Buying a house is a huge step in your life but it can be a daunting process. This article discusses key issues that you will need to think about. We recommend engaging a lawyer early on in the process to ensure that everything runs smoothly.

Where do I start?

The first step of buying a home is saving for a deposit and planning your budget. Contact your bank or a mortgage broker to see how much you are able to borrow and whether you can get pre-approval for a loan. Throughout this process it is good to keep in mind how you might like to structure you loan and to investigate different interest rates. Make sure to check your eligibility for withdrawing KiwiSaver funds or obtaining a first home grant by contacting your KiwiSaver provider and Kāinga Ora. You can also get pre-approval for these but you won’t be able to apply for the funds until you have a fully signed agreement. Your lawyer will need to help you with the final application and the funds will eventually be deposited in the law firm’s trust account.

All lawyers in New Zealand need to comply with anti-money laundering legislation (AML) so you will need to supply your lawyer with some ID and a proof of address that can be verified. This is also required for your bank so it is good to get it all sorted early in the process.

The next step is searching for your home, think about the location and specifications that suit your needs. It is a good idea to inspect the property yourself to look for things that may not have been apparent in the listing photos.

Sale by auction

At auction, a bid is an unconditional offer. This is why you must have all of your due diligence done before auction to know exactly what you are buying. This can include a valuation report, building or engineers report, finance, toxicology report, EQC checks, Land Information Memorandums (LIMs) and a title check. It is important to go through these things with your lawyer to ensure that everything is in order. You also may find that it is necessary to enter into a pre-auction agreement with the vendor to include further terms that would apply if you were successful at auction.

If you are the successful bidder, you typically need to pay a 10% deposit on the day of the auction. Keep in mind that you will not be able to use KiwiSaver funds as a deposit at auction as a fully signed agreement is required to apply for a full withdrawal and this can take up to 10 working days to be processed by your KiwiSaver provider.

Sale by offer and negotiation

If you want to make an offer on a property, get in touch with your lawyer so that a sale and purchase agreement can be drafted. Real estate agents will sometimes draft the agreement but we strongly recommend showing it to your lawyer prior to signing. The agent may try to assure you that a Solicitor’s Approval clause will satisfy your lawyer, but the reality is that there are limited changes we can make under this.

Your offer can be a conditional one, where you include conditions that must be met before the agreement goes unconditional. A standard agreement provides the option for it to be conditional on you being satisfied with a building report, Land Information Memorandum, toxicology report and obtaining suitable finance. Further Terms can also be added to the agreement such as;

  • obtaining suitable insurance
  • assigning EQC claims to you
  • changing the settlement date if there is a COVID-19 lockdown
  • a sale condition that makes your purchase conditional on the sale of your current property.

The conditions need to be met in the time frame specified in the agreement. Once all conditions have been met, the agreement becomes unconditional.

The vendor may counter-offer in which case you would be able to negotiate, they may also reject the offer or not accept some of your conditions. If the vendor accepts your offer they will sign and date the agreement.

When do I get the keys to my home?

The last step in the process of buying your first property is settlement where you get the keys and your name goes on the title as the registered owner. Between confirmation and settlement you will need to visit your lawyer to sign documents. You are also entitled to a pre-settlement inspection of the property that allows you to make sure that everything is working and there hasn’t been any damage to property since your last visit. Your lawyer can negotiate with the vendor’s lawyer for a price reduction or ask the vendor to fix damage if there are any problems.

Settlement date is when the rest of the money is paid to the vendor. The funds to purchase the property will be in your lawyers trust account (which may be transferred by you, your bank, Kāinga Ora and your KiwiSaver provider) ready to be sent to the vendor’s lawyer. Make sure you are contactable throughout the day, your lawyer will call or email to check that you’re ready to settle. When the vendor’s lawyer has confirmed that they have received your funds, your solicitor will transfer the title to you by registering the property in your name in the online system (Toitū Te Whenua Land Information New Zealand). After settlement is complete you will be notified by your solicitor and you can pick up the keys to your new home!

Buying a property is a huge step and a great achievement. It is a good time to think about making a Will and how your assets would be split in the event of a relationship breakdown. This article covers the general process of purchasing a property but keep in mind that your situation may be more bespoke. One of our experts at Parry Field would be happy to chat if you have any questions or would like to take the next step in your home-ownership journey.

