This book is only available in PDF format

Author: Mark Hopkinson
Published: 14 June 2019
Pages: 37

Introduction

The period 2007-2010 saw a large increase in mortgagee sales activity. This activity was largely driven by the global financial crisis (GFC), finance company collapses and the falling property values in New Zealand.

In 2010, the late Justin Toebes and I presented a New Zealand Law Society CLE seminar on mortgagee sales at various locations in the country. At the time, there was significant demand, particularly from conveyancing practitioners exposed to the mortgagee sale process. The presentation was timely, given that the Property Law Act 2007 (PLA) had recently come into force. The economic downturn had resulted in an increase in litigation in relation to clearing the title, duty of care and recovery against other parties.

Although mortgagee sale activity seems to be gradually increasing, a significant downturn is still ahead of us. In any case, it is timely for commercial and conveyancing practitioners, in particular, to refresh their knowledge so they are prepared when mortgagee sale activity increases.

This is a broad topic. We covered it in detail in 2010. The scope of this webinar does not allow such extensive review. The intent is to highlight key areas so that the practitioners are aware of the steps that need to be taken, the issues that arise and when to seek expert help if required.

Content outline

• Power of Sale
• Service
• Duty of Care
• Clearing the Title
• Sales Process
• Accounting for Sale Proceeds
• Mortgagee in Possession
• Leases