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Please click on link to download our Auckland law firm mobile app. Quay Law is an Auckland law firm specializing in family trusts, wills, commercial, tax, property (conveyancing), family trusts, immigration and legal services.
Quay Law Business Card iPhone App
Posted by Net Branding on 24/12/2012
http://aucklandlawfirm.co.nz/2012/12/24/do-you-have-an-iphone-download-our-auckland-law-firm-quay-law-nz-mobile-app/
What is the role of the Professional Trustee on a Trust?
A Professional Trustee is a person or company who acts as a Trustee alongside the other Trustees.
Their role is to ensure all the Trustees satisfy their legal duties. When choosing a Professional Trustee you should reflect upon whether they have an understanding of Trust Law and knowledge of how a Trust should be administered.
To completely understand the function and responsibilities of a Professional Trustee please contact an approachable Lawyer at Quay Law.
Posted by Auckland Law Firm, Quay Law on 23/10/2012
http://aucklandlawfirm.co.nz/2012/10/23/auckland-law-firm-the-professional-trustee-on-a-trust/
Find a lawyer?
Auckland law firm:- experienced lawyer and legal advice, property, conveyancing, trusts, wills and general legal services.
Quay Law is a well established and successful law firm based in Auckland, New Zealand.
The experienced and approachabe lawyers and solicitors at Quay Law enjoy working with a diverse range of successful companies and private clients.
Our focus is always on fostering a personable yet professional relationship that underpins the specialised services Quay Law provides to you, in the timeframe you require. Our services are of a high quality, yet are pragmatic and affordable.
For more detail on our services please visit www.solicitorinauckland.co.nz or contact Quay Law on 09 5232408.
Posted by Auckland Law Firm, Quay Law on 20/10/2012
http://aucklandlawfirm.co.nz/2012/10/20/lawyer-and-solicitor-in-auckland/
Coping with the death of a loved one is never easy. If you are confronted with that situation our legal team at Quay Law are able to assist you with the adminstration of the Estate.
In addition, when drafting a new Will, the lawyers at Quay Law focus on ensuring that the Will Makers wishes are taken into account. Ensuring that these wishes are documented in a clear and concise form, minimising the potential for any disputes at a latter date. This ensures that any assets are transferred / bequeathed to beneficiaries as smoothly and efficiently as possible. Things can go wrong and when they do, this is a costly exercise to remedy.
A Will is an important legal document and this importance is often overlooked as people attempt to create their own documents.
See article below : Source - © Fairfax NZ News via Stuff
More families are being riven by disputes over wills, with some waiting more than seven years to get their hands on their inheritance.
The legal process to dissolve a will is usually a quick one, but Ministry of Justice figures show that in the last two years six wills were finally resolved in the High Court after between five and seven years of argument.
Lawyer Paul Logan, from ARL Lawyers, said the cases were unusual as probate was usually granted within two months, but he had seen a growing number of families arguing over wills.
”We’ve got a number of blended families these days so it’s harder for people to make wills that benefit their new spouse or partner and their children,” he said.
Probate is a court certificate that confirms a will has been proved and registered.
A long delay in granting probate was likely the result of action taken by a mourning relative, who may believe the will was penned under duress or was outdated.
After probate was issued, the assets were usually dispersed, but a family feud could see the case then go to the Family Court.
”Most cases settle, they don’t actually get to court because they are not worth it, but sometimes people won’t settle and so you end up in court. That’s the exception rather than the rule,” he said.
The highest number of cases in the last five years was in 2009, with 309. Last year, 214 were heard in the Family Court. Most cases were resolved within five years.
Henry Stokes, from wills and estate services provider Public Trust, said he mostly saw disputes among children after a parent died.
”Sometimes what can happen is that mum or dad make a will during the time a relationship is strained and they either leave that child out or they leave that child a smaller amount than their other children.
”Other times you see that parents believe that their children are not very good at handling money, so they don’t leave a full share of the estate.”
Stokes said families occasionally agreed to work things out, but in other cases they couldn’t reach an agreement.
”One of the hugely difficult things about disputes over estates is that there is so much emotion involved in all of it. That of course makes things extremely difficult.
”Often, it’s not just about the assets of the estate or the money that is in the estate, it’s about how they feel that they have been treated,” he said.
”Sometimes family recover from that, sometimes they don’t.”
For peace of mind and to ensure that your Will is drafted in accordance with the laws of New Zealand, contact the team at Quay Law today.
Posted by Auckland Law Firm, Quay Law on 03/07/2012
http://aucklandlawfirm.co.nz/2012/07/03/battle-of-wills-delay-inheritances/
Ian Mellett
Gift duty is to be abolished with effect from 1 October 2011.