If you would like to discuss this you can contact Luke Hayward lukehayward@parryfield.com Maria Hayes mariahayes@parryfield.com or Cora Granger coragranger@parryfield.com at Parry Field Lawyers.

 

A Land Information Memorandum (LIM), is a report containing current information that the local authority has about a property. LIM reports can include:

  • Storm water and sewage drains information
  • Special characteristics of the land such as potential erosion, falling debris, hazardous contaminants or slippage that is known to the authority
  • Information regarding drinking water supply
  • Any permits, consents, certificates, orders or requisitions that affect the land issued by the local authority or the building consent authority
  • Whether any rates are owed on the land or if it is subject to a levy
  • Whether there is any Heritage New Zealand protection
  • Any conditions or information regarding the use of the land
  • Or any other information the local authority considers relevant.

LIMs are useful documents but you should keep in mind the report only includes what is in the current records of the local authority. LIMs do not contain information regarding cross leasing or development of the property, conditions imposed on developers, information on what can be built on the land, services available to the land and any changes to town planning provisions or whether the land is subject to a government right of acquisition. As part of your due diligence process you should strongly consider obtaining a copy of the title, a building report, EQC information and a toxicology test.

How much will a LIM cost?

The fee for obtaining a LIM report is generally between $250 – $450 depending on which council the property falls under and whether you use a fast track/urgent service or a standard service. Fast track services are useful if you don’t have much time before an auction or confirmation date. We recommend paying the one-off cost for a LIM, it may alert you to something fundamentally unsound about the property and save you from the costly exercise of purchasing a problematic property. Note that if you do not obtain the LIM yourself (perhaps the agent has supplied one) you will not be able to pursue the council if it contains any errors.

How do I get a LIM?

One of our property experts can order a LIM for you or you can get one directly by applying through your local council or district’s website. We can review your LIM to help identify any issues.

If you would like some more information on the above, contact one of our property team experts at Parry Field Lawyers.

 

The Financial Markets Conduct Act 2013 (“FMCA”) has rules about who can invest when you are issuing debt or equity securities.  The basic principle is that any issue of securities (either equity or debt) will require information to be disclosed (in a product disclosure statement) unless you fall within an exemption.  A product disclosure statement provides an investor with essential information to help them weigh up the risks of investing.

There are two types of investors that fall within the exemptions:

  1. People who know enough to already be protected e.g. wealthy enough or know the entrepreneur well enough to have sufficient access to information; or
  2. The nature of the offer is what provides the exclusion.

These main categories are set out in schedule 1 of the FMA Act here.

Looking at each of the main categories that we see used most often:

  • Wholesale investors – includes wealthy or sophisticated people such as people who subscribe for more than $750k; operate an investment business; have assets or turnover of more than $5 million or if a certificate is signed that they are an eligible investor.
  • Close Business Associates – this category of people are able to obtain information about the company such as directors, immediate family members, people who already have more than a 5% shareholding in the company etc.
  • Employees – if there is a share scheme then it can be used as a category to allow shares to be issued.
  • Small offers – an offer to less than 20 people in 12 months and up to $2 million from personal offers can be obtained.  A warning statement is needed and you must tell the FMA as well.
  • Crowd funding – this is another option but needs to offered through a registered platform. An aggregate limit of $2 million in the last 12 months applies and the monetary limit includes both debt and equity securities as well as any ‘small offers’.

By coming within one of these exemptions you will have less regulations to comply with.  We have assisted many investors as well as founders to think through how they will fit within an exemption.

A warning needs to go on the front of documents which looks like this:

“Warning

You are being offered [name of financial product type (for example, ordinary shares)] in [name of issuer].

New Zealand law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision.

The usual rules do not apply to this offer because it is a small offer. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment.

Ask questions, read all documents carefully, and seek independent financial advice before committing yourself.”

If you would like to discuss this you can contact Steven Moe stevenmoe@parryfield.com or Michael Belay michaelbelay@parryfield.com at Parry Field Lawyers.

 

Thank you to the over 40 people who joined our October Impact Sector Update Call session on Friday the 15th and thanks again to John Morrow for sharing key highlights of the JB Were Cause report and answering so many questions we all had.  The video is now up so if you missed it or want to watch again then you can and feel free to tag in others who might appreciate it.

Also, thanks to Andrew Phillips for the Charities Services update and many of you for the comments on what was discussed in the breakout rooms part of the call.  For a quick link to the Cause Report check it out here.

