Buying a home involves transferring ownership from those selling the property to the purchasers. But that transaction is simply one part of the big picture that should be considered when selling or purchasing a property.

Property lawyers have expertise in these matters and can provide advice on all the matters that require consideration. These may include making a will setting out how the purchaser wishes the property to be disposed of after death.

Powers of attorney may need to be prepared if the purchasers are planning to go overseas and leave management of the property in someone else’s hands.

A family trust may be set up to protect the home from possible claims by creditors, or to preserve assets for children. Parents concerned about a child’s partner walking away with much of their hard-earned wealth may place assets in a trust to protect them. Another scenario could be parents wishing to provide for a child with a disability.

Tax implications may require discussion in the case of investment properties, while Overseas Investment Commission requirements may apply in the case of foreign ownership of property.

Lawyers offer a one-stop shop 

Chris Moore, NZLS Property Law Section chair and head of the commercial property department at Meredith Connell, says lawyers do not simply offer a conveyancing service involving the technical transfer of property. 

"They offer a much wider perspective and a much wider range of services, so you’re getting good value. It’s almost like a one-stop shop," he says.

"A lawyer will find out about your personal position and be able to tell you about the impact of the Property (Relationships) Act, any family loans and the implications of owning the property as joint tenants or tenants in common."

Property Law Section executive member Lindsay Lloyd says a lawyer can advise on whether an investment property purchase should incorporate a structure such as a company or a trust, and the most tax-efficient way to raise finance.

"Property transactions are generally one of the major investments in people’s lives and they should step back and take advice from a lawyer on all of the implications."