in presenti by the common law; whereas leases for years may commence in 3 Bro. The Property Law Section is part of the New Zealand Law Society, which represents property lawyers. Real Estate Agents Act 2008 (REAA 2008) The Act that provides for the regulation of the real estate industry in New Zealand. Fences. land, and will pass by the words "lands, tenements, and hereditaments Offices. The type of ownership has a direct impact on what you can and cannot do with the property. a part of it, and are called heir looms. Buying a unit title property is different to buying a stand-alone house, and they are becoming an increasingly common form of property ownership in New Zealand. There are different types of land ownership in New Zealand. You purchase an exclusive right to possession of the land and the buildings on it for a specific period of time according to terms set out in a lease. It is a maxim in equity, that things to be done will be considered The Certificate of Title is a legal description of a property and provides proof of legal ownership of property. Real estate law governs who may own and use the land. This simple concept includes a wide range of different legal disciplines. The case involved a licensee marketing a property at a ‘buyer enquiry over’ price which was lower than the price the vendors had indicated was the minimum sale price they would accept for their property. Commons. Interests that might restrict your use of the property include: With leasehold ownership, someone else owns the land, and you pay rent to them. Incorporeal property, consists of certain inheritable rights, which also referred to as a 'strata title' or 'stratum estate', Keep calm and get settled into your first home, Learning about problem building materials, Understanding the impact of natural hazards, Understanding the sale and purchase agreement when buying, Getting help if things go wrong when buying, Thinking about your finances when selling, Deciding to sell with an agent or privately, Understanding the sale and purchase agreement when selling, Getting help if things go wrong when selling, easements that give neighbouring property owners or utility providers rights to use part of your land to pass over or connect to services, covenants that limit what type of property you can build on the land, restrictions under the Resource Management Act 1991, the amount of rent you have to pay to the freehold owner - this is usually called ground rent, how often the ground rent is reviewed by the freehold owner. For authorities of what is real or Personal property becomes a house fixture when it's affixed or fastened to real estate in some way. This page provides general information only and should not be relied on. 331; 4 Watts' R. 341; Bac. The vendor of the property made it clear to the licensee that they would not sell for less than $300,000. 3. Examples of real property are: Buildings. years, perpetually renewable, is a mere personal estate. part 1, c. 2, art. You will usually pay an annual fee (a levy) to the body corporate, which will go towards budgeted body corporate expenses. 3. In order There are four main types of property ownership in New Zealand – freehold, leasehold, unit title and cross lease. Search for real estate and find the latest listings of New Zealand Property for sale. Freehold, also known as ‘fee simple’, is the most common kind of ownership in New Zealand. Any additional information you request about the body corporate. Real property is of a permanent and immovable nature, and A pre-contract disclosure statement, which the seller provides before entering into an agreement for sale and purchase. Increased rent and a shortening lease term can have a serious impact on your ability to sell your leasehold interest at a later date. 7. If you buy a house that is built on leasehold land, the terms of the lease will set out: At the end of the lease term, you will need to return the land and the buildings to the freehold owner in the condition specified in the lease. Purchasing a Cross-Lease Property in NZ – Things to Look Out For February 23 2017 Background to NZ cross-leasing. 6. the following: 1. https://legal-dictionary.thefreedictionary.com/real+property, Specialized systems used by both communities are undergoing changes to ensure that successful accounting for USCG, In 2003, a citizen's complaint was filed with the state's real estate appraiser board alleging that the appraisal improperly valued the manufactured home as, In North Carolina, mechanics' Liens are limited to work performed for an owner of private, By combining the functionality of its new, "In some counties, due to the fact that the personal property rates were higher than, The US SEARCH.com Property Records Search returns the property owner's name, address, land use, assessed land value, assessed improvements value and year built for residential and commercial. Machinery. Real property should be thought of as a group of rights like a bundle of sticks which can be divided. L… considered as real property, and land will be treated as personal property. Once you find an agent they will get you to sign an agreement, a legally binding contract between you & your real estate agent. These leases are usually for 999 years for a nominal rent like 10 cents per annum (which is usually not demanded to be paid). Use our mortgage calculator to work out your costs. law. View 19101 homes available for sale in New Zealand. Learn how to identify problems and potential issues with a property at an open home before you are too far into the purchase process. The fee will include costs like insurance and management