Property problems: Swift action needed on conspiracy to deceive
Sunday 19 September 2004
Q. I immigrated to New Zealand two years ago and invested my savings in a factory. The agent involved referred me to a lawyer who acted for me.
I was happy with the return on my purchase until recently when the tenant vacated and disappeared.
I have now discovered that my lawyer was the brother-in-law of the agent and the vendor was a family trust associated with b
By The Landlord
oth of them. It also seems that the vendor (unknown to me, but known to both the lawyer and the agent) was subsidising the rent to increase the price I paid for the property. As a consequence I overpaid for the property. I have lost a considerable amount of money on this investment. Can I recover it from the agent or lawyer?A. It does appear that your solicitor failed to act in your best interests, put his own financial interests ahead of your own and did not give you information relevant to your decision to purchase the factory.
Both your solicitor and the agent (not to mention the family trust) have also seemingly misled you as to the market value of the factory.
Read More - Opens in a new window
Commenting is closed
Property News
Return to market form
There’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.
House Prices
No stopping Capital price rises
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Commercial
NZ proptech start-up scores major investor
Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.
Mortgages
LVR limits slow down investors
LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.
