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Fundamentals of Real Estate - Task 1

  1. In New Zealand, most of lands are privately owned and held by the system of land title of the land transfer act 2017, earlier the land transfer act was 1952 and it is a subject that can be recorded by public.

A record title, previously it is known as title of the certificate and also called as computer register, it comes under the unique and different identifier or also known as property title. Title is the most important and official document and it is the one document that shows the ownership of land as it defined everything, and the it also includes the rights of ownership and different kinds of restrictions that applied to the land. In this question Lucy and the other companion of her taking about these titles and want to know everything about the land and its owner and its property. Hence everything can get to know about the land in which the buyers are interested if the salesperson knows the title of each land. The interested buyer can request for the copy of the recorded title in the following forms such as current register, historic register and guaranteed search.

  1. It is necessary for the salesperson to have the copy of record of title then only the salesperson can explain all the things to the Lucy and her companion. The record of the title is the only reliable and relevant document that provides an appropriate and accurate information regarding the properties. The copy of record of the title can be received in an of the following form, the current register, the historic register, and the guaranteed sector.

The current register shows the ownership and all the legal description about the owner, rights registered and restrictions regarding the property if any. For instance, mortgage. It also involves the plan or any kind of diagram if it is required. Historic register is also important and it contains all the interests when the title was prepared. It can also involve the plan or diagram of the land that records all the titles issues about the land. Guarantied search is same current register and provides the same information as the current register provides and also includes the lodged interest with LINZ however not yet registered on the title.

There are different types of legal tenure in the properties of New Zealand. The most common types are, freehold, leasehold, stratum estate, and other estates that inclines cross lease, share of company, co-ownership of the land.

  1. WN711/236. 5. 2. WN127/488. 3. WN58A/764. 4. 911224. 5. 727372.

A record of title defined about the owner of the property and if the owner of the property includes rights and restrictions that relates to the title like mortgage on the property and covenant and easement of the property.

Easement

An easement is the permission that is given by the owner to the right to another person just for the particular purpose using of the land. This is typically giving to the property owners whose properties are adjoined with this property like accessing the rights, access to drainage or water or some other thing to access. This easement can also be granted to the authorities that is local authorities who want to utilise this property to maintain or to install the electricity and telecommunications cables as required in the proximity of the area and sometimes the local authority required it for lines of gas or sewage.

Covenant

These are the guidelines and the rules that landowner should follow and abide by. The illustrations of covenants contain such as restrictions on the building size and the material or substances from that the building is made up of and the activities that are going on the land at present time.

Caveat

A caveat is a kind of notice that help some other people apart from the owner of the land to claim that they are interested in the land. For instance, when a family has taken a loan to purchase the property or land but the party has not yet registered on the title of the property. If the third party who wants to purchase the land has been registered the caveat then the owner of the property cannot sell the property, cannot mortgage the property, cannot transfer the property till the time the caveat claim has been resolved.

Boundaries

It is the not the land owner or nay other person who verify the boundaries of the property in all the cases. If the owner of the property does not aware about the issue then he/she should point it out and asked about the verification of the boundaries or the owner can get the advice from any professional person or can conduct a survey to get the correct advice.

Record of the title help in demonstrating the following title such as header of the Record of title and it depends on the categorization of the estate.

Freehold

A freehold estate is the advance and highest form of land ownership which is available in the entire New Zealand. It is very much close to the ownership of the land and it is permanently enduring. There are various owners that are not aware of the breach that has done intentionally, obligations regarding rights under the law of land and property, all kinds of regulations and regional or local authorities or all types of authority laws. These breaches become very much problematic for the current and future time owners. For instance, breach regarding a building or house covenant, use of neighbour’s land without informing to the owner of the land, structure of the land is unauthorised. Some owners don’t know the additional and beneficial rights of the land which is available to all like rights related to water.

Leasehold

Most of the lease that hold in New Zealand under the lease of Glasgow. The main aim of the lease of Glasgow is about the long provisions that is made by the lease and have met all renewable and perpetual. Some of the leases that are under control of Glasgow are now cancelled or terminating instead of perpetual lease. For instance, Maori reserved Land Amendment Act 1997. The lease of Glasgow is a term which is of 21 years. The land is leased according to the owner who have done the improvement such as crops related improvement, structure related improvement. Or the one who pays ground rent to the one who owns the land. If the improvement owner select that no renew about the lease and do not eliminate the owner from the land then these improvements will come under the land of land owners. In this case, the title of the land is freehold. When the land has to sell then there are some titles that need to established such as if there are any covenants present, easement present or restrictions present on the title of freehold title, what is the interest on the title of leasehold features, when the lease get expired, is there any kind of renewal clause?

Stratum Estate (Unit title)

The title related to stratum concentrates on the one who owns the land about the structure that is usually residential place or the buildings used for commercial purposes. Unit title is defined as the common property which is owned by the corporates body and is hold the one who is the board members or trust members of the unit owners. It is the responsibility of the corporate body that help in ensuring the buildings and if needed other kinds of improvements on the land then all this work should be carried only the corporate body. Each title of unit includes the plan and structure of building and also shows the structure of the building, these are refereed to as units. These units can be categorised further and also attached with the record of title. Prior to engaging in the sale, it is necessary to obtain the license and review the body rules of the corporate and disclosure statement about the pre contact. This will help in making the identification issues for the perspective of the lessees and the purchaser.