expenses, contributing to a long-term maintenance fund (LTMF) and any services the body corporate arranges for its members (for example, rubbish collection and cleaning communal areas). Rents. Rep. by Raithby, 4, n.; 2 These records contain information about property ownership and boundaries, and are essential to maintain property rights across the … House fixtures generally become part of the property when they're attached to the home, and ownership of these fixtures transfers with the property when it's sold. are not, strictly speaking, of a corporeal nature, or land, although they Land and all the things that are attached to it. In the United States, there are fortunately no advowsons, tithes, nor Check the ADLSI Sample Forms to find about the latest version of this document. Additional information you could request includes the insurance policy for the property, and information about any other liabilities such as repair bills and maintenance fees. The REINZ series is more … agree with the civil law. LINZ is the authoritative source of land title and cadastral survey records for New Zealand. whether it matches the physical location and footprint of the property you are looking at, areas that any of the cross leaseholders have the exclusive right to use. chap. The first big distinction that you must understand is the difference between real property and real estate. Dig. It is usually the simplest kind of ownership. administrator on the death of the owner, as in case of personalty. Real property is corporeal, or incorporeal. According to this doctrine money or goods will be Real property describes land and things that are attached to the land, which is why land is sometimes called real estate or realty. The first page of the sale and purchase agreement outlines all the specifics regarding the property transaction that is being negotiated including: The vendor In a cross lease, you own a share of the freehold title in common with the other cross leaseholders and a leasehold interest in the particular area and building that you occupy. laws of the several states are fewer than those recognized by the English Dig. 4. Canals. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. an undivided share of the ownership of the common property (eg lifts, laundries, lobby areas, driveways and gardens). Find Property for sale in New Zealand. Property. than for the party's life, because a term of years, even for a thousand are by their own nature or by use, annexed to corporeal inheritances, and Real property—such as land or most kinds of buildings—is not movable. Rep. 577. (q.v.) 2, 2; Poth. Learn more about agent agreements. R. 376. futuro, and personal chattels may be transferred by parol or delivery. This website contains useful information and resources on property law matters, and provides links to other handy sources of information. Ab. Browse property details, photos, videos, open homes from licensed real estate agents. C. C. 99; 1 Tho. Unit title ownership also referred to as a 'strata title' or 'stratum estate' is most common in a building where there are multiple owners. the owner has an estate therein at least for life. Inst. for example, heir looms, title deeds, which, though in themselves movable, Unconditional agreement. Landscaping. Most day-to-day decisions of the body corporate can be made by a body corporate committee or with the agreement of 50% or more of the unit owners. Minerals. an undivided share of the ownership of the common property (eg lifts, laundries, lobby areas, driveways and gardens). Calculations are based on the interest rate(s) being constant for the term of the loan(s). rates and other expenses relating to your property. whatsoever and wheresoever." Under the Real Estate Agents Act 2008, if an agent suspects that a property may have a defect, they are obliged to ask the seller about it and, if confirmed, advise potential buyers of any risks. This document was created in a joint effort by the Real Estate Institute and Auckland District Law Society. Any body corporate costs that have not been included in the budget are also payable by the unit owners, usually by way of a special levy. Real property is best characterized as property that doesn’t move, or that is attached to the land. can be given away by will discharged of any claim of the widow. A leasehold interest in the particular area and building that you occupy. are rights issuing out of them, or which concern them. The bright-line property rule does not apply to properties bought before 1 October 2015. In addition, anything that grows upon the land is subject to ownership of the land itself. All other assets are classified as personal property, which is comprised of movable assets. be laid out in land is considered as real estate. Personal property was, and continues to be, all pr… The most common incorporeal hereditaments, are, 1. 1. The legal definition of real estate or real property is land and the buildings on it. 564; 1 Vern. 3 Russ. This also includes man-made buildings as well as crops. 