Caveats and Registration

March 30th, 2010

The Land Transfer Act 1952 in New Zealand provide for 5 types of caveats.

A caveat is a warning to anyone to be aware. A Caveat is a notice which is registered against a title for any party to be aware that a claim is being made and sought. Caveats do not create new rights, they are used to protect existing ones. The person lodging a caveat must have reasonable grounds to register a Caveat. If they don’t then they may be liable to compensate anyone who suffers a loss as a result of the registration.

The different types of Caveats are:

1. A caveat against bring land under the Act.
2. A caveat against dealing with land.
3. A caveat against an application for prescriptive title.
4. A caveat as notice of interest in respect of compulsory registration of title.
5. A caveat to forbid issue of an ordinary certificate of title to replace a certificate limited by parcels.

Other types of Caveats can be registered by other statutes. As an example Section 42 Property Relationship Act 1976, where a spouse is claiming an interest in the other spouse’s property.

Or

Section 6 of the Joint Family Homes Act 1964 which allows a creditor to possibly lodge a Caveat claiming an interest in the land due to debt.

The most common caveat we come across is the caveat against dealings. Generally a caveat is used by a person who wishes to protect an interest in land by preventing the registered proprietor from disposing of the land or dealing with it in a way that would affect the caveators rights and interests.

Caveats can be registered to protect a Purchaser under a long term Agreement for Sale and Purchase, or the Caveator is a lessee under an Agreement to Lease, or the Caveator is a mortgage under an agreement or unregistered mortgage, or the Caveator holds an option to purchase, or if the Caveator is a beneficiary under a Trust.

Registration requirements under the Land Transfer Regulations 2002 require;

- The Caveat are signed by the Caveator, attorney for Caveator or the Agent.
- Confirms sufficient certainty the nature of the estate or interest being claimed.
- States the land subject to the claim.
- Appoints an address for service.

If the Caveat is against dealing is must also show the state or interest claimed from the proprietor and whether it is intended to forbid registration of any instruments.

Read more

Posted in Real Estate Law Title | No Comments »

Real Estate Closing Procedure

March 26th, 2010

In Florida, the real estate sector is a large part of the local economy with a substantial number of residential and commercial real estate closings occurring on a continual basis. Although Florida real estate attorneys fully understand the real estate closing process as they are involved in real estate closings every day, many of the other participants in Florida real estate transactions often experience some confusion as to everything that happens between the time the purchase and sale contract is signed to the date of closing. This brief article is written to explain the closing process and the basic steps that are customarily followed in every Florida real estate transaction so that buyers, sellers, real estate agents, lenders and other interested parties will have a better understanding of the many actions taken by Florida real estate attorneys to successfully close a real estate transaction. Below is a brief description of the steps which occur in every real estate transaction.

Read more

Posted in Real Estate Law Title | No Comments »

Guide to Conveyancing

March 25th, 2010

Selling your house can be a stressful time, even more so if you don’t understand the conveyancing process. The first stage is when your solicitor obtains the title deeds and any land registry documents for the property, and once they have these they will provide you with two forms to complete. The first is a ‘Fixtures, Fittings and Contents Form.’ And the second is a ‘Property Information Form’ and when you send these back they need to be accompanied by any other documentation relating to the property.

Once your solicitor all the correct documentation they will then, on your behalf, prepare a draft contract, which is then sent to the buyer’s solicitors. Once they receive it they will carry out the searches and raise any queries they may have.

You may need to assist your solicitor in answering these queries, and once the other party are satisfied, you and the buyer will need to sign and exchange contracts. Upon exchange of contracts the sale becomes legally binding, a completion date will be agreed, and the buyer will pay the deposit.

After the completion date has arrived your solicitor will receive the balance form the buyer and handover the deeds to their solicitor. After paying any mortgage and subtracting their legal fees the solicitor will the forward the balance on to the seller, and the sale is complete.

If it is you that is buying a property, then first of all congratulations! The conveyancing process begins for you as soon as your solicitor receives the draft contract from the buyers solicitor, which they will review whilst carrying out an relevant searches, such as the Local Authority Search.

Should there be any queries relating to this or any of the documentation, then your solicitor will raise these with the other party and gain answers/resolution, and once all queries are satisfied they will construct a property report for you.

Afterwards a contract will be drawn up, which will be signed by both buyer and seller, and once these are exchanged the contract will be legally binding. Once this has happened the statement of completion is drawn up and a date set, and you will need to pay the balance to your solicitor, at which point the property is transferred into your name.

Upon completion, the balance of the funds is transferred to the seller’s solicitor and they pass on the deeds.

If you need advice on conveyancing then Oliver & Co offer Chester legal services in a variety of areas such as conveyancing, commercial law and asbestos compensation.

Article Source:

http://EzineArticles.com/?expert=AJ_Handley

Read more

Posted in Real Estate Law Title | No Comments »

Tenant Form - An Ammunition Against Abuse of House

March 24th, 2010

An agreement between a landlord and a tenant goes by the name of Tenant form. This is legally binding and the landlord is safe with a tenant form because his/her rights and the house are protected by it. This also prevents the tenant from abusing the property. Before signing the Tenant Form, the tenant must go through it fully so that he/she can decide if the terms and conditions stipulated in the Tenant Form can be complied with.

