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Package includes:

On Demand Module  l  Electronic booklet  l  PowerPoint Presentation

Package Fee (incl GST)

  • $185 - Law Society members and Associate members
  • $240 - Non-members

Note: Access to the online files is via your "My CPD" page. If you would like to purchase multiple packages, please contact us here.

On Demand Module

Presentation time: 120 minutes
2
CPD HRS

Sales for property off the plans are now a common part of day-to-day practice. This module will focus on pre-sales in the context of a development project. It will consider this from the perspective of the buyer/seller/funder, address any recent cases or law that are relevant and current market practice.

Topics covered will include:

  • Understanding the pre-sale agreement within the constructs of the current project stage, market conditions, and banking requirements
  • Discussion of the key clauses in a pre-sale agreement such as developer conditions, sunset dates, measurement clauses, and changes to plans and specifications
  • The common issues including cancellation for delay, defects, or incomplete work at settlement and compliance with plans and specifications
  • Addressing off the plan sales under the Unit Titles Act 2010 and the Incorporated Societies Act (old and new).

Learning objectives

By completing this module you will obtain:

  • Be provided with key elements to formulate a robust pre-sale agreement (or review an existing agreement) and to advise purchasers or a financier.
  • Outline the potential issues and pitfalls when dealing with an off the plan sale to obtain a successful outcome.
  • Be brought up to date with recent case law and details relating to relevant property Acts.

Electronic paper 

Authors: Ben Eagleson, Denise Marsden
Published: 3 September 2024
Pages: 41

Introduction

We thought it might be helpful to first remind you of the position the New Zealand housing and development market was in last year and then give you an overview of the “current” (as at time of writing in August 2024) position of the market.

The Auckland Monthly Housing Update October 2023 noted the completion of large amount of development stock that had been sitting in the development pipeline:

• In the year ended August 2023, 15,876 dwellings had a code compliance certificate (CCC) issued; and
• In the previous 12 months from August 2023 14,793 new residential parcels (sections) were created – an average of 1233/month.

In the year ended August 2023 in Auckland, 18,003 dwellings were consented. Of the dwellings consented in August 2023, 30% were houses, 6% apartments and 65% townhouses, flats, retirement villages or other attached dwellings.

Stats NZ reported that home consents were down in the June 2023 quarter:

The number of new homes consented in the June 2023 quarter was 9,888, down 20 percent compared with the June 2022 quarter, according to figures released by Stats NZ today.
“The June 2023 quarter marked the second quarter in a row where there was a decrease in both the number of stand-alone houses and the number of multi-unit homes consented”, said construction and property statistics manager Michael Heslop.
In the June 2023 quarter there were 4,281 stand-alone houses consented, down 21 percent compared with the June 2022 quarter, and 5,607 multi-unit homes, down 18 percent over the same period.

Although in August 2022 through to August 2023 we saw a number of settlements from “off the plan” sales driven by the low-interest rate environment of 2020-2022 the development pipeline in 2023 remained smaller and slower. Though immigration was starting to create more of a driving force again.

PowerPoint Presentation

These are the slides included in the presentation.

EAGLESON Ben MARSDEN Denise  
Ben Eagleson
AlexanderDorrington
Auckland		 Denise Marsden
AlexanderDorrington
Auckland		  

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