We will meet again in December but in between will be sending out a copy of the book of essays, mentioned below in other recent items of interest, when it is released in early November and don’t forget there are a whole bunch of links and info in the email below as well on upcoming things.  Last, some of you might enjoy this recent seeds conversation about purpose and many other things with Tim Jones – good for commutes.

Other recent items that may interest (thanks to those who sent things in):

    • Recently did a session for Queenstown Startup Lakes on zoom and the video is here – it started focussed on business but we ended up discussing a variety of structures for impact, may interest https://vimeo.com/617518381

Hope that was helpful and if you have missed any of the previous Impact Sector Calls you can find them here:  https://www.parryfield.com/aotearoa-impact-sector-updates/

On 30 September 2021, the Minister of Immigration announced a “one-off” and “simplified pathway to residence” – the 2021 Resident Visa.

Am I eligible?

To be eligible for the 2021 Resident Visa, you must:

  • have been in New Zealand on 29 September 2021 – we note those in Australia who have not been able return to New Zealand by 29 September 2021 may be eligible; and
  • be on an eligible visa or have applied for an eligible visa on or before 29 September 2021 that is later granted.

You must also:

  • have lived in New Zealand for three or more years; OR
  • earn at or above the median wage (which is $27 per hour); OR
  • work in a role on a scarce list.

You must meet one of the three criteria above – you do not have to meet all three.

Do I have an eligible visa?

Your visa is an eligible visa if it is a:

  • Post Study Work Visa;
  • Talent (Accredited Employer) Work Visa;
  • Essential Skills Work Visa;
  • Religious Worker Work Visa;
  • Talent (Arts, Culture, Sports) Work Visa;
  • Long Term Skill Shortage List Work Visa;
  • Silver Fern Practical Experience Work Visa;
  • Trafficking Victim Work Visa;
  • Migrant Exploitation Protection Work Visa;
  • Skilled Migrant Category Job Search Work Visa;
  • Victims of Family Violence Work;
  • Visa South Island Contribution Work Visa;
  • Work Visa granted under Section 61 (provided you held another eligible visa type within 6 months before being granted a Section 61 visa); and
  • Critical Purpose Visitor Visa (CPVV) if:
    • You are a critical health worker for a longer term role (6 months or longer); and
    • You are an other critical worker for long term role (longer than 6 months).

You will not be eligible visa if you are in a short term or seasonal role on a Critical Purpose Visitor Visa or are on a:

  • Visitor Visa;
  • Student Visa;
  • Working Holiday Visa;
  • Seasonal Visa (e.g. a Recognised Seasonal Employer Limited Visa); or
  • Partnership-based Work Visa.

Have I lived in New Zealand for three or more years?

You will have lived in New Zealand for the past three or more years if you:

  • arrived in New Zealand on or before 29 September 2018; and
  • have spent a minimum of 821 days in New Zealand between 29 September 2018 and 29 September 2021 (inclusive).

You do not need to have spent 821 days in New Zealand consecutively. And there is no minimum amount of days within a calendar year.

You may request your travel movement summary from Immigration New Zealand if you do not know whether or not you have spent 821 days in New Zealand between 29 September 2018 and 29 September 2021 New Zealand.

We are able to request your travel movement summary on your behalf.

Do I earn at or above the median wage?

You must be paid the median wage of NZD $27 per hour or above on 29 September 2021.

If your pay increased to $27 per hour after 29 September 2021, it’s tough luck.

As well as earning at or above the median wage, do I have to be working full time (i.e. 30 or more hours per week)?

We do not know, however, more information will be available at the end of October.

Do I work in a role on a scarce list?

You must work in a job that is on a scarce list on 29 September 2021. The scarce lists are:

When will I be able to apply?

From 1 December 2021, you can apply if:

  • you have already applied for residence under the Skilled Migrant and Residence from Work categories (e.g Long Term Skill Shortage List Resident Visa) before 29 September 2021; or
  • you have submitted a Skilled Migrant Category Expression of Interest, and have included your dependent child in the Expression of Interest aged 17 years or older before or on 29 September 2021.

From 1 March 2022, all other eligible applicants can apply, including all others who have submitted a Skilled Migrant Category Expression of Interest.

All applications must be made by 31 July 2022.

What is the processing time?

We do not yet know, but the Minister of Immigration has said “The application process for the 2021 Resident Visa is simplified to deal with applications as quickly as possible. … The one-off arrangement for the new 2021 Resident Visa would see the majority of applications granted within a year of the category opening.”

