Fundamentals of Real Estate: Assignment on First Home Buyers and Property Ownership for New Immigran

Task 1: First home buyers

R ES4 2 0 F undamentals of R eal E state /A 22© The Open Polytechnic of New ZealandAssignment scenarioFor the purposes of this assignment, you have recently joined the team as the newest salesperson at Waterford Real Estate Ltd, working at the Waterford East branch under the leadership of John Canon.Task 1: First home buyersYou 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 youto:(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.You can access the certificates of title from the Assessment area of this course.(Your answer for each certificate of title should be The titles to be explained are:1. WN711/236.2. WN127/488.3. WN58A/764.4. 911224.5. 727372.(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 amistake!’Identify and explain the interests registered on each certificate of title listed in(a) above.Note: If you’ve already explained an interest in a previous title, you don’t need to provide a further explanation of the same type of interest in subsequent titles. However, you must identify all interests on each title.(The explanation of each interest should be up to 200 words.)(c)Tom says, ‘I’ve been talking to our lawyer, and she says there’s also something called limited as to parcels. She doesn’t think we need to worry about that. Can you please give us a brefexplanation?’R ES4 2 0 F undamentals of R eal E state /A 23© The Open Polytechnic of New ZealandExplain this term and describe to Tom and Lucy how such a limitation, if present on a title, would affect them as potential buyers.(Write 100-150 words per answer.)Task 2: Helping new immigrants into the housing marketYou 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 mayhave future customers in the audience. Here are the key points you need to include in the handout:(i)A brief overview of the Torrens land transfer system used in New Zealand(ii)Explain, in your own words,what the customer, client, customer’s solicitor and client’s solicitor do, starting with the sale and purchase agreement, and ending with the completedsale.)(iii)Complete this handout by explaining the process of registering the new owner’s details on the certificate of title atLINZ