On 27th of June, Legal Associates joined Loan Market (Waitakere), Barfoot & Thompson and organised a seminar for property investors.
Legal Associates was represented by the Partner, Ashima Singh, together with Solicitors Joseph Chen, Amman Jaggi and Neomal Perera.
Ashima gave an insight to the legalities of a property transaction and advised:
The importance of getting prior legal advice before signing an agreement
The importance of checking CCC and title, when buying off plan houses such as a turn key projects
The meaning and examples of covenants registered on the title. Covenants are various types. Land Covenants are the restrictions which are registered on the title of the property. Covenants might restrict on building height, colour scheme of the external wall, the location of the clothing line etc. The buyers need to be aware of the restrictions
The importance of sunset clause in off plans or turn key projects. A sunset clause should be included in the agreement for the benefit of the buyer, which will set up a timeline and determines a deadline of completion of construction of the property and issue of Code Compliance Certificate (CCC) and title of the property by a set date. If the vendor is not able to complete by the set date, then the buyers have a right to cancel the agreement or extend the sunset date
She further emphasised since an agreement is legally binding, it is essential to add conditions from legal perspective to suit a client’s need
The event concluded with an informal social integration of those attending and exchanging notes of mutual benefit.