Am I able to include my partner and/or dependent(s) in my application?

You may include your partner and/or dependents(s), whether they are in New Zealand or overseas, in your 2021 Resident Visa application.

How much will Immigration New Zealand charge to process my application?

More information will be available by the end of October. We will be able to let you know then.

Because it is a simplified pathway to residence, will I still have meet character and health requirements?

The Minister of Immigration has said, “Applicants will still need to meet health requirements and pass police and security checks, as is required under the current residence application process.”

However, overseas police certificates will not be required unless specifically requested by an Immigration Officer. Limited medical certificates and chest x-ray certificates may be required for some people. Immigration New Zealand may request further information as part of the application process.

What will the application process be like? Will I be able to apply online?

Applications can be submitted online.

What about the Skilled Migrant Category? When will that be reopened?

To prioritise processing of the 2021 Resident Visa, selections from the Skilled Migrant Category Expressions of Interest pool will remain closed until the 2021 Resident Visa closes on 31 July 2022.

Have questions that we have not answered? Please contact us on 03 348 8480 or by email to Viv Zhang – VivZhang@parryfield.com and Rebecca Nicholson – RebeccaNicholson@parryfield.com.

If you would be interested in attending a seminar in relation to the 2021 Resident Visa, please email Joanne Li –  JoannelLi@parryfield.com.

Please note that this is not a substitute for legal advice and you should contact Parry Field Lawyers or your lawyer about your specific situation.

2021 居民签证——您的问题得到解答！

2021 年 9 月 30 日，移民部长宣布了一项“一次性”和“简化的居留途径”——2021 年居民签证。

我合符资格吗？

要获得 2021 年居民签证，您必须：

  • 2021 年 9 月 29 日在新西兰——我们注意到那些在 2021 年 9 月 29 日之前无法返回新西兰的澳大利亚人也可能合符资格；并且
  • 持有符合条件的签证或在 2021 年 9 月 29 日或之前已经申请符合条件的签证，且该签证后来获得批准。

同时您还必须：

  • 在新西兰居住三年或以上；或者
  • 收入等于或高于工资中位数（每小时 $27.00 ）；或者
  • 在稀缺名单上工作。

您必须满足上述三个标准之一——您不必同时满足所有三个标准。

我有符合条件的签证吗？

如果您的签证是以下其中一种，那么是符合条件的：

  • 毕业后开发性工作签证；
  • 优才（认可雇主）工作签证；
  • 技能工作签证；
  • 宗教工作者工作签证；
  • 优才（艺术、文化、体育）工作签证；
  • 长期短缺工作签证；
  • 签证南岛贡献工作签证；
  • Silver Fern 实践经验工作签证；
  • 贩卖受害者工作签证；
  • 移民剥削保护工作签证；
  • 技术移民类求职工作签证；
  • 家庭暴力工作的受害者；
  • 根据第 61 条授予的工作签证（前提是您在获得第 61 条签证之前的 6 个月内持有另一种符合条件的签证类型）；和
  • 关键目的访客签证 (CPVV)，如果：

o 您是长期（6 个月或更长时间）的关键卫生工作者；和

o 您是其他长期超过 6 个月）的关键工作人员。

如果您持有的是短期或季节性职位关键目的访客签证，或者您持有的是以下其中一种签证，那么您将不符合资格申请居留签证：

  • 旅游签证；
  • 学生签证;
  • 打工度假签证；
  • 季节性签证（例如认可的季节性雇主有限签证）；或者
  • 配偶类工作签证。

我是否在新西兰居住了三年或更长时间？

如果您符合以下条件，那么您在过去三年或更长时间内在新西兰居住：

  • 2018 年 9 月 29 日或之前抵达新西兰；并且
  • 2018 年 9 月 29 日至 2021 年 9 月 29 日（含）期间在新西兰逗留至少 821 天。