Read more

Posted in Real Estate Law Title | No Comments »

Real Estate Lawyers - What Do They Do?

March 23rd, 2010

Dealing in real estate is difficult at best, especially for new entrants in the industry. Getting a good real estate lawyer is therefore a big relief for anyone who wants to buy or sell property. With a real estate agent, several things concerning the transaction are properly handled without you having to break a sweat. Here are some of them:

Read more

Posted in Real Estate Law Title | No Comments »

Understanding Your Rental Agreement and an Eviction Notice

March 22nd, 2010

There are many reasons a landlord may have to evict, including the tenant not paying rent or breaching his lease. Sometimes a landlord and tenant just can’t see eye to eye on various things such as repairs or late fees, and the landlord wishes for the tenant to leave but the tenant will not go voluntarily, so the landlord is forced to begin the eviction procedure.

Read more

Posted in Real Estate Law Title | No Comments »

Land Trusts in California

March 21st, 2010

Indeed, since California does not have a specific land trust statute, there is no legislative history nor developed case law on it in this state, only California general trust law and case law. But a general trust law may have some advantages over a specific land trust statute with more requirements. Indeed, Illinois land trust statute (75 ILCS 435) requires that holders of power of direction owe fiduciary duties to holders of beneficial interests. California general trust law does not have a similar requirement.

Read more

Posted in Real Estate Law Title | No Comments »

Commercial Leases - Restrictions on Assignment

March 20th, 2010

Commercial leases typically include restraints on transferability, namely that a tenant may not assign the lease without the consent of the Landlord. After California’s Supreme Court implied a requirement of reasonableness into lease assignment consent provisions (where none had existed before), California’s Legislature enacted a statutory scheme relating to the assignment and subleasing of commercial space.

Read more

Posted in Real Estate Law Title | No Comments »

Understanding the Work Undertaken by a Conveyancing Lawyer

March 19th, 2010

Conveyancing takes place after an offer to buy has been made and accepted on a property, thereby leading to an exchange of particulars between the two parties involved. Because this is an extremely precise type of business, it is generally not advisable for this to be undertaken by a buyer as the pitfalls can be enormous, and if things go wrong the financial implications will be severe. This is particularly applicable for the likes of first time buyers who may have no knowledge or experience of property sales and even the most alert buyer may well find that there could be hidden problems with the lease or in the case of the vendors themselves particularly where there is a marital split. This is a highly professional task and the cost of engaging the services of a conveyancing lawyer is more than balanced as it could cost dearly in time and money should anything go wrong and you have no back up.

Read more

Posted in Real Estate Law Title | No Comments »

What to Do When Going Through a Divorce and You Can’t Afford Your House Payments?

March 18th, 2010

Divorce is agonizing! Couples, especially those many who I’ve observed in Austin, TX, find their minds crammed with insecurity and uncertainty that fuels distress. Things get tougher with disputes about finances especially when the court’s intervention is required to make fair settlements.

If there are marital asset such as a house then the responsibility to make payments to avoid foreclosure becomes a debated issue. What if there’s a situation when the spouse who initiated the divorce proceedings moves out the house? What would you choose to do when the resolution on your divorce is still in peril and maintaining the entire house payment alone is difficult if not impossible? What do you think are the best options available, to save you house from a foreclosure?

While a court order can lawfully enforce continued mortgage payments from your spouse, I’m going to introduce you the concept of ‘Short Sale’ that can save your house from foreclosure and protect your credit scores. A short sale is form of selling a property for less than what is owed to the bank. This option is generally available to a homeowner who is facing foreclosure. The homeowner must work with their mortgage company to get approval to short sale their property. Most mortgage companies have a specialized department to assist homeowners whom are behind on there mortgage payments. This department is called the loss mitigation department. The LM department can provide options to homeowners, such as loan modifications, refinance and short sale. Obtaining approval for a short sale can be a lengthy process, sometimes up to 6 months. Your mortgage type (FHA, Conventional, etc.), can determine how difficult the short sale process. You can contact your local foreclosure consultant or a loan modification company or real estate agent to provide you with guidance about short sales.

When your house is open for sale at the right price in the real estate market, it could bring multiple buyers to compensate you with enough capital that can lighten up your financial stresses. Communicate with your spouse about the advantages of a short sale. If your spouse declines to give consent, seek a court’s help justifying the rationale behind your petition.

If the Law perceives your grounds of petition as genuine, you would be issued a court order directing the listing and sale. As co-equity holder of the marital asset, your spouse will be bound by federal laws to sign in the listing agreement. Send all copies of paperwork to your lender, to ensure your short sale will be approved. After the sale, disburse funds as required by your lender. It is best to work with a real estate professional to handle the short sale. The Troubled Homeowner Organization helps property owners in difficult situations, such as divorce.

Visit www.troubledhomeowner.com, there is tons of great content, loan modification kits, articles and much more.

Dwayne Clark is a Chairman of the Board of The Troubled Homeowner Organization. Dwayne helps homeowners in the Austin,Texas area overcome difficult situations that may arise during home ownership. Dwayne believes in the sharing of knowledge and information. You will be able to find several articles, guides and videos that will help homeowners on the website TroubledHomeowner.com

Article Source:

http://EzineArticles.com/?expert=D._Clark

Read more

Posted in Real Estate Law Title | No Comments »

« Previous Entries