This will have a practical impact and effect on people with existing family trusts, and also for those contemplating the establishment of a new family trust.
For any enquiries that you may have in this regard, contact Auckland law firm Quay Law on
(09) 523-2408 or email quaylaw@quaylaw.co.nz
Posted by Auckland Law Firm, Quay Law on 06/09/2011
http://aucklandlawfirm.co.nz/2011/09/06/family-trusts-gift-duty-is-to-be-abolished-with-effect-from-1-october-2011/
Often our property lawyers at Quay Law NZ receive calls regarding conditions to include within an Agreement for Sale and Purchase of a property.
It is advisable to consult with your property lawyer prior to signing the agreement however it should be noted that on the fall of the hammer at a property auction the agreement becomes an unconditional legal agreement.
Considerations to be taken into account prior to signing a property agreement are detailed below but please note that each property law transaction is unique and your own set of considerations may differ from those outlined below.
1. How do you intend to purchase the property. What legal entity is the most appropriate for your circumstances?
2. Your settlement date for either giving (sale) or taking (purchase) possession of the property.
3. When is your deposit payable? What is the amount of deposit you will be required to pay? Is it payable upon signing of the agreement or is payable upon the agreement becoming unconditional?
For more information on your property transaction, please contact the property team at Quay Law NZ, an Auckland based law firm.
Quay Law NZ Phone Number: (09) 523-2408
Posted by Auckland Law Firm, Quay Law on 26/07/2011
http://aucklandlawfirm.co.nz/2011/07/26/considerations-prior-to-signing-a-sale-and-purchase-agreement-on-your-next-property-transaction/
Buying or selling a home is one of the biggest financial commitments you will ever make. There are several relatively complicated stages to negotiate and there are a number of things to look out for. This process is often referred to as property conveyancing.
Steps to Buying a Home in NZ
In New Zealand there are several ways to sell and buy a home, including: auction, tender, advertised/ fixed price or by negotiation.
Regardless of the method used, you should always have a written sale and purchase agreement.
Before you submit an offer there are a number of key details that need to be determined:
Have your lawyer review the sale and purchase agreement prior to executing (signing) same, as this will afford you the opportunity to make any suggested amendments. It is extremely important to remember that once you have signed the agreement, a legally binding contract comes into force with the ensuing legal obligations.
As currently drafted, there are some key differences between the REINZ and ADLS sale and purchase forms of which you need to be aware. Your lawyer can explain the differences to you and may advise you to use one of these forms in preference to the other.
Once your offer is submitted to the vendor, it will either be accepted, rejected or you will embark on negotiations with the vendor. It is usual for those negotiations to be handled by the real estate agent with any amendments to the contract being approved by your property lawyer. Every time the contract form (Agreement forSaleand Purchase) is amended and submitted to the other party it is, in law, the rejection of the previous offer and the making of a counter-offer. When the document is accepted without amendment and signed then the contract is formed.
It is important to note that the real estate agent works for and is paid by the vendor. The agent must therefore carry out the vendor’s instructions (as set out in the agency agreement) and act in the interests of the vendor. Agents also have clear responsibilities to purchasers even though they are representing the seller.
Once the contract has been signed and dated, the Real Estate Agent sends signed copies to the solicitors for the vendor and purchaser. The purchaser’s solicitor will immediately obtain a search of the title and any relevant documents recorded against the title. Copies will then be provided to the purchaser. The general conditions of the standard contract contain provisions allowing a purchaser to object if there are problems with the title.
Once a contract has been formed, you cannot cancel a sale and purchase agreement just because you have had second thoughts about buying or selling the property concerned.
In general, once you have signed a sale and purchase agreement and the conditions set out in it have been met, you will have to go ahead with the sale/purchase of the property.
At the same time as the title is searched, the purchaser is normally required to take steps to fulfill any other conditions of the contract. For example, if the contract is subject to finance or a valuation report, then steps should be taken to satisfy these conditions. The purchaser should also at this time check with the Council to ensure that all Council requirements have been satisfied and in particular that any additions or alterations have obtained the requisite consents. Many purchasers obtain a LIM (Land Information Memorandum) report from the Council. The LIM sets out information the Council has on the property. Councils make a charge for providing LIMs.
A condition of the contact may be a pre-purchase inspection report. This report should identify any items in the property that require attention. It is unlikely that a home will come though a property inspection with a clean report as maintenance on an existing home is always required. However, a property report allows you to make an informed decision prior to proceeding with the purchase of the property
We recommend you use a certified inspector for your potential pre purchase inspection report.
