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Overseas Investment Act 2005

Consent and conditions regime - Enforcement - Statement relating to compliance with consent requirement

51A: Person who acquires residential land must make and provide statement

You could also call this:

"When you buy a house or land, you must tell if you have permission to buy it."

Illustration for Overseas Investment Act 2005

When you buy residential land, you must make a statement about whether the purchase needs consent under the Overseas Investment Act 2005. You must say if you have consent or will get it. If someone else is buying the land for you, they must also say if they have consent or will get it. You must make this statement to the best of your knowledge and belief. The statement must be made in a way that is authorised by the regulator in a notice under section 51B.

You can put the statement in one document or include it in another document, like a sale and purchase agreement, if the regulator allows it. Before the land transfer is registered, you must give the statement to the conveyancer who will lodge the documents. A conveyancer is a lawyer or someone who helps with land transfers, as defined in the Lawyers and Conveyancers Act 2006. The statement can be made and given by someone else on your behalf, like a lawyer with a special power of attorney under the Protection of Personal and Property Rights Act 1988, or in a way authorised by the regulator in a notice under section 51B. When the statement is lodged, it means it is registered or noted under the Land Transfer Act 2017.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS112015.

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51AAE: Publication under this subpart may be deferred or dispensed with, or

"The regulator can keep some information secret or publish it later if they have a good reason."

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51B: Regulator must authorise manner of providing statement, or

"The regulator decides how you tell them you're following the rules."

Part 2Consent and conditions regime
Enforcement: Statement relating to compliance with consent requirement

51APerson who acquires residential land must make and provide statement

  1. This section applies if—

  2. a person (A) is acquiring an estate or interest in residential land under a transaction, other than an interest under a mortgage, an interest under any other security arrangement, or an exempted interest; and
    1. an instrument recording A’s acquisition of the estate or interest will be lodged by or under the direction of a conveyancer.

      1. A must, in respect of the acquisition, make a statement, to the best of A’s knowledge and belief, relating to whether the transaction requires consent under this Act and, if so, confirming that—

      2. A has complied or will comply with the requirement; and
        1. if A is acting on behalf of another person (B), B has complied or will comply with the requirement.

          1. The statement must be made in a manner that is authorised by the regulator in a notice under section 51B.

          2. The statement—

          3. may be in a single document; or
            1. may be included as part of another document (for example, an agreement for sale and purchase) if this is authorised by the regulator.

              1. A must, before the instrument is lodged, provide the statement, or a copy of the statement, to the conveