APIA Blog

RSS Feed

Conveyancing Q&A - Vendor demands more money before settlement

Thursday, August 18, 2016

 

In this week's Conveyancing Q&A, Hilary Jenkins talks about property sharing agreements.

APIA Ask An Expert

I am about to settle on a house.  The agreement is now unconditional.  The vendor is leaving the country immediately after settlement and has now told my solicitor that unless I pay an extra $7,000 to purchase all the chattels off her she will instruct her solicitor not to settle.  Do I have to pay?  What should I do?

 

 

APIA Ask An Expert

 

Your agreement will list the chattels for the property within the agreement and the listed chattels form part of the purchase price. A vendor is therefore obligated to provide the listed chattels to you at settlement which should be in the same state of repair as when you signed your agreement to purchase and so an additional price can’t be put on the chattels listed in the agreement.

If your vendor is wanting you to purchase other chattels she wishes to leave behind, you are not bound to agree to purchase these and they should be removed by the vendor by settlement.

 

 

Disclaimer - The answer provided above is informational and should not be relied upon as legal advice.  For personalised legal advice, please feel free to contact Lifestyle Legal Services Limited or your professional legal advisor directly.  

Hilary Jenkins

Hilary is the director of Lifestyle Legal Services and a veteran of the conveyancing industry having built up an impressive work history of over 20 years (15 of which as a Registered Legal Executive).

To date, Hilary has played an integral part in the success of a wide range of residential and commercial transactions.  Lifestyle Legal stem out of Hilary's passion for the property industry and desire to offer clear and down-to-earth advice for her customers.  


Do you have any conveyancing related questions for Hilary?  Email your questions through to admin@apia.org.nz.  

Recent Posts


Tags

Jeff Bezos Investor story banking minor dwelling tenancy tribunal rent increase education positive cash flow HSWA tenant warren buffett initio property management clnz Tribunal case study investment strategy HHS structure asbestos scotney williams mortgage letting fee rent arrears short-term rental Question and answer insulation rental market ird heater skill shortage airbnb development auckland council housing bubble warm up new zealand water bill tenancy services p lab Market report ventilation nzpif smoke alarm Must know maintenance twg report business subdivision DTI rta reform legal TCIT sale and purchase bad tenant equity boarding house auckland election 2017 Landlording Guest blog Q&A Sponsored post off the plan market rent winz finance rent wealth creation investor How to watercare television cat personal growth negotiation worksafe Standards New Zealand gluckman report Holler building heating trespass Kris Pedersen Mortgages and Insurance relationship return renovation anz trust buying privacy holiday house cash-flow first home buying shower dome ocr productivity fixed-term tenancy RTAA 2019 tax data security buying rules ask an expert rental wof rta HHGA unitary plan capital gain property maintenance cgt trademe CCC CoreLogic property value lvr damage interest rates beginner investor sale and purchas inspection Must knows reserve bank buyer's agent insurance tenancy issues advice debt enforcement interest only partners income letting meth contamination robert kiyosaki landlord property Editor's Choice house prices parry v inglis management Investment tip sublease bond housing affordability Property (Relationships) Act speculator LIM market property cycle government bond form financial advisers act ring-fencing wins principal and interest extractor fan

Archive

Introducing Our Partners
Principal Sponsor - Kris Pedersen Mortgages & Insurance logo Gold Sponsor - Barfoot & Thompson logo Gold Sponsor - CoreLogic logo Property Apprentice logo Keith Hay Homes logo The Insulation Warehouse logo The Renovation Team logo The New Zealand Property Investors' Federation logo
09 360 2376
info@apia.org.nz

The Tenancy Practice Service and TPS Credit Control work closely with the Auckland Property Investors' Association. 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. 

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. 



Mathieu Holt- Managing Director, The Tenancy Practice Service & TPS Credit Control
Through the Association I found the channels and methods to fund the purchase of property I never dreamed about. Grant Brown

All round it has been one of those things Neil and I felt was really worthwhile belonging to. We have learned so much it has just built our confidence in what we are doing.

Janice Bieleski
I read two articles in the monthly magazine that saved me over $5,000. That is my membership fee for the next 26 years and I am sure I will learn a whole lot more! John Duncan
Fantastic organisation. The networking opportunities are brilliant and provide us with information and opportunities that cannot be obtained anywhere else. We learn something new at every meeting and we've been in this game for nearly 20 years. Pauline and Gyanen Kumar

I find the information obtained from various APIA meetings very useful in guiding my own property investment and rental management.  I also enjoy the networking opportunities with like-minded investors.  I am inspired by other investors’ success and find the more experiences and knowledge that I share with others, the more confident I become.  

Thanks to all APIA event organizers and administrators for your brilliant work. 

Stella Shao

I like talking to people and learning from their experience because it gives me the confidence to invest well. I think it is a knowledge thing. I now know I am doing things the right way.

Stephen Weatherall

My APIA membership has become a total success.

Every time I attend a monthly or regional meeting I come away with so many useful and positive tips that have added value to my property investments and management.

Not only that, the website is a great place for practical advice and useful information. It has now evolved into an important resource for my business.

Talk about value for money! The discounts I have been getting at Bunnings when I present my APIA membership card have more than paid for my annual subscription!

Tim Duffett, Plan A Investments Limited