您无需连续在新西兰待 821 天。并且在一个日历年内没有最少天数的限制。

如果您不知道您是否在 2018 年 9 月 29 日至 2021 年 9 月 29 日期间在新西兰度过了 821 天，您可以向新西兰移民局索取您的出入境记录。

我们可以代表您索取您的出入境记录。

您的收入是否等于或高于工资中位数？

您必须在 2021 年 9 月 29 日获得每小时 27 新西兰元或以上的工资中位数。

如果您的工资在 2021 年 9 月 29 日之后才增加到每小时 27 新西兰元，那就太倒霉了。

除了收入等于或高于中位数工资外，我是否必须全职工作（即每周工作 30 小时或更多小时）？

我们暂时不知道，但是，更多信息将在 10 月底提供。

我是否在稀缺名单上工作？

在 2021 年 9 月 29 日， 您必须已经从事稀缺名单上的工作。稀缺名单是：

  • 长期短缺清单；和
  • “需要在卫生或教育部门进行职业注册”清单；和
  • “个人护理人员和其他重要卫生工作者” 清单；和
  • 主要部门工作清单。

FOR EMAIL – 请看附件。

我什么时候可以递交申请？

如果您符合以下情况之一，就可以在2021 年 12 月 1 日开始递交申请：

  • 您已经在 2021 年 9 月 29 日之前递交了技术移民申请或工作居留类别下的居留申请（例如长期技能短缺清单居民签证）；或者
  • 您已经提交了技术移民类别的意向书，并且在 2021 年 9 月 29 日或之前已将您的17 岁或以上的受抚养子女包括在您的意向书中。

从 2022 年 3 月 1 日起，所有其他符合条件的申请人都可以递交申请，包括提交了技术移民类别意向书的其他所有人。

所有申请必须在 2022 年 7 月 31 日之前提交。

申请处理时间是多久？

我们还不知道，但移民部长已表示：“简化了 2021 年居民签证的申请流程，以尽快处理申请。 ……新的 2021 年居民签证的一次性安排将使大多数申请在类别开放后的一年内获得批准。”

我可以在我的申请中包括我的伴侣和/或受抚养子女吗？

您可以在您的 2021 居民签证申请中包括您的伴侣和/或受抚养子女，无论他们在新西兰还是海外。

新西兰移民局将收取多少费用来处理我的申请？

更多信息将在 10 月底提供。届时我们会通知您。

因为它是一种简化的居住途径，我是否仍然符合性格和健康要求？

移民部长表示：“申请人仍需要满足健康要求，并通过警察和安全检查，这是目前居留申请程序所要求的。”

但是，除非移民官特别要求，否则不需要海外无犯罪证明。某些申请人可能需要提供有限的医疗证明和胸部 X 光证明。作为申请过程的一部分，新西兰移民局可能会要求提供更多信息。

申请流程是怎样的？我可以网上申请吗？

申请可以网上提交。

技术移民类别呢？那什么时候会重新开放？

为了优先处理 2021 居民签证，池中的技术移民类别意向书选择将继续关闭，直到 2021 居民签证于 2022 年 7 月 31 日关闭。

还有我们尚未回答的问题？请致电 03 348 8480 或发送电子邮件至 Viv Zhang – VivZhang@parryfield.com 和 Rebecca Nicholson – RebeccaNicholson@parryfield.com 与我们联系。

如果您有兴趣参加有关 2021 年居民签证的研讨会，请发送电子邮件至 Joanne Li – JoannelLi@parryfield.com。

请注意，以上不能代替法律建议，您应该就您的具体情况联系 Parry Field Lawyers 或您的律师。

Christchurch CBD

PHONE: +64 3 348 8480
FAX: +64 3 348 6305

PHYSICAL ADDRESS:
Level 1, 60 Cashel Street
Christchurch 8013, New Zealand

POSTAL ADDRESS:
PO Box 744
Christchurch, 8140, New Zealand

Christchurch

PHONE: +64 3 348 8480
FAX: +64 3 348 6305

PHYSICAL ADDRESS:
1 Rimu Street, Riccarton,
Christchurch 8041, New Zealand

POSTAL ADDRESS:
PO Box 8020, Riccarton,
Christchurch, 8440, New Zealand

Rolleston

PHONE: +64 3 348 8480
FAX: +64 3 348 6305

PHYSICAL ADDRESS:
Level 1, 80 Rolleston Drive,
Rolleston, 7614, New Zealand

POSTAL ADDRESS:
PO Box 8020, Riccarton,
Christchurch, 8440, New Zealand

Hokitika

PHONE: +64 3 755 8673
FAX: +64 3 755 8073

PHYSICAL ADDRESS:
26 Weld Street,
Hokitika 7810, New Zealand

POSTAL ADDRESS:
PO Box 44,
Hokitika 7842, New Zealand

Parry Field Charitable Foundation

Parry Field charitable members of NZ LAw, Global Cross Legal and SCLA

© Copyright – Parry Field Lawyers     |     Privacy Policy