Once the purchaser is satisfied that the conditions can be fulfilled, then the purchaser’s solicitor confirms to the vendor’s solicitor that the contract is unconditional. Alternatively, should a condition not be satisfied then the purchaser’s solicitor should notify the vendor’s solicitor that the contract is at an end.
Once the contract has been confirmed we commence updating the Land Information New Zealand website (Landonline) for managing the transfer ofNew Zealandland titles with the details of your transaction. Relevant documents are completed on behalf of parties through the completion of signed Authority and Instruction forms (A&Is) which enables both the vendor’s and the purchaser’s solicitors to make the necessary changes to the title of the property being purchased. The vendor’s lawyer prepares a settlement statement (showing debits and credits) which adjusts the rates and any other outgoings and incomings on the property as at the proposed settlement/possession date.
In addition,
The mortgage is a legal document that gives your lender security for the money that you owe them.
If the purchaser is borrowing money from a financial institution, then following confirmation and before settlement all loan and mortgage documents need to be completed by the purchaser. Mortgage instructions are sent by the lending institution to the purchaser’s solicitor for preparation of the security documents and execution. The details of the mortgage are added to Landonline by the solicitor. Once the documentation has been completed, the purchaser’s solicitor completes a certificate requesting the financial institution to draw down the loan on the settlement/possession date.
The purchaser needs to arrange insurance cover for the property from the possession / settlement date.
During the normal course of events prospective property purchasers visit a house they intend to purchase and if the property is to their liking, enter into an Agreement forSaleand Purchase. This agreement should preferably be reviewed by their solicitor prior to being signed. Once the specified conditions of purchase have been met, the contract becomes an unconditional agreement (a binding contract). At an agreed date in the future, settlement / possession shall occur.
It is important to understand that a purchaser / buyer is entitled to carry out a pre-settlement inspection in order to avoid any unpleasant surprises. Examples could be a window broken, light fittings missing, a burn mark on the carpet, etc. Obviously this damage must have occurred after the date on which the agreement was signed.
The pre-settlement inspection is normally arranged by the real estate agent, and must be carried out no later than the day before settlement is scheduled to occur. During this inspection the property purchaser should ensure that the property is in the same condition as it was on the day that the contract was signed. If any damage has occurred since the signing of the Agreement forSaleand Purchase, the purchaser can request that the problem be remedied or alternatively could ask for compensation.
Depending on the situation the purchaser’s solicitor could negotiate with the vendor’s solicitor to retain an amount in their trust account pending the satisfactory correction of the identified damage.
The possession date, usually the same as the settlement date, is the day that you will take possession of the house. It is also known as the settlement date because it is the day you pay for the house and this process of transferring money is known as settlement.
On the possession/settlement date, the purchaser’s solicitor receives the loan advance from your lender and any cash contribution from the purchaser and pays over the full settlement figure by way of a bank cheque. This must be completed before 4pm on the day of settlement. The purchaser is entitled to vacant possession (and handing over of the keys) of the property as soon as moneys have been paid over but not before.
In exchange for the settlement moneys, title passes to the purchaser by means of the release of the Landonline documents from the vendor’s solicitor to the purchaser’s solicitor. The title is updated immediately with the discharge of the existing mortgage, the transfer of title to the purchaser and the new mortgage registered. A copy of the updated title is provided to the purchaser as part of the purchaser’s solicitor’s settlement report. Following settlement, the vendor’s solicitor notifies the relevant Council and Quotable Value which record the names of the new owners of the property.
Whilst there is a process to follow when it comes to property conveyancing transactions, there is skill and experience required to avoid potential problems. You need to have confidence in those parties representing you to ensure an excellent result.
This article has been written as a guideline in order to highlight the process involved with purchasing a home. Should you need any assistance in relation to your property purchase or NZ Property Law, please contact Auckland Property Lawyer, Ian Mellett at Quay Law Barrister and Solicitor.
Contact Details
Phone: +64 9 5232408
Web: http://www.conveyancingauckland.co.nz/
Web: http://www.propertylawnz.co.nz/
UNAUTHORISED USE. The contents of this article may be subject to copyright, legally privileged and confidential. Any unauthorised use, distribution or copying of the contents is expressly prohibited.
Posted by Auckland Law Firm, Quay Law on 27/04/2011
http://aucklandlawfirm.co.nz/2011/04/27/property-law-nz-%e2%80%93-the-process-to-buying-a-home/
PUBLISHED QUAY LAW LEGAL ARTICLE
In this legal article, Auckland lawyer Ian Mellett reviews the various entities that are available to you when deciding upon the appropriate operating structure for your New Zealand business.
In a previous article, I discussed the matters that should be considered when deciding to purchase a business. A key aspect in this process is necessarily the choice of the most appropriate purchasing entity. It is important that you obtain the requisite advice from both your lawyer and accountant, as they will be in a position to explain issues such as limited liability protection, tax and succession planning to facilitate an informed decision being made.
