Healthy Homes Standards - is your rental property ready?
The Healthy Homes Standards put in place minimum standards for New Zealand rental properties in terms of heating, insulation, ventilation, moisture and drainage, and draught-stopping. The standards come into force on different dates depending on the type of tenancy but all rental homes must be compliant with the standards by 1 July 2024.
Ending Tenancies at Short Notice for Family Violence
Last year, provisions were added to the Residential Tenancies Act 1986 which allowed victims of family violence to leave a tenancy at short notice. Tenancy Services has now published guidance around these provisions to provide more clarity.
Has the Sun Set on Sunset Clauses?
‘Off-plan’ sale and purchase agreements are attractive to both vendors and purchasers.
The vendor bears the risk that the cost to complete the project increases after the agreement has been signed, however, by locking in the purchaser to a fixed price, they can predict sales revenue reasonably accurately before development begins, satisfying their funder that it is economically viable and helping them to secure finance.
Although the purchasers bear the risk of the development taking longer to complete than expected, leaving their deposit tied up for this period, it allows them to enter the market at the today’s price with the hope that the property will have increased in value by the time they move in.
These agreements typically include ‘sunset clauses’.
Home Loan Changes: Skip the ‘Avo on Toast’ If You Want a House!
Following the implementation of new responsible lending rules in December, the news has been full of stories about the ways that our updated Credit Contracts and Consumer Finance Act (CCCFA) has impacted ordinary people.
Whether they are spending $187 on Christmas presents at Kmart, too much on a gym membership, or visiting their parents too often, mortgage applicants are being declined from all directions as banks struggle to abide by these new rules. Instead of protecting them from predatory lending, they’re restricting their access to necessary, even urgent, loans.
Buying, Selling & Renting Properties under Red Traffic Light rules
On January 23, 2022, the government announced a nationwide move to the ‘Red’ COVID-19 Traffic Light System.
Open homes and private property viewings can continue under the new system, however there are additional requirements to abide by.
