A completely rewritten New Zealand Property Law Bill has been presented to parliament in an attempt to clarify, simplify, streamline and make property transactions more transparent. It should also reduce the amount of litigation needed in commercial lease disputes and clarify the rights and obligations of people who take out mortgages on their own homes. The bill brings to fruition the lobbying for changes in property law which were begun by the Law Commission in 1994.
It is a rewrite of the 1952 Property Law Act which was wordy, old fashioned and somewhat out of date, leading to confusion. The new bill applies to commercial and residential property and covers the rights of foreign and domestic buyers and sellers of property and it clarifies the rules relating to the purchase, sale and mortgaging of property. The bill is expected to be passed into law without too much difficulty.
Article on Amberlamb.com