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The legal team at Quay Law recommends that you engage your lawyer to review any agreement for sale and purchase prior to executing 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.
Posted by Auckland Law Firm, Quay Law on 17/01/2010
http://aucklandlawfirm.co.nz/2010/01/17/executing-a-sale-and-purchase-agreement/
Dear Valued Rob Report Subscriber,
Please find attached a copy of The Rob Report for Remuera & Parnell (September 2009).
0909The Rob Report Remuera & Parnell September 2009
If I can be of future assistance, please do not hesitate to contact me.
Coming soon….. FOR SALE – 5 Awarua Crescent, Orakei.
If you are looking for an 809 m2 site which enjoys ever changing city and harbor views (refer: Front cover of The Rob Report) to build your dream home – please do not hesitate to contact me.
Note: If you no longer want to receive copies of The Rob Report via email, please advise.
Regards
Robert Ashton AREINZ BE (Structural)
Residential Sales Specialist
D +64 9 520 8890 | M +64 21 633 398 | F +64 9 520 8880 | E robert.ashton@bayleys.co.nz
Posted by Auckland Law Firm, Quay Law on 11/11/2009
http://aucklandlawfirm.co.nz/2009/11/11/property-report-remuera-parnell-september-2009/
WARNING: Reserve Bank Governor Alan Bollard warned of the need to avoid a return to a "debt-fuelled housing cycle", as the bank published its Financial Stability Report.
11/11/2009 – BUSINESS DAY
Reserve Bank Governor Alan Bollard warned of the need to avoid a return to a “debt-fuelled housing cycle”, as the bank published its six-monthly Financial Stability Report today.
The report said there had been signs of an easing in lending standards for residential borrowers in recent months, with some banks prepared to offer housing loans at relatively high loan-to-value ratios.
“The housing market is currently strengthening, but we believe house price growth will slow after the current recovery phase,” the report said.
“We would encourage the banks to avoid any return to riskier mortgage lending practices.”
House prices still looked relatively high compared to history, and were still higher as a share of income than at any time before 2005, the report said.
Despite the pick up in housing market activity, household credit growth had continued at low and steady rates.
Slow credit growth may reflect some highly indebted sellers repaying mortgages, as well as households accelerating principal repayments now interest rates were low.
“Overall, the housing market recovery is likely to be limited, and subject to downside risks as interest rates start to rise from very low levels,” the report said.
“Continued weakness in the labour market, along with falling agricultural incomes, could also weigh on the housing market.”
Current low levels of interest rates made mortgages look relatively affordable compared to recent history, particularly if the loan was financed using a floating mortgage, the report said.
But floating mortgage rates would eventually rise as the economy started to recover, possibly placing stress on some first-time home owners who had entered the market at very low interest rates.
Longer term fixed mortgage rates, which were significantly higher, were likely to be a better guide to medium term mortgage affordability.
Dr Bollard said the New Zealand economy and financial system had improved in the past six months as international conditions stabilised, but some risks and challenges remained.
Global recovery had been fuelled by stimulatory fiscal and monetary policy settings which could not be kept in place for ever, he said.
The global banking system also remained vulnerable to further shocks.
“The New Zealand economy needs to live more within its means to reduce its vulnerability to adverse developments in offshore markets,” Dr Bollard said.
While some progress had been made to recover savings and reduce the current account deficit, considerable adjustment was still needed to reduce this country’s vulnerability to external shocks.
Deputy Governor Grant Spencer said further loan losses for banks were likely as unemployment continued to rise through into 2010.
Banks’ recent provisioning and profit results reflected the deterioration in their asset quality during the recession, he said.
The banks remained “very cautious” in credit and funding decisions, and while the Reserve Bank generally supported that approach, it continued to emphasise that banks should not overly restrict lending to the business sector.
In the non-bank sector, further rationalisation and closures were expected as the sector faced the challenge in the coming year of meeting the requirements of the Reserve Bank’s new non-bank prudential regime.
NZPA
Posted by Auckland Law Firm, Quay Law on 10/11/2009
http://aucklandlawfirm.co.nz/2009/11/10/house-price-growth-will-slow-bollard/
Lawyers in Auckland : Quay Law
NO WILL?
Dying intestate can be costly.
If you die without a will or your will is deemed to be invalid, then you are said to have died intestate. In this event, administration of your estate is entirely determined by legislation and not you. Your wishes are not relevant.
IS YOUR CURRENT WILL OUT OF DATE?
