1E9Ct5D

the application for reaching a decision,unless a longer period is agreed. As withclearances, there is a right of appealwhere authorisation is declined.The benefits resulting from anacquisition need not be solely economicand may, for example, be social orenvironmental. Product innovation,improved export earnings andinternational competitiveness andthe avoidance of corporate failure areexamples of benefits which the courtshave recognised in the past.PURCHASING LAND INNEW ZEALANDTitles systemNew Zealand uses the Torrens landregistration system, under whichmost parcels of land are recordedon a separate Computer Register(previously known as a certificate oftitle). The Computer Register recordsthe dimensions and location of theland, the owner and any other interestsaffecting the land such as mortgages,charges and easements.Computer Registers are recorded on anelectronic register, enabling real timesearching and registration of dealingswith land.The Torrens system enables a buyerand their solicitor to rely on a singletitle document, instead of a successionof title deeds. The Computer Registeris guaranteed by the Government tobe true and correct as at the time ofviewing and a buyer may rely on thedetails contained within it.Once a property is purchased and thename of the buyer is recorded on theComputer Register, valid ownershipexists. This cannot be challenged by anassertion that a defect in a prior deedrenders the current title void.The three most common types ofestate in New Zealand are fee simpleestates, cross leases and unit titles. Anestate in fee simple is practically theequivalent of full ownership of the landand provides the owner with the largestnumber of rights that are enforceableby law. Cross leases are most commonlyfound in the large cities of New Zealand.These were an historical device forproviding separate titles to two or moreowners on one parcel of land, withoutrequiring a legal subdivision of theland. A cross lease structure involvesshared ownership of the fee simpleestate, subject to long term (normally999 years) leases of parts of that landto the respective registered ‘owners’.Unit (strata) titles are common in largerblocks of flats or apartments, and formulti-storey buildings where there issome form of co-operation betweenthe property owners. Each owner hasa separate title to the particular unitthey own. The common areas in suchbuilding, as well as external structures,are maintained and managed by a bodycorporate. Unit owners contribute aspecified amount to the body corporateto cover maintenance, insurance andadministration costs.How land is bought and sold inNew ZealandA real estate agent is usually thefirst point of contact for a purchaserwhen looking to buy a property inNew Zealand. The real estate agentacts for the vendor in the marketingof the property, and assists with thepreparation of a contract when apurchaser is found.Sales by auction or tender arecommon for sales of farm land. They7