  1. There are two types of ownership on the land, first is joint tenancy and second is tenancy in common. Timesharing is one of the parts of the record of title. It is necessary to search about the title and get all the details regarding the entire block of apartment or the house which is owned by a company, and the finder also deals with the company share title. This title can also be called as ‘company title’ or ‘company share scheme’. There are various companies that shares the ownership according to the leasehold land. The structure of the ownership is different from all other kinds of record title which are common in New Zealand. All the land and the buildings in New Zealand were owned by the company. This company cannot trade and the main and primary purpose of this company is to own the property. The shareholder of the property are the people who occupy the separate dwellings or the units of business, these kinds of people get the rights of occupancy by having equal share in the company. It is necessary to have some shares in the company but they don’t have the dwellings according to the units of business. They can also grant the license to get the registered title of the company. The rights and obligations of the occupier will be described inside the document. If the license about the occupy does not present then all the rights and obligations are defined in the constitution of the company. The constitution of the company can be finding within the register of the company. There are some exceptions as well like complexes regarding retirement and grant of company’s share.

If the title of the record is limited to parcel than it means that the region and the dimension of this particular site refers that it is not granted. There are various issues that arises in the previous sub divisions where accurate and proper survey was never carried out. The size of the title is much smaller as written or mentioned in the title. Survey was conducted to measure the size given and then this becomes the confirmed when the survey was done. The notation of the site is very much limited and it is found at the top of the title. It is also important to check the memorials in order to get them done correct with the and the limitation can also be removed from them. It is the responsibility of the surveyor that can calculate the exact boundaries and can submit the plan after doing the survey and it will help in removing the notation mentioned on the title. So, the existing register owner of the land is not needed to eliminate these kinds of limitations. It means, the purchaser cannot make the vendor to get the survey done of the property. It is essential to note that council cannot consider the consent of resource application regarding properties that are confined as to Parcels. Generally, this is case with legal and commercial ownership and the tenure of commercial development when there is a need to build and the boundary of legal property.

Fundamentals of Real Estate - Task 2

a.i it is necessary to have all the essential documents when talking about the land transfer. The transfer of land come under the act of Land Transfer which is recently amend it is Land Transfer Act 2017, earlier the act names as Land Transfer Act 1952. This is also known as computer register and property title or unique identifier.

ii. there are various number of legal tenure that is used in sale and purchase of the property in New Zealand. It is important for the owner to get to know about the tenure of property that is being offered on sale. It depends on the tenure to tenure. Some tenures are more confined and restrictive as compared to others

iii. each lease plan have all the footprints about the house or building or its permanent structure on the land which contained the title of record for example, shape, layout and different dimensions of every flat. It is known that all the external dimensions of the building can be accurately recorded on the title. There is variation between the original footprint or what is demonstrated on the title, it is an indicative because the title id defective and it also requires the property to surveyed again with the help of buyers or registered purchaser and if a new apartment or flat plan which is registered with LINZ.

b i. Real property is the land which is attached directly to the land and it includes all the subset of the land that can be improved.

ii. personal property can be any property such as movable property, and the property which can be moved from one place to another.

iii. ownership is the state or the fact that helps in getting the exclusive rights and get the control over land or property.

  1. Possession has the similar meaning like ownership. It is the state of taking control over anything.
  2. a lease is an agreement which is contractual. It involves two kinds of person; one is lessee and the other is lessor.
  3. A license is the permission that one gets from the officially authorised department to do or to own something. It can be granted to one party from another party as an agreement.

vii. It is an interest that held by virtue of the title which is equitable or obtained by claiming the things on equitable grounds.

viii. Indefeasibility is the term that cannot be revoked, cannot be defeated and cannot be void. This term generally applies to estate or right that cannot be revoked.

  1. There are some exceptions to Indefeasibility, some can be defeated, some can be void and some can be revoked based on the exceptions in the estate.
  2. Registered security is the term which is given to the securities where the ownership is registered with the company that issues.

Fundamentals of Real Estate - Task 3

a). 1. Joint tenancy is the special form of ownership that can be owned with the help of two or more persons come under the same property. The ones who shares Joint tenancy because of the equal share in the ownership.

  1. Tenancy in common is defined in the real estate in which each holder has to share the distinct and separate and transferable interest. It depends on person to person and their interest. Tenancy in common can be understand with its name.
  2. A civil union is the relationship that held two people in the legal relationship that offers the protection legally to the state level. This kind of union does not provide the protections, responsibilities and benefits to the du and this kind of union may not be recognised by all the states.
  3. Trust are the fiduciary arrangement that permits the third party who can hold the assets on the beneficiary behalf. This can be arranged in various ways when there is a requirement to pass these assets to other beneficiaries.

b).1. There is address, CV, LV, legal description, certificate of the title, Roll, Assmt Suf, No, and land area.

  1. The rights of land just not restricted to the right of ownership. There are various other thing such as access, possession, use, occupation of land, and use regarding security and other possession kinds or tenure.
  2. It is necessary to take care of all the documents and read all the terms and conditions seriously without over looking any of the policies that is written in the official document. If the client misses any point then it will not be beneficial at the later stages.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Law Assignment Help

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