We recommend that you review your Will regularly. By way of example. Some wills include specific bequests to particular heirs e.g. my house (address) to “A” and my shares (company name) to “B”. Do you still own that house at that address and those shares in that company?
Ph (09) 523 2408 | Fx (09) 523 2409 Email quaylaw@quaylaw.co.nz
Posted by Auckland Law Firm, Quay Law on 27/10/2009
http://aucklandlawfirm.co.nz/2009/10/27/772/
NZPA | Wednesday October 21 2009 – 11:28am
An indicator of the housing market firmed in September, led by Wellington and Auckland. The Mike Pero Mortgages — Infometrics property cycle indicator lifted to 6.99 last month from 6.66 in August. The indicator runs from minus-10, showing a strong downturn, to plus-10, showing a strong upturn. It moved into positive territory in May, with a reading of 0.34, after 20 negative monthly readings. By June the indicator was up to nearly 4, and in July was close to 6. The indicator looks at three main figures from the Real Estate Institute of New Zealand — changes in the number of houses sold, changes in price, and the time taken for houses to sell. Mike Pero Mortgages chief executive Shaun Riley said growth in house sales held firm in September at 39 percent a year. The median house price rose to $350,000, up 6.1 percent on September last year, and just 0.4 percent below the peak recorded in November 2007. The time taken for houses to sell, eased to a two-year low of 33 days in September, one day fewer than in August, he said. Once again Auckland and Wellington were showing strong signals and were leading the market according to the indicator, Mr Riley said. Wellington led the country with a reading of 8.41 in September from 7.79 in August, while Auckland was at 8.27 last month from 7.50.
Posted by Auckland Law Firm, Quay Law on 21/10/2009
http://aucklandlawfirm.co.nz/2009/10/21/housing-market-indicator-firms-in-september/
To friends and valued clients of Quay Law.
Please find below a link to the property report created by Robert Ashton. This report covers the areas of Remuera and Parnell and includes property sales for the month of August 2009,
Dear Valued Rob Report Subscriber,
Please find attached a copy of The Rob Report for Remuera & Parnell (August 2009 Issue).
Have a great month.
0908The Rob Report August 2009 Remuera & Parnell
Robert Ashton AREINZ BE (Structural) Residential Sales D +64 9 520 8890 | M +64 21 633 398 | F +64 9 520 8880 | E robert.ashton@bayleys.co.nz | Bayleys Real Estate Limited. A Member of Bayleys Realty Group. 55A Remuera Road, Newmarket, Auckland, New Zealand
Posted by Auckland Law Firm, Quay Law on 11/10/2009
http://aucklandlawfirm.co.nz/2009/10/11/the-rob-report-for-remuera-parnell-august-2009-issue/
Please find attached a copy of the latest Issue of The Rob Report which features all the published residential property sales, made by all the real estate agencies, in Remuera & Parnell during the month of June 2009.
The total number of properties sold in Remuera & Parnell, as at the 31st June 2009, is 334 which is up 30% on the 2008 figure of 256.
Buyers are definitely back in great numbers so if you are thinking of selling, do not hesitate, as historically, many more properties come on to the market during September & October, which means more choice for the buyers.
For a complimentary, no obligation, market appraisal, specific to your home, call me direct on 021 633 398.
I would like to thank the following local business owners for their support in the production of The Rob Report.
Ian Mellett – Quay Law
Anna Mooney – Anna Mooney Design
Peter Reid – Enact Business Architect
Andrew Ball – Ease Mortgages & Insurance
Wendy & Declan McEntegart – Kitchen Central Cooking School
Christine Lineham – Mondo Travel Remuera
Coming soon…………… The Rob Report – Orakei, Mission Bay, Kohimarama, St Heliers, Glendowie – June 2009
Regards
Robert Ashton AREINZ BE (Structural)
Residential Sales
D +64 9 520 8890 | M +64 21 633 398 | F +64 9 520 8880 | E robert.ashton@bayleys.co.nz | www.bayleys.co.nz
Bayleys Real Estate Limited. A Member of Bayleys Realty Group. 55A Remuera Road, Newmarket, Auckland, New Zealand
Posted by Auckland Law Firm, Quay Law on 03/08/2009
http://aucklandlawfirm.co.nz/2009/08/03/june-2009-property-report-remuera-parnell/
By Anne Gibson
Kate Holgate and son Jack in front of a house she tried to buy in a 'part exchange' deal with her own house in Torbay. Photo / Paul Estcourt
A North Shore house-hunter who lost money on a failed deal wants to warn others to avoid her fate.