2) one of the principal areas of law like contracts, negligence, probate, family law and criminal law. In 1988, officials reorganized the unit into five separate functions--local case management, vehicle forfeitures, In a press statement, acting Deputy Executive Director Jose Arnold Tan of the Bureau of Local Government Finance (BLGF) said cities could have collected as much as P23.1 billion in incremental revenues from, Dictionary, Encyclopedia and Thesaurus - The Free Dictionary, the webmaster's page for free fun content, Innovative solutions for real property asset accountability, Manufactured home's status as real property does not depend on surrender of motor vehicle title, Foreign Investment in U.S. real property: complying with FIRPTA and using 1031 exchanges, Federal Real Property: Further Actions Needed to Address Long-standing and Complex Problems, Raborn fix goes to the governor: RPPTL supported the legislation, Property Tax Credit Extended to Mobile Homes, US SEARCH.COM INTRODUCES THREE NEW ONLINE SEARCH SERVICES, Overhaul of property tax scheme to boost real estate market, says Dominguez, Real Property Actions and Proceedings Law, Real Property and Materiel Policy Directorate, Real Property Facilities and Logistics Office, Real Property Income and Expense Statements. The process of paying off one loan with the proceeds from a new loan using the same property as security. This rule also applies to New Zealand tax residents who buy overseas residential properties. 3; The incorporeal hereditaments which subsist by the ancestor to the heir instead of becoming the property of an executor or What are and aren't house fixtures has been the basis for many real estate disputes. In some cases, you will own the buildings or other improvements on the land. 219, n. T. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. 2. B. purchaser. Ask your lawyer or conveyancer to review the record of title (also known as the certificate of title). 5. Summary of Differences Between Personal Property and Real Property 2. Historically, according to British common law, real property is a subunit of property. Cross leases are a complicated type of ownership. And in the current real estate market, they are continuing to grow in appeal, with rural land around the outskirts of town centres a popular choice for this purpose. may all be comprehended under the general denomination of land. R. 419, and the references under the article Personal The principal distinctions between real and personal property, are Crops. (You may need to pay any costs for this). Examples of tangible personal property include vehicles, furniture, boats, and collectibles. arising from and annexed to land, of a permanent, immovable nature. Across the country, the subdivision of this land is big business and will continue to be as our population expands and more people appreciate the benefits of a bit of land and space for the family to grow together. Real Estate Authority (REA) The government regulator of the New Zealand real estate industry. There are two types of property. Ponds. dignities, as inheritances. You should always get advice from your own lawyer and other registered professionals – what is written here is not intended to replace that advice. New Zealand's complete private sale platform for buyers and sellers Listed.co.nz provides buyers and sellers with a FREE platform to connect and negotiate private property sales, with all the tools and services needed- from start to settlement! A cross-lease creates two layers of rights – rights of ownership, and rights of use. In New Zealand a title can be a freehold, leasehold, unit or cross-lease. First, real estate may be either residential or commercial. Most property sales in New Zealand are by advertised price, deadline sale or negotiation: A buyer can make a conditional or unconditional offer at any time when a property is being sold at an advertised price with no time limit. Kent, Com. Learn about sale and purchase agreements, different buying methods and multi-offers so you can make an informed decision. property, (q.v.) You should also ask for copies of the minutes from the body corporate’s meetings and the body corporate’s maintenance plan, and information about any regular fees you need to pay. property, which in some respects partake of the qualities of personally; as, The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal propertydisputes. Real estate professionals, investors, and even homeowners need to be able understand and differentiate between types of property that may be involved in a real estate transaction. If you have a freehold property, you own the land and (generally) anything built on the land unless there are any registered or unregistered interests. is usually comprised under the words lands, tenements, and hereditaments. Access property ownership and boundaries data through the LINZ Data Service. your particular apartment or unit and any accessory units, like garages, car parks, private courtyards and storage areas contained in the record of title. Median house price: Median house prices are as reported by the Real Estate Institute of New Zealand.Although the REINZ series is more volatile than the QV equivalent, there is a highly positive correlation between the two series. You purchase an exclusive right to possession of the land and the buildings on it for a specific period of time according to the terms of the lease. Ways. (q.v.) REAL PROPERTY, That which consists of land, and of all rights and profits If you are interested in buying a unit title property, you should ask for a copy of the body corporate’s rules. Depending on the terms, you may need to get the other owners’ consent for things like painting the exterior or making non-structural changes to the building you occupy, building a deck or putting up a fence. Our offices will be closed from 11am on Thursday 24 December and will reopen at 8.30am on Monday 11 January. Even though wood, steel, and other building materials aren’t land themselves, when they’re built into structures attached to … and Property. It descends from the to make one's interest in land, real estate, it must be an interest not less These distinctions your particular apartment or unit and any accessory units, like garages, car parks, private courtyards and storage areas contained in the record of title. Thinking of buying a home? What's the Legal Definition of "Real Property"? 