Property rule changes – 1 October 2015

Vendors and purchasers of real estate will have to furnish additional information to their solicitors from 1 October 2015. It will include transferring properties that’s in trust. A Land Transfer Tax Statement is required and will bear the party’s Inland Revenue Department number.

If the property is disposed of within two years from obtaining it and it is not the vendor’s primary residence, the gains is included in the vendor’s income tax return as ordinary income taxed at marginal rates. This will address speculators and also attempt to slow down the spiraling house prices.

About Linda Dobson

Linda Dobson - REAA Certified - is a sales consultant at the Rototuna branch of Harcourts - one of the six offices in Hamilton. She markets and sells residential properties with dedicated service to vendors to fetch to best possible price for their real estate. She gladly assists as a buyer's consultant to purchasers to find their ideal homes or investment properties and is results driven. She has a passion for real estate and see beyond the brick and mortar to address the needs and wants of both vendors and purchasers. Call Linda today for friendly, professional service, information and assistance with your next home or investment property. Mob: +64 22 64 50588 www.property-spectrum.com
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