction
Property auctions can be quite nerve-wracking and fast-moving events. Ask the estate agent who is marketing the property to explain the auction process to you. Even better, if you haven’t been to a property auction before, go to one to see how it works so you know what to expect.
If you want to bid on a house at a property auction you will need to register with the auctioneer. However, you do not have to be at the property auction in person if you can’t or don’t want to be there or you feel nervous about the whole process. You can arrange to bid over the phone or get someone else to bid on your behalf.
At the property auction, the auctioneer will usually explain the auction process and summarize the ‘Particulars and Conditions of Auction’. Then they will start the bidding by asking for an opening bid. To place your bid, you simply let the auctioneer know by raising your hand or catching their eye and nodding or calling out your bid.
When the bidding reaches the reserve price, the auctioneer will announce that the property is “on the market”, which means that, from that point, the property will sell to the highest bidder. Once the highest bidder is found, that person becomes the buyer and must sign the purchase contract and pay the deposit, usually 10%.
Sometimes, the auctioneer or someone else working on behalf of the seller may make a bid on behalf of the seller. This is called ‘vendor bidding’ and may be used by the auctioneer to kick-off the bidding or move the bidding closer to the reserve price. The Particulars and Conditions of Auction will state whether vendor bids will be used at the property auction.
Vendor bidding is only allowed if the property being auctioned has a reserve price, the reserve price has not been met and the auctioneer clearly states that the bid being made is “a vendor bid”.
Stick to your budget
By the time you’re at the property auction and in the bidding process, you’ve probably already spent a fair bit of time and money on the property, paying for building and LIM reports, and all the other before-the-auction homework.
Don’t let this financial, and associated emotional investment, or your competitive spirit, affect your bidding in the heat of the auction. Decide beforehand what the absolute maximum price is that you are willing or can afford to pay for the property, and stick to it. There is no point in taking on something that you cannot afford.
Get sound legal advice
Buying a property is one of the biggest, if not the biggest, financial transaction you’ll ever make. Never sign any property contract without first getting professional legal advice about what you are committing yourself to. Buying property is not something to be taken lightly, and this is especially true when you plan to buy at a property auction because there’s no going back once the hammer falls. Get in touch with your local Auckland law firm and work closely with your conveyancing & property lawyer at Quay Law to make sure you have all your ducks in a row before you head into the property auction.Contact Your Conveyancing Lawyer in Auckland
Are you thinking about buying timeshare property? Do you already have timeshare that you now want to sell? In either scenario, it’s important to consult your timeshare property transfer and conveyancing lawyer for help with the process.
Timeshare – also known as shared holiday ownership – originated after the Second World War and has since become an international phenomenon, with Kiwis ranking high in timeshare ownership rates.
Timeshare is often marketed as a way to put holiday home ‘ownership’ within the reach of people who cannot afford to buy a second home or may not want to invest so much money in a holiday property that lies unused for most of the year.
The timeshare property model
Timeshare is a property with a particular form of ownership or use rights, where you, and many other parties, buy the right to use a holiday unit for specific period of time (typically one week or more) at a holiday resort property. A resort management company looks after the management and upkeep of the unit for you, and, because you pool those expenses with all the other timeshare owners, the annual levy you pay for this is still cheaper than trying to look after your individual unit yourself.
With some timeshares, you buy the right to use your unit at the same time each year, while others have ‘floating’ options, where you can change your booking period from year to year. Some timeshares give you the right to use the property for a specific number of years, while others give you the right to use it in perpetuity.
Owners of certain timeshares can also, through your own timeshare company, become members of timeshare exchange companies like RCI (Resorts Condominium International) or Interval International, enabling you to swap your booking, subject to availability, for one in another resort, either locally or overseas.
Timeshare is not a property investment
Probably the most important thing to remember if you’re considering buying timeshare is that it is unwise to think of timeshare as a property investment. While it’s certainly an investment in vacation time and vacation options (if you’re part of an exchange facility), it’s definitely not a property investment. So make sure you’re going into it for the right reason.
The timeshare market is pretty much always a buyer’s market, not a seller’s market, i.e. you’re not buying in the hope of making money from it further down the line. If you’re OK with that and you buy into the right resort property, then timeshare can provide you with many happy and relatively hassle-free holidays.
Sound advice when buying timeshare
Our advice when buying timeshare is to always do your research and do not allow yourself to be unduly pressured by the sophisticated and often high-pressure sales tactics used to sell timeshare – don’t ever let yourself be swayed by the ‘prizes’ on offer, such as free or heavily discounted stays at fancy resorts during the ‘sales-pitch weekend’.
Before you buy, get as much information as possible about the property and the timeshare company itself, and the financial implications of the deal. Make sure the timeshare company is a member of the New Zealand Holiday Ownership Council, which requires its members to comply with certain codes of ethics and practice. Try to find others who already own timeshare at the same resort and talk to them about the place.
Take time to think about everything before you make any decision – and never, ever sign anything before you’ve talked with your timeshare property transfer and conveyancing lawyer and got them to go over the sales contract with you.
So, you’ve bought timeshare at some or other stage, but in the interim your circumstances have changed or perhaps the timeshare holiday arrangement is simply no longer your cup of tea. What are your options? After all, you likely still have obligations to the timeshare in the form of the usual annual levy.
Again, it’s important to remember that, as mentioned above, timeshare is not a property investment, and the second-hand timeshare market is always a buyer’s market, not a seller’s market.
However, there are a number of options available to you for disposing of your timeshare, subject to the rules governing your specific timeshare property and contract conditions. It’s therefore important to discuss your particular situation with your timeshare property transfer and conveyancing lawyer.
If you go with the option to sell your timeshare, then you’ll need to enter into an Agreement for Sale and Purchase of Property in order to complete the transfer of ownership. This process is similar to the usual conveyancing process related to property in New Zealand, so you’ll need the services of your conveyancing lawyer.Get In Touch with your Auckland law firm