week one Flashcards
what was the original system to transfer land after just bargaining
a pile of contractual transfers, a new one for each transfer, piled up in the land registry office. the lawyer had to look through all the old contracts to make sure there were no problems and otherwise the lawyer would have to unwind everything and fix the issues before it could be bought
why did mr torrens come up with the torrens system
because he didn’t like lawyers making so much money from such an easy process
what is the torrens system
the vendor and buyer upload documents into an electronic work space specific to that transaction. the lawyer pushes a button on your behalf to finalise the transaction and you get a record of title.
what is a LIM
a document containing information about the property which isn’t in the record of title
what is the main document that you get after the transaction and the land is yours?
the record of title
what does a lim contain that wouldn’t be on the record of title
building and resource consents, the TC status of the land, crown + council future plans like road widening
what is a resource consent
extra consent needed on top to build outside of what your building consent allows
what is freehold ownership
the best type of ownership you can have
what is a search copy
when the lawyer searches for it for you
what does subject to mean
a burden
what does appurtenant mean
a benefit
what is the question regarding high risk transactions trying to stop
money laundering
what are the instruments that get fed into the cloud workspace
discharge of mortgage, transfer, mortgage
what do you have to pay for rates?
pay for any amount of time the vendor has paid for or get paid for any amount of time the vendor hasn’t paid for
what are the extra costs ($4000 ish) associated with buying a house
solicitors fee, disbursements, insurance, rates portion