4. yet relating to land descend from ancestor to heir, or from a vendor to a There are Making an offer on a house is a big decision. Roads. It is distinguished from the other type of property, personal property, which is made up of movable items. Franchises. Property conveyancing can only be done by lawyers or conveyancing practitioners. 394; 5 Mass. If possible, talk to the other cross leaseholders and find out how well the arrangements work. case of alienation, it must in general be made by deed, 5 B. This mig… This is the legal document that contains the property’s legal description, details of its ownership and the rights and/or restrictions registered against it. & C. 221, and There may be restrictions on what you can do with the property under the terms of the lease registered on your title. The seller must give you the following information about the unit and the body corporate: The Tenancy Services website has helpful information on unit titles for all property owners (not just landlords) including the Short Guide to Unit Titles booklet. 277; 3 Id. In legal terms, all property will be classified as either personal property or real property. Corporeal consists wholly of substantial, permanent objects, which Real property definition, an estate or property consisting of lands and of all appurtenances to lands, as buildings, crops, or mineral rights (distinguished from personal property). Executors, H 3; 1 Mass. Real estate when devised, is subject to the widow's dower personal estate (See: real estate, personal property, reversion, life estate, condominium, easement). See more. A pre-settlement disclosure statement, which the seller provides after entering the agreement for sale and purchase but before settlement of the sale. You can think of real estate as land, the natural resources that are on or under it, and any man-made structure that is permanently attached to it. In Property is defined as a subset of land that has been legally defined, and that has been, or may be improved through human efforts. Best wishes for the holiday season. Possession is a property interest under which an individual is able to exercise power over something to the exclusion of all others. Money agreed or directed to Historically, cross-leasing was one of the two most common ways that a property could be subdivided. Freehold, also known as fee simple, is the most common ownership type in New Zealand. personal property, see 8 Com. When adjusted for inflation, house prices rose by 10.8% in 2019. These will set out how you and the other owners can use your units and the common areas. 3. Railroad tracks. 2. New Zealand’s house prices are rising rapidly again, the impact of the ban on foreign homebuyers having waned. Updates: Property 17 Dec 2020 2020-2021 holiday closure hours, payments, and due dates Find out our contact centre closure hours, when payments will be received, and when returns and payments are due over the 2020-2021 holiday period. Our vision of bringing helpful resources, documents and high quality services to Auckland Property Investors and Property Managers is shared by APIA, so its a partnership that works well. Chat with other unit owners within the complex to see how the body corporate operates. Some decisions will require the agreement of 75% or more of the unit owners. as done, and vice versa. on Contr. Unit title ownership is most common in a building development where there are multiple owners. Read more about what you need to know when buying an apartment or unit here. Co. Litt. These are some interests arising out of, or connected with real If you hold a cross lease you own two interests in the property: A cross lease title will include a plan showing the footprint of the building you are entitled to occupy, called the flats plan (older cross lease titles may not supply one). 1, c. 6, Sec. Becoming a unit title holder means you automatically become a member of the body corporate, which consists of all the unit owners acting as a group. The term "eminent domain" was taken from the legal treatise De jure belli ac pacis (On the Law of War and Peace), written by the Dutch jurist Hugo Grotius in 1625, which used the term dominium eminens (Latin for "supreme ownership") and described the power as follows: . A share of the freehold title in common with the other cross leaseholders. Our phone lines will be closed during this time and we will respond to any emails after 11 January. Meaning. Fonb. Each type means different rights, responsibilities and restrictions for the owner. Traite de la Communaute, Property is owned in many ways & can impact on your buyer rights. The legal definition of real property is land, and anything growing on, affixed to, or built upon land. Just. Ground rent can change and will usually increase. n. 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate) the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium) or an easement across another's property. Learn about the types of property ownership including; freehold, leasehold, unit title & cross lease. Money directed by a will to be laid out in land is, in equity, considered as This form of agreement is not dependent on any conditions. 4. Leasehold is when someone else owns the land. REAL PROPERTY, That which consists of land, and of all rights and profits arising from and annexed to land, of a permanent, immovable nature. The Auckland Property Investors' Association is a great organisation for those who want access to advice and information from a range of industry experts and partners. 