07-11-2021, 12:20 PM
People do pull out based on the LIM but they also specify that problems in the LIM are rectified prior to settlement or they negotiate a new price based on defects identified.
Failing to get a LIM is how people end up with factories next door, subsidence issues, and other problems. Your lawyer should insist on you having one before you go unconditional.
As for the rental, there are specific requirements regarding depreciation, the bright-line test etc and you'll definitely want to get your lawyer and accountant to weigh in on what you need to do. To add to your problems you are probably going to want to see the house as vacant possession losing some of your income. The rules around terminating tenancies have changed significantly and nobody should ever "inherit" a tenant. Talk to Tenancy Services if you are unsure of your rights.
While phoning the IRD can seem like the right thing to do I prefer email. We once got stung $15k for not doing the right paperwork but because we'd requested it in writing and the reply was in writing it was clearly their error and they had to waive the fine.
Failing to get a LIM is how people end up with factories next door, subsidence issues, and other problems. Your lawyer should insist on you having one before you go unconditional.
As for the rental, there are specific requirements regarding depreciation, the bright-line test etc and you'll definitely want to get your lawyer and accountant to weigh in on what you need to do. To add to your problems you are probably going to want to see the house as vacant possession losing some of your income. The rules around terminating tenancies have changed significantly and nobody should ever "inherit" a tenant. Talk to Tenancy Services if you are unsure of your rights.
While phoning the IRD can seem like the right thing to do I prefer email. We once got stung $15k for not doing the right paperwork but because we'd requested it in writing and the reply was in writing it was clearly their error and they had to waive the fine.