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DIY to transfer the Land/owndership- Manual Lodgement

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  • DIY to transfer the Land/owndership- Manual Lodgement

    came here before to ask for help for manual lodgment to transfer the land, no body knows how, now I succeed and would like to share the experience.

    Background

    My parents own a small rental property, due to personal circumstances changes I've set up a LTC (look-thru company) for better financial planning (you get it), I need to transfer the property under my parents name to the company which my parents are the only two shareholders.

    Normally you will go to yr lawyer and they will charge around $2,000, one of sell, one for purchase.
    However, you can DIY lol.

    Points
    1. I will only show you how to make manual lodgment to transfer the land, anything beyond this scope I am not capable of answering/advising, please talk to your lawyer.
    2. it only shows you the procedure of making manual lodgment, it doesn't cover any risks & liability associated with the transfer as I am NOT the lawyer.
    3. my parents' property is mortgage free which makes the transfer much easier, if it has mortgage you can still DIY but would be more complicated as it associate with 3rd party -BANK, you need to recharge the mortgage first, the charge it back on, also more forms to fill as per Land Transfer Regulations 2002.
    I will not recommend to DIY if the property has mortgage.


    Procedure:

    1. All land register with LINZ (Land Information New Zealand), and the website kindly shows you the procedure, you can google : LINZ manual lodgment

    2. how to fill Manual Lodgment form
    CT ref is the Certificate of Title, also the Identifier no.
    Type of Instrument: I was stucked here, there is a long list of TYPES on the website and I wasn't sure which one is correct. Different types for different purpose (transfer of ownership, discharge mortgage etc), finally I've selected "T" (Transfer) and it proved to be right.
    Name of Parties: to be honest I have no idea which party it refers so I entered company name.
    Document fee: $176 (in comparing with $2,000 lawyer fee)
    Resubmission: N/A
    Notices: N/A
    Priority Capture: N/A
    FEEs GST inclusive: $176

    Above would be different if your circumstances is different with mine, this is only for references.

    3. Private individual form
    I will recommend you to hand in private individual form instead of provide a statutory declaration (you can choose one of these).
    I provided both and get JP sighted, however it is not compulsory.

    4. Transfer Instruments (FORM 2)
    Google "Land Transfer Regulation 2002", find Form 2 "Transfer Instrument".
    this is the key document for the transfer of land.
    It's a simple form (only two pages) so shouldn't be difficulty to fill, at the last it requires Transferee's solicitor to sign, as my mum is the sole director of the company, she can sign instead.

    I made a reckless mistake for not attaching the 2nd page of the form, and the dealing has been rejected, however Linz staff kindly rang me to request the 2nd page.
    My dealing has been rejected twice, you can keep on making another lodgment within 21 days of rejection, otherwise you have to make a new lodgment and pay $176 again.

    5. Supplementary documents
    these documents are not required by LINZ but I've thought would be good for me to provide to show it's a genuine transfer.
    a. Property sales and purchase agreement, signed by my parents.
    b. Company extract and Certificate of Incorporation
    c. Statutory declaration of person executing the transfer.

    6. Hand in the Manual Lodgment
    LINZ has two offices, one in hamilton,another one in Chch
    Contact details are on website so I will save my typing.

    It took a while for the dealing to be successfully registered (transfer succeed) but it is mainly due to my parents didn't have time to see JP, the actual time I spend for this might be 2-3 days, e.g doing homework (scanning thru Land Transfer Act 1952+ Land Transfer Regulation 2002 more than 3 times !!), prepare forms, make appointment with JPs to sign documents (3 times in total my JP must be sick of me)
    does it worth or would you rather to pay your lawyer to do this?
    to me yes but not for money saving's sake (part of reason it is) but mainly I would like to DIY if I can, especially it is something within my capability.

    as you can see, nothing difficult here, especially after I showed you how !

    After all, you can apply a new Certificate of title which shows the new owner of the property, go to LINZ website and search "land record", unfortunately you need to pay $15 for a copy, takes 2 working days.

    Hope it is useful to anyone need it.
    Last edited by Chelsea; 27-07-2014, 05:42 PM.

  • #2
    thank you for sharing. Well done.

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    • #3
      Chelsea, lovely - you did very well, your post is much appreciated

      Comment


      • #4
        Hi,
        possibly a bit late with question but just in case. You refer to a mistake with two pages? Little confused as the form in the act and the Law Society form you can buy (7002) is only one page and ends with the certify correct box. I am wondering if you printed on two pages or included an annexure. If you did can you say why you need an annexure. The other question is the identification. THe CT number and identifier you refer to - is this the same thing? or are you using the CT number plus an electronic identifier. Hope your still got ear on. thanks

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