We put an offer on a property last year but didn't get it. Someone else's offer was accepted. Now the property is coming back to the market as the sale did not go through because the cross lease documents was misplaced by LINZ, they just can't find it. Total 6 units in the block and other 5 have the documents. Purchasers solicitor advised them not to go ahead. Is this a big issue? What can be the implications of buying it without the cross lease document? Any solicitor's here that can advise on this?
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Would you take up a loan from a bank that didnt provide the loan terms and conditions? ie just blindly accept the money without knowing what you are committing to in terms of repayments, security, length of loan etc.
Would you hire a car without the written terms. ? Just drive it off the lot without knowing what you have to pay if you damage it, or it dies, or someone else hits it ?
Would you rent your property to a prospect that couldnt provide any ID or proof of income, ie just took their word that they could pay the rent and wouldnt run off leaving you trying to track them down ?
Its a huge risk
you dont know what conditions may be buried in the cross lease.
It may say your neighbour has the right to wander onto your property when ever they feel like it, or can use your property to store their caravan, you just dont know.
Chances are that it will be perfectly reasonable, you could get an idea of the likely contents by getting hold of the other 5 and comparing them. but you still dont know exactly what you are agreeing to by purchasing the property without a copy of the terms and conditions of agreement between that property and those it shares the land with.
To take such a chance it would need to be at a very good discount.
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