The Execution
When I did my own conveyancing the Vendor let me know when he had executed the transfer and who his witness was.His witness was a Justice of the Peace so I looked her up on the web site of
Her address and phone number was there so I called her up to confirm she had indeed witnessed the Execution and the Statutory Declaration.
The Settlement
The settlement is quite straightforward - the Vendor or Vendor's solicitor provides the Transfer Instrument and the Statutory Declaration and the Purchaser provides the money and the Notice of Sale.Before you hand over your money you should examine the Transfer Instrument carefully to ensure that it has been executed correctly and that it agrees in detail with the the Statutory Declaration.
For our fictitious example the Transfer Instrument should now look like this:
These are what you should check:
If everything looks right you can hand over your money and the Notice of Sale.
Note for Sellers. Before you hand over the transfer you should have the transferee (buyer) sign the section that says "Certified Correct for the purposes of the Land Transfer Act 1952".
In my next post I will go over the final steps - Lodgement
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| Examine the Transfer Documents carefully then sign the certification. |
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| Settlement - the exchange. |
I tried this and LINZ requested a "Certificate of Correctness".
ReplyDeleteNot sure at this stage what this means, but suspect that because there is the signature space for the Solicitor to certify it seems like there is no way out of having to use a solicitor if LINZ are now asking for this?
Thanks for this comment Gregory.
DeleteThe transferee must sign that little box before submitting the transfer instrument to LINZ - it's the transferee saying "yes, everything is correct on this transfer form". You see, if the transferee, had, for example, written the wrong name in the transferee's box and submitted the transfer, had it approved etc then the property would end up being owned by whoever's name was in that box. Even a simple spelling mistake could then make any subsequent transfer a major headache.
I need to amend these pages to point out to transferees that they need to sign that box.
Thanks again, well done.
m
Many countries have a national ID register - and every citizen has a unique national ID. On land transfers that ID is used and so they have fewer problems like these. Note that on a transfer there is no identification other than a name. I imagine it would be possible to scour the land register looking for transfers to people sharing your own name and then, after a little homework, preparing transfers from that name to another. I could imagine a property could be transferred numerous times without the real owner knowing - and all the while the real owner still paying rates because no notice had yet been submitted to the council. Sweet. I bet there are some unscrupulous lawyer types out there working the angle. Same in Australia. If you chose your property carefully nobody would ever know.
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