Titles, lease-hold land and tenants-in-common.

Interesting or Boring – Titles, Leases, Tenants in Common and Form 18.

Titles.
1. Your regulatory body, your Council, is not responsible for titles of properties. Their responsibility is with issues relating to the building code for buildings and structures on the land.
The NZ Land Information Office deals with titles. As well as registering land transactions on property titles and regulating the survey system, LINZ’s wide-ranging role extends to mapping, property valuation, place naming and Crown land.
2. Cross-lease titles will include a site plan showing the location of buildings and structures, but are not usually part of a fee simple title.
3. If the footprint of buildings on the land of a cross-lease title have been altered it would be necessary for the land to be resurveyed, and the diagram altered accordingly. This means each property on the cross-lease needs to have this done so that the complete title is a good one.
4. Lawyers obtain the Certificate of Title to a property before settlement to ensure that the new owner receives an absolute good title for the property. A good title meaning that nothing has changed, everything is accurate and in order.
5. Memorandum with reference to the Treaty of Waitangi properties can mean that the property in question may have the value of it used in the value of compensation of that land or another piece given in compensation.

Lease-hold land.
1. The reviews of leases on lease-hold land is related to the value of the land, so if the reviews have not been held for some time, you can expect there to be a marked increase.

Tenants in common properties (but not very common!).
1. Tenants in common is one form of co-ownership of land.
2. Each person has a distinct share in the ownership rights, but the land itself is not physically divided.
3. Tenants in common can not sell their share separately.
4. Both must agree to sell or one can buy the others share.

Form 18 – Pre-Contract Disclosure form for Unit Title properties (Now a required document to accompany others when selling a property with a Unit Title).
1. These are quite important as they disclose to prospective buyers what the intended plans, expenses and maintenance of the body corporate are likely to be.
2. This disclosure is to provide buyers with information that makes the issues related to the purchase of the property more transparent.

If you are involved with, or in, any of these matters, you should seek suitable legal advice to ensure your purchase or sale is completed correctly.

Eastern Beaches Sky Rocket Continues!

The latest median sale prices from REINZ (Real Estate Institute of NZ) came out on Wednesday 15th June. It includes sales up to the end of May this year.
From December it shows that the Eastern Beaches median prices have sky rocketed…from $903,500 in December to $1,100,00 in May!
And that was calculated on 18 less sales than the previous month’s sales in April!
So all I can say is – if you are thinking of selling, then now could be a good time to be doing that!
And selling with Northies Real Estate from the months of June to August would even benefit you more!
Why? Because Northies Real Estate has an Anniversary Offer for all listings accepted by Ian North and Brian Liebrecht during the months of June, July and August to be at 1/2 price commission!
Contact Ian – 021 486 045 email ian.north@northies.co.nz
Contact Brian – 021 952 102 email cncpro@xtra.co.nz

The market – Up again in Eastern Beaches.

 

LOOKING BACK AT SALES TRENDS FOR EASTERN BEACHES.

 

  The latest REINZ sales statistics for Eastern Beaches shows the rise has continued from December to April. There was a slow down in March but then a hefty rise of 6.06% in April. That has put the median price for the Eastern Beaches area at $1,050,000! Properties have sold one day faster in April (34) than they did in March (35).

In comparison, the whole of Auckland had a 0.98% fall from March to April with the median dropping to $812,000 from $820,000, and took one day longer to sell (31 – 32 days).

(If you want more details for the area you live in – just email me a request at ian.north@northies.co.nz)

Auckland “Rebound” but Eastern Beaches steady incline!

The market – March 2016
Comment from CoreLogic two weeks ago – “Auckland values have rebounded again after dropping for only two months according to the latest QV House Price Index release. The index had dropped in both January and February meaning that Auckland values had dropped very slightly by 0.8% from the December peak. However the latest results show that in March the index rebounded 0.6%”.(Jonno Ingerson, Head of Research, CoreLogic NZ Ltd.) So your $650,000 property in February rebounded to $657,150 in March with a 1.1% rebound.

Just recently, the results from the REINZ(Real Estate Institute NZ) show that Eastern Beaches median prices show a steady increase has continued with a rise of 2.06% in March from February, but the “rebound” mentioned by CoreLogic for the whole of Auckland has been much more that, with a 9.33% increase from February to March! Both places show an increase in the number of sales and a decrease in the time to sell.

 

Pets and selling!

LOVE YOUR PET – HOME TO SELL!

We all love our own pets, but sometimes it may not be the same with the people who are looking to buy your home. They are buying the house – not the pet!

Pets make some people very uncomfortable and there are some who may have had an experience with an animal that they would like to forget, but always remember, as soon as they see that kind of animal again.

Some have real fear and can make them irrational when around animals. It’s not only dogs that instill fear in people. There are all kinds of tales and superstitions involving cats and other animals.

You know your pet and your pet knows you, but with other people your pet may not always be predictable.

Your pet isn’t their pet and they imagine your pet will bite, jump, claw… or are just be plain hyperactive.

 

So, avoid any issues, have your pet presence all cleaned up and your pet safely in their pen, or out with someone else, when people are coming who might be the ones who just love your home!

Houses grow old too!

Houses grow old too!

Even the Rating Value details of properties show that houses grow old too!

The Rating Value is made up of the Improved Value and the Land Value.
The Improved Value is the value given to any improvements to the land at the time of the rating valuation, and will include any buildings or dwellings on the land.
The Land Value is the value given to the land at the time of the rating value, and is tied in with recent land sales within the locality.

When you compare Rating Value notices from previous years, you will probably notice that the improvements decrease while the land increases. The land appreciates in value while the house depreciates.

So, if you are buying a home that is not relatively new, expect there to be some wear and tear, some aging, and some deterioration and all of this should be reflected in the price. An older house will not get the same price as a new house, even if they are the same size and materials, and don’t expect to find an older house with everything as good as a younger home!

Like us all, every day is a day older, and so it is with houses.

Some will have had a harder life than others and will show a lot more wear-and-tear, while others will have been renovated and well maintained during their life span.

Condition may be reflected in the price that the property is being marketed at. If it is not, than it is likely to be reflected in the price that is offered for the property.

Tackle problems before they tackle you!

The most hated problem – a water leak!

Sometimes hard to find, but easily pointed out – by just checking your water meter!

Sometimes it is a while before you realise where it is – until a tell-tale wet patch shows itself, or you sense that “wet” smell!

They need to be fixed before they become a real big problem – like turning into rotten floor boards that have to be replaced!