The government has advised that the current law in this area relating to retentions will be changed. A retention is a portion of the contract price withheld by the developer or main contractor until the sub contractor has completed all the required works including completing any repairs or defects. The […] Read More›
Property
As the number of new building consents edge back to 2007 levels, many home buyers are resorting to purchasing their home “off the plan” or as a “house and land package” given the relatively low supply of existing houses for sale. This may have contributed to the competitive behaviour of […] Read More›
Most experienced real estate agents will recall some of the practical difficulties arising from the Real Estate Agents Disciplinary Tribunal’s decision in LB and QB v The Real Estate Agents’ Authority & Li (2011). This case involved a land covenant that had been registered on the title, which prohibited the […] Read More›
The IRD has recently issued new rules affecting the taxation of payments made between tenants for the transfer or assignment of a lease. Prior to these rule changes the payment by an incoming tenant to an outgoing tenant for the benefit of the lease was typically non-taxable to the exiting […] Read More›