Home Buyers - Housing Market - Immigrants - Property law - Ownership - Assessment Answer

Home Buyers - Housing Market - Immigrants - Property law 

Assessment Answer 

Learning outcomes

• You will be assessed on the following learning outcomes:
•  Explain land ownership titles and key property law definitions as they apply to real estate practice.
•  Discuss key points of the law relating to ownership (including co-ownership) and transfer of land in New Zealand.

Task 1: First home buyers
You are working with customers, Tom and Lucy Bradshaw, who are keen to purchase their first home. Over a period of about 3 weeks, you have shown them
several properties, and they’ve shown considerable interest in five of them. You have given them a copy of the certificate of title for each of these properties.
(a) Tom and Lucy mention that they are rather confused by the titles of the five properties. They ask you to:
(i) identify the current owner/s of each home, and
(ii) explain each property in terms of tenure. In your explanation, describe how the tenure affects the rights and obligations of the owners.

(b) Lucy says, ‘I have an idea of what a mortgage is, but can you please explain this and the other interests on these titles? Some of these things sound as if they might impact on what we can or can’t do if we bought one of these properties. We really don’t want to make a mistake!’

Identify and explain the interests registered on each certificate of title listed in (a) above.

Task 2: Helping new immigrants into the housing market
You have been asked by the Waterford Community Centre to talk to a group of new immigrants about property ownership in New Zealand. Most have low levels
of English.
(a) You decide to support your speech with a handout because you may have future customers in the audience. Here are the key points you need to
 n the handout:
(i) A brief overview of the Torrens land transfer system used in New Zealand.

(ii) Explain what the customer, client, customer’s solicitor, and client’s solicitor do, starting with the sale and purchase agreement, and ending
with the completed sale.
(iii) Complete this handout by explaining the process of registering the new owner’s details on the certificate of title at LINZ.
 

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