Property Ownership and Investment
When purchasing property in New Zealand there are a couple of different types of legal entities in which the property can be held and registered on the Certificate of Title.
Firstly property can be held in individual names.
In this instance if you are married it is common for husband and wife to be registered on the Title as JOINT TENANTS.
What this means is: Each person has an equal undivided interest in the property and upon the death of either person; the survivor becomes the owner of the deceased person's interest upon registration of a Transmission with Land Information New Zealand.
If the property is being purchased as an INVESTMENT or is being purchased with someone other than your partner it is common to be registered on the Title as: *Tenants in Common: On the death of one Tenant in Common, that person's interest in the property passes as directed by the Will of the deceased or the rules of intestacy if there is no will.
You can be registered as equal shares i.
e.
half share each or as unequal shares i.
e.
a third and two thirds shares which may reflect the amount of monies each party has contributed to the purchase.
If you are unsure regarding your Relationship Property we would recommend you obtain independent legal advice regarding this matter.
You may wish to protect your *Joint Family Home - basically this provides protection of up to $103,000.
00 against creditors although you need to be legally married to take advantage of this Secondly if you wish to hold the property in the name of a Trust, it will need to be in the names of the Trustees of the Trust as they will be registered on the Title.
The Trust will not be registered on the Title.
The evidence that the Trust holds the property on behalf of the beneficiaries will be the Trust Deed document together with the Sales and Purchase Agreement and any additional paper work you receive from your Conveyancing Practitioner.
There various types of Trusts and prior to entering into any Agreement to purchase property you should seek the advice from your Accountant to ensure you have the correct structure in place.
If this is not done you risk additional expenses to transfer the property at a later date.
Lastly a Company which is registered with the Companies Office in New Zealand can purchase property and the Certificate of Title would be registered in the name of the Company.
It is also important to ensure you have your Constitution registered and pass the necessary Resolutions and Minutes to record the transaction.
Firstly property can be held in individual names.
In this instance if you are married it is common for husband and wife to be registered on the Title as JOINT TENANTS.
What this means is: Each person has an equal undivided interest in the property and upon the death of either person; the survivor becomes the owner of the deceased person's interest upon registration of a Transmission with Land Information New Zealand.
If the property is being purchased as an INVESTMENT or is being purchased with someone other than your partner it is common to be registered on the Title as: *Tenants in Common: On the death of one Tenant in Common, that person's interest in the property passes as directed by the Will of the deceased or the rules of intestacy if there is no will.
You can be registered as equal shares i.
e.
half share each or as unequal shares i.
e.
a third and two thirds shares which may reflect the amount of monies each party has contributed to the purchase.
If you are unsure regarding your Relationship Property we would recommend you obtain independent legal advice regarding this matter.
You may wish to protect your *Joint Family Home - basically this provides protection of up to $103,000.
00 against creditors although you need to be legally married to take advantage of this Secondly if you wish to hold the property in the name of a Trust, it will need to be in the names of the Trustees of the Trust as they will be registered on the Title.
The Trust will not be registered on the Title.
The evidence that the Trust holds the property on behalf of the beneficiaries will be the Trust Deed document together with the Sales and Purchase Agreement and any additional paper work you receive from your Conveyancing Practitioner.
There various types of Trusts and prior to entering into any Agreement to purchase property you should seek the advice from your Accountant to ensure you have the correct structure in place.
If this is not done you risk additional expenses to transfer the property at a later date.
Lastly a Company which is registered with the Companies Office in New Zealand can purchase property and the Certificate of Title would be registered in the name of the Company.
It is also important to ensure you have your Constitution registered and pass the necessary Resolutions and Minutes to record the transaction.
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