17 Nov Law around buying homes to change
How Kiwis buy and sell their houses is to change after the Government decided to change the law to modernise and simplify New Zealand’s land transfer legislation.
Land Information Minister Maurice Williamson said the bill would be introduced next year following a Law Commission review of the Land Transfer Act 1952.
Mr Williamson said all the commission’s recommendations would be adopted and the bill would modernise and simplify land transfer legislation.
“New Zealand has a modern, electronic land transfer system that enables people to buy, sell, mortgage, and lease land in an efficient manner, but the system is not supported by modern legislation,” Mr Williamson said.
“Some provisions in the Land Transfer Act have been carried over from Acts passed more than 100 years ago.”
The bill would also introduce measures to better protect home owners such as allowing a court, in cases of clear injustice, to order correction of the register to avoid a registered owner losing their home through fraud.
“A land transfer system that provides people and businesses with secure property rights is a prerequisite for a prosperous, sustainable economy.”