Kate Holgate and her partner signed a contract to pay cash and swap their Torbay house for a more expensive Long Bay house. Classic Real Estate, trading as The Professionals Mairangi Bay, got $31,000 commission of which Holgate paid $10,000.
But the deal soured after the bank refused to discharge the mortgage on the Long Bay house and no transaction was completed.
Holgate said the situation was unfair because she was left out-of-pocket, with no new house and with no one to complain to.
After mid-November, property deals gone sour will go before the Government’s new real estate agents authority which aims to bring independence, transparency and more power to consumers.
The new Real Estate Agents Act 2008 removes many functions that the Real Estate Institute fulfils, overhauls the complaints system and axes the old law passed 32 years ago.
Holgate said she had nowhere to turn apart from private litigation, more expensive than the $10,000 she has lost.
”The crux of the issue – and very relevant to others in the current market – is that the agents deducted their commission before settlement took place. They also got commission of approximately $21,000 from the other vendor with whom we were trading houses. We were also paying him a cash difference as his house was more valuable so it was not a straight swap.
“The agents have not wanted to know about our plight and we have had no apology or explanation from them as to why they feel they are entitled to keep our money,” she said.
Havard Daniels, licensee of The Professionals Mairangi Bay which has since shut, said he talked to the agents involved in the deal but could do nothing to help.
“It appears that Classic Real Estate and [the agents] have acted correctly. The decision to cancel the contract was out of our control and made by yourselves,” Daniels told Holgate.
“I can find no information that would indicate we have acted other than in the best interests of all parties to the transaction,” he said, citing the reasons behind the deal failing to proceed.
The vendor of the Long Bay house was helpless after the move by the bank “pulling the rug from underneath” him, Daniels said.
It was Holgate’s call not to take action against that vendor.
http://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=10585194
Posted by Auckland Law Firm, Quay Law on 20/07/2009
http://aucklandlawfirm.co.nz/2009/07/20/10000-commission-no-deal/
With so many different housing organisations around, it is sometimes difficult to know where to turn for accurate and up-to-date information. Photo / NZ Herald
A spring recovery or a year in the doldrums?
By Anne Gibson
The housing market is all over the place if the reports from a throng of organisations lately are to be believed.
Our housing sector has a confounding array of statistics issued by many different outfits, each with their own agenda.
Every month about half a dozen organisations get lippy about housing, saying what they think the housing market is doing, why and what they expect it to do next.
All that get lots of publicity but most of them say different things depending on how they reached their calculations, what they measured, what time frame they used, whose interests they were serving and what audience they were aiming at.
Precisely who is right or wrong is up for debate. For renters, home owners and buyers, the picture is as clear as the view out a dirty window.
Most of us know the housing market is not in great shape right now but is it about to make the spring rebound being predicted this week by realestate.co.nz?
Do we have a looming shortage of housing as BNZ chief economist Tony Alexander also said this week?
Is now the best time to buy as the agencies say or should people hold off?
One thing many of the experts agree on: QV has the best data and is most trusted. And its latest data set shows the market picking up somewhat – or slowing down less.
The Economist uses QV in its international list of more than 20 countries and we’re in the middle between The Netherlands and Spain in terms of price falls.
Not as bad as Singapore (-21 per cent in the last year) or as good as Switzerland (+5.3 per cent) but hovering somewhere in-between.
Many economists rank QV the highest in terms of accuracy and that says prices are down 8 per cent on a year ago.
UBS economist Robin Clements said the trade-off on the various statistic sets of data bases was always accuracy versus timeliness.
“QV is the final word on house prices but comes out with a long lag. QV’s monthly ValueMap is more timely but doesn’t perfectly reflect the quarterly data. REINZ is also timely.
“Its sales is a good lead indicator on consents but its median prices can be volatile compared with QV. Harcourts and Barfoots are even more timely on sales and prices but you have to recognise they are not the whole market,” Clements said.
Business Herald economics editor Brian Fallow compares the many house price reports to flickering strobe lights in a nightclub.
“If you link them all together, you might get some idea of what’s going on but it’s not a calm or steady illumination of the scene,” he said.
Each organisation can reach opposite conclusions about the market even within the space of four weeks.
At the beginning of June, REINZ said prices were dropping but sale volumes had picked up.
At the start of May, it said the opposite. Both were undoubtedly true, but what can be concluded from that?
http://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=10582431&pnum=0
Posted by Auckland Law Firm, Quay Law on 05/07/2009
http://aucklandlawfirm.co.nz/2009/07/05/recovery-dont-bet-the-house-on-it/