There are four main entities that are predominantly used to operate businesses in New Zealand, namely the sole proprietorship, partnership, limited liability company and trading trust. Each of these is discussed briefly below.
Sole Proprietorship
Also known as a sole trader, this is a type of business entity that is owned and operated by one individual on his or her own. The key characteristic is that the owner is inseparable from the business, in other words there is no legal distinction between the owner and the business. The owner controls, manages and owns the business, is entitled to all the profits but is also personally liable for all losses, debts and taxes. A sole trader is usually able to establish the business without following any formal or legal process and can employ other people to assist in running the business.
The obvious advantage of a sole proprietorship is that it is easy to start and run, and there is no requirement regarding registration. The major disadvantage is that the business owner/s has unlimited personal liability for all business obligations (including amongst others debts and taxes), which means that personal assets are potentially at risk. Sole traders also often lack credibility in the marketplace, and it is invariably more difficult to sell this type of business.
Partnership
A partnership is an arrangement where individuals and/or entities agree to co-operate to advance their business interests. Most frequently, a partnership is formed between one or more businesses in which the partners (namely the owners) work collectively to achieve and share any profits or losses. It is recommended that the partnership be established by way of a formal partnership agreement. The partners share responsibility for running the business, share in any profits or losses as stated in the partnership agreement and are liable for any debt within the partnership. The partnership itself does not pay income tax, but instead distributes the partnership income proportionately to the partners who then pay tax on their own respective shares.
The main advantages of a partnership are that no registration is required to commence business, and this entity can provide an effective way to share business operation costs. The disadvantages are that partners may be held liable for debts incurred by the other partners, personal assets are potentially at risk and complications may arise if a partner dies or wishes to leave the partnership.
Limited Liability Company
This entity is by far the most popular and successful form of business structure. A company is a formal and legal entity in its own right, being separate from its shareholders or owners. The protection that a limited liability company affords to its shareholders is the primary reason for selecting this type of operating entity. If the company is unable to pay its debts, the shareholders are not liable for the business debts of the company unless their shares are not fully paid up, or they have given personal guarantees to lenders or creditors, or they are also directors of the company and have traded recklessly. This situation should be contrasted with a sole proprietor or partner who will always be exposed and personally liable for any business debts that cannot be met by the business.
The advantages of a limited liability company are continuity of existence (a company will continue to exist until it is removed from the Companies Office register), transferability of shares (making it easier to sell a company or pass on to others such as children) and marketplace credibility. The disadvantages are that directors need to clearly understand their responsibilities under the companies legislation, and the fact that the limited liability protection can easily be eroded in practice by the requirement to provide personal guarantees to certain lenders or creditors.
Trading Trust
Until relatively recently, the choice of business structures in New Zealand was generally limited to the entities discussed above. However, trading trusts have increased in popularity over the last ten to fifteen years and have now emerged as an alternative option to owning and operating a business. Essentially a trading trust is a discretionary trust similar to a family trust, but instead of merely holding investment assets it actively carries on a business and derives business profits.
One of the key advantages of using a trading trust is the flexibility that it provides, particularly with regard to the allocation of business profits to the beneficiaries of the trading trust. Trading trusts are, however, a topic on their own, and I would suggest that anyone interested in utilising this type of business vehicle contact our offices to obtain more detailed information.
It goes without saying that it is critical to “get the structure right upfront”. This is also particularly important in light of the Inland Revenue Department’s stance that a change in operating entity “downstream” has occurred not for commercial but rather for tax (and possible tax avoidance) reasons.
Please feel free to contact Ian Mellett (BComm LLB H Dip Tax) at Auckland law firm Quay Law for more information, or if you have any questions regarding your business or other legal needs please call me on (09) 5232408 or visit our website http://www.quaylaw.co.nzor blog http://www.aucklandlawfirm.co.nzfor more information.
Posted by Auckland Law Firm, Quay Law on 28/01/2011
http://aucklandlawfirm.co.nz/2011/01/28/legal-entities-available-to-you-for-your-nz-business/
The team at Auckland commercial and property law firm Quay Law would
like to wish our clients, friends and family a merry Christmas,
happy holidays and a wonderful 2011.
Should you require any assistance over the holidays please contact 0210432373.
Ian Mellett ( Auckland lawyer)
and his Quay Law legal team
Posted by Auckland Law Firm, Quay Law on 29/12/2010
http://aucklandlawfirm.co.nz/2010/12/29/happy-holidays-from-auckland-law-firm-and-lawyers-for-property-trusts-commercial-law/
