This assignment assesses the following learning outcomes
• LO4: Explain land ownership titles and key property law definitions as they apply to real estate practice.
• LO 5: Discuss key points of the law relating to ownership (including coownership) and transfer of land in New Zealand.
For the purpose of this assessment, you are continuing in your role as the Training Co-ordinator at Ferngully Realty Limited. The agency is planning for their annual ‘Buyer Information Evening’ and the Branch Manager, Jane Kato, has asked you to prepare the information that will be needed.
Task 1: Do you really know what you are buying?
Jane wants to include information on Titles and Interests in the ‘info packs'. She has invited a local conveyancing lawyer to the buyer information evening where they will speak about the importance of understanding exactly what you are buying.
a. The Titles listed below will be included in the lawyer’s discussion. Jane has asked you to prepare the information on each and instructs 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.
You can access the certificates of title from the Assessment area of this course. (Your answer for each certificate of title should be up to 200 words)
The titles to be explained are:
b. Considering the lawyer’s topic of discussion will be ‘Do you really know what you are buying?’, Jane thinks it would be beneficial to include a section in the ‘info pack’ on Interests. She wants to help buyers understand any future obligations and potential restrictions an Interest may impose. 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. During the Buyer Information Evening a member of the audience asks the following question: ’I am looking at a property which currently has ‘Limited as to Parcels’ showing on the Title. A friend told me it might affect my plans to build a boundary fence, is that true?’ Explain the term Limited as to Parcels and describe how the limitation might affect their plans to build a fence. (write 100 – 150 words for the answer)
d. During the Lawyer’s discussion on Titles, a member of the audience asks the following question: ‘We are very keen on a property down by the old Mill but have been told it is on Maori Land and that we should check out the Title and seek advice before we make an offer, Can you advise on that please?’
i. What information on the certificate of Title might suggest the property is on M?ori Land?
ii. What legislation applies to the possible sale of this land?
iii. Who could advise both the salesperson and their client about the property? (write up to 100 words per answer)
Task 2: Do you have a clear understanding of property ownership in NZ?
a. Jane wants to follow on from the lawyer’s discussion by also explaining the sales process and property ownership in New Zealand. Feedback from last year’s buyer information evening indicated that some of the attendees had difficulty understanding the sale and purchase process and industry terminology. To help make sure first-time buyers and those with limited English have a good understanding of the evening's presentation, Jane has asked you to prepare the following for the ‘Info Pack’:
i. Create a brief overview of the Torrens land transfer system used in New Zealand. (write 50–100 words)
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. (write 100–150 words)
iii. Summarise by explaining the process of registering the new owner’s details on the certificate of title at LINZ. (write 25–50 words)
b. To support Jane’s discussion on property ownership and the land transfer system in New Zealand, she has asked you to write notes on the following terms (include examples where relevant):
i. Real property
ii. Personal property (three types)
iv. Possession (real and personal property)
vi. Licence to be on the owner's land
vii. Equitable interests and legal interests
ix. Exceptions to indefeasibility
x. Registered security (Your answer for each term should be up to 50 words)
Task 3: Understanding co-ownership – which type will suit you?
As well as understanding titles and interests, potential buyers need to decide how they will structure the ownership on their new property. Jane has asked four of her salespeople to present this information at the buyer evening. She has asked you to help them prepare by explaining each of the following terms and what effect they have on home ownership:
i. Joint tenancy
ii. Tenancy in common
iii. Civil unions
iv. Trusts (Write 50–100 words per answer)