There has been much discussion lately about whether, and by how much, rental for commercial premises should be reduced because of the Covid-19 lockdown.
Generally speaking, GST on a property sale and purchase between two GST-registered entities results in a ‘GST neutral’ position for both the seller and the buyer. It’s essential that the sale and purchase agreement contains the correct wording, particulars and information in respect of the GST position of the parties to the agreement.
Welcome to our second instalment of Caveat venditor, where we’re exploring the very real risks sellers can face during – and well after – property transactions.
If you haven’t already, you can check out part 1 here.
Caveat Emptor – buyer beware –is a well-worn phrase that underscores the importance of potential buyers doing their homework before agreeing to any purchase – and living with the fallout if they don’t.
You’ve probably heard the expression “buyer beware” when it comes to trading property, but what’s not so well understood is that a seller can still carry significant liability.
All legal eyes are glued to a landmark case that’s set down to be heard in the Supreme Court early next month – and its significance is such that anyone with a trust would do well to take a keen interest in, too.
The Court of Appeal in the case of Westland District Council v TC York and Alpine Glacier Motel Limited, has confirmed that a Council will be liable for any damages suffered by a purchaser as a result...
