In this episode, we discuss a few of the things that can go wrong in a property investment deal, which a solicitor would usually pick up on.
Shelley Funnell is the guest on the show, and she shares one story regarding properties bought by a permanent resident, who had recently moved back to New Zealand. Because this purchaser hadn't been resident in New Zealand for 12 months, he wasn't legally able to purchase the property, yet his contract was already unconditional ... that is he has to settle the property and go through with the transaction.
So, his best course is to delay settlement until the transaction can legally be registered with the government.
These are exactly the sort of situations a good solicitor should pick up on before a contract goes unconditional.
Shelley Funnell is a solicitor at Henderson Reeves, a mid-sized law firm based in Auckland and Whangarei.