Gone are the days when a city was small enough that you’d know everyone and deals were done over a beer and a handshake. While many New Zealanders are still very trusting and we do like to keep things as casual and relaxed as we can, if you own or want to own a home or a building in the eastern upper half of the North Island, then it’s a great idea to find an expert in property law in Tauranga.
Some of the more common issues around ownership are working out the legal rights and protection mechanisms of all parties involved in the property transaction.. In some of the newer subdivisions around Papamoa and the Mount, this may not be as big an issue as the legal documents should correlate with up to date legal guidelines and laws.
However if you’re looking at older titles, you may need some legal support to help you understand any existing covenants and interests registered against the title to the land. Often boundary disputes are caused by a gentleman’s agreement coming into practice on a property that a new owner of the property does not want to continue.
So what sorts of ownership issues can crop up around the city, mount or outlying areas? It’s a good idea to look at the different types of ownership so you can see which one may be more appropriate to your circumstances..
Sole ownership is the simplest structure and means what it says – only one person owns the land or building (or both) and is solely responsible for any legal issues involving these.
Joint tenancy is where a property is owned by more than one person at the same time, and all owners have equal shares. This is a common arrangement for spouses, de facto or civil union partners.. Each tenant has an equal right to possess the whole property. Property law issues may arise in Tauranga where one owner or tenant is not allowing the other(s) to come and possess the land or building as well.
If one tenant owns seventy five percent of the land, and another person owns just twenty five percent then we see them as being tenants in common, rather than having a joint tenancy. The rights of the person who owns the lessor share may not be as great as the person who owns the larger share. This can cause legal issues if the owners end up falling out. It is common practice to document the rights and obligations of parties in a tenancy in common situation to overcome such situations.
Buying a house or a building for a business may be one of the biggest decisions you will ever make in terms of finance. If you live around the Mount, Papamoa or the city area it’s important to protect your investment by using a specialist in property law in Tauranga.