Do you know about Titles and Land Covenants?
Most land agents will tell you to get legal advice before you sign an agreement. This is good advice because it gives you and your lawyer a chance to look at a title to see if there are things that limit your future use and enjoyment of the property that are validly on your title. Failing that, we always recommend that you only sign an agreement with a due diligence clause which allows you to withdraw from the agreement if you are not satisfied about the title.
Title issues include that the land covenants are too vague for you to be sure that the vendor has complied with them. This is especially so where the style of building or materials used is something must be approved by the developer. It often cannot be known whether the developer ever approved these things or whether it can lead to expensive remedial work after you are committed to the purchase.
If you are looking to buy or sell a property and are wanting more information on this or any other legal issues you can contact Kemp Barristers & Solicitors Ltd. at info@kempsolicitors.co.nz or 412-6000.