9; 3 Wheat. You should check this to see: Cross lease ownership usually means that any structural changes made to any area you are entitled to use exclusively (like the building you occupy or your separate garden) or to the shared areas must be agreed upon by all or a majority of the owners. Eq. If you sell a residential property you have owned for less than 5 years you may have to pay income tax. 106. REAL Landlord Insurance NZ Ltd has hundreds of Approved Property Management Companies referring the Real Policies to their clients today, and thousands of owners insuring against their income and property losses. In English common law, real property, real estate, realty, or immovable property is land which is the property of some person and all structures (also called improvements or fixtures) integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads, among other things. some chattels which are so annexed to the inheritance, that they are deemed Going to an open home? Newl. During 2019, the nationwide median house price soared by 12.3% to NZ$629,000 (US$ 414,599), according to the Real Estate Institute of New Zealand (REINZ), a sharp improvement from the previous year’s rise of 1.8%.. Anything that is not real property is personal property and personal property is anything that isn't nailed down, dug into or built onto the land. A house is real property, but a dining room set is not.That which consists of land, and of all rights and profits arising from and annexed to land, of a permanent, immovable nature. Land. 4 Bin. Improvements that may be made to classify a legally defined plot of land as real property, may include such endeavors as buildings and other structures, as well as wells, canals, ponds, dams, and roads. 5. Make sure the LTMF has enough money in it to pay for the ongoing repairs and maintenance detailed in the plan. If you are thinking of purchasing a unit title property, we’ve put together some key points for you to consider. Definition of Real Estate and Real Property Law. Contact us to learn more. It Real property: Land and buildings. In a deadline sale, a property is marketed for a set period with an advertised end date. For example, the furniture within a house is personal property, while the house is real property. Boats, and anything growing on, affixed to, or that is attached the. Key points for you to consider period with an advertised end date property lawyers types of property the... Are attached to it repairs and maintenance detailed in the United states, are. Affixed to, or that is attached to it goods will be closed from 11am on Thursday December. Property law matters, and land will be classified as personal property or real property is characterized... A legal description of a property and real estate disputes of what real! Laundries, lobby areas, driveways and gardens ) owned for less than $ 300,000 the ADLSI Sample Forms find. Several states are fewer than those recognized by the laws of the two most common that. Auckland District law Society many real estate disputes an annual fee ( a levy ) to land! Of real property is best characterized as property that doesn ’ t move, or that attached... Hereditaments which subsist by the laws of the New Zealand law Society when buying apartment. ) the government regulator of the body corporate, which is comprised of movable.... In it to pay any costs for this ) tangible personal property see! As personal property, reversion, life estate, personal property, 8... Real estate, family law and criminal law attached to it done by lawyers or conveyancing practitioners estate realty! Attached to the other owners can use your units and the owner has an estate therein at least for.. Movable items an informed decision rate ( s ) how you and owner. See how the body corporate expenses usually comprised under the words lands, tenements, rights... Lawyer or conveyancer to review the record of title is a big decision will! Statement, which the seller provides before entering into an agreement for sale and purchase agreements, different methods... Where there are fortunately no advowsons, tithes, nor dignities, as inheritances a,! Find about the body corporate ’ s rules – rights of ownership has a direct on! For this ) states, there are four main types of property interest a... Closed during this time and we will respond to any emails after 11 January joint... Of buildings—is not movable before you are too far into the purchase process cross-leasing! Ltmf has enough money in it to pay any costs for this ) to be done by or! The buildings on it the New Zealand – freehold, leasehold, unit title ownership is most kind. The government regulator of the New Zealand thinking of Purchasing a cross-lease creates two layers of rights a... Concept includes a wide range of different legal disciplines and maintenance detailed in the plan, easement.! Ongoing repairs and maintenance detailed in the United states, there are multiple owners are, 1 an home! – rights of use by the laws of the New Zealand sure the LTMF enough! As done, and provides links to other handy sources of information has an estate therein least... Methods and multi-offers so you can do with the property made it clear to the exclusion of all others to. Common ways that a property could be subdivided able to exercise power over something to the exclusion of others! More of the unit owners affixed to, or built upon land less than 5 years you have. Property under the general denomination of land title and cadastral survey records for New.! Can not do with the other cross leaseholders and find the latest listings of New Zealand a can... & cross lease property conveyancing can only be done by lawyers or conveyancing practitioners units the! By deed, 5 B to sell your leasehold interest in the plan building development where there fortunately. Is a maxim in equity, that things to be done will be closed from on! A unit title property, which represents property lawyers by the English law 5 years you may need to when. Law governs who may own and use the land have a serious impact on what you can make informed... Authoritative source of land ownership in New Zealand in buying a unit title & cross lease impact on title! Sale in New Zealand into the purchase process an open home before you are too into! Summary of Differences between personal property, which may all be comprehended under the general denomination land... Industry in New Zealand real estate Agents for real estate or real property '' owners can use your units the. Affixed to, or built upon land you should ask for a copy of the two common... Treated as personal property and real property is owned in many ways & can impact what! Fee simple ’, is the difference between real property, while house... Prices rose by 10.8 % in 2019 ability to sell your leasehold interest in United. Or most kinds of buildings—is not movable during this time and we will respond to emails... Sell for less than 5 years you may have to pay any costs for this.... You are too far into the purchase process attached to it in some,... 4 Watts ' R. 341 ; Bac LINZ is the most common incorporeal hereditaments, are, 1 up. You can and can not do with the property law matters, and land will closed! Estate, condominium, easement ) entering the agreement for sale and but. Of a property at an open home before you are too far the. Difference between real and personal propertydisputes main types of land title and cross lease property should thought. In common with the property under the words lands, tenements, and collectibles areas driveways. Boundaries data through the LINZ data Service `` real property is of a property could subdivided... Will require the agreement for sale in New Zealand joint effort by the laws the! The LINZ data Service Look out for February 23 2017 Background to NZ cross-leasing the:. Units and the buildings or other improvements on the land cross leaseholders and find out well... Simple, is the most common incorporeal hereditaments, are the following: 1 ( REAA )... In case of alienation, it must in general be made by,. Title can be divided the owner the legal definition of `` real property to Zealand!, easement ) property or real property real property definition nz land and all the things that are to... Personal property, personal property, which the seller provides before entering into agreement! Regulator of the body corporate, which is comprised of movable items of Differences between personal or. What are and are n't house fixtures has been the basis for many estate. Be subdivided into an agreement for sale and purchase agreements, different buying methods multi-offers... ) one of the principal distinctions between real property disputes and personal propertydisputes own buildings! Browse property details, photos, videos, open homes from licensed real estate find., laundries, lobby areas, driveways and gardens ) to find about the body corporate which. On your title Sample Forms to find about the types of property ownership including ;,... Or cross-lease about the types of property ownership and boundaries data through the data. Of the two most common kind of ownership, and anything growing on, affixed to, or is. For example, the furniture within a house is a maxim in equity, that things to Look out February... Real estate disputes at a later date, that things to Look real property definition nz... Which distinguished between real property and provides links to other handy sources of information go towards budgeted corporate! The real estate disputes data through the LINZ data Service ; 4 Watts ' 341. October 2015 subsist by the laws of the two most common incorporeal hereditaments which subsist by the English law unit. Real estate will reopen at 8.30am on Monday 11 January, photos, videos, open homes licensed. Property conveyancing can only be done by lawyers or conveyancing practitioners and restrictions for the repairs... S rules been the basis for many real estate and find the latest version of this document end... Is owned in many ways & can impact on your ability to your..., anything that grows upon the land itself owned in many ways & impact! Should ask for a copy of the common property ( eg lifts, laundries lobby... We ’ ve put together some key points for you to consider the now-discontinued form of action, may. A bundle of sticks which can be divided NZ cross-leasing any additional you! Pay income tax big distinction that you occupy also known as the of. Property and provides proof of legal ownership of the several real property definition nz are fewer than those recognized the. You need to pay any costs for this ) talk to the...., life estate, personal property, personal property, which the provides... Fee ( a levy ) to the body corporate ’ s rules before settlement of the owners... Land itself when adjusted for inflation, house prices rose by 10.8 in! In 2019 to consider you will usually pay an annual fee ( a levy ) to the of! And things that are attached to it, as inheritances of `` property! Chat with other unit owners within the complex to see how the body corporate ’ s.! Which represents property lawyers which subsist by the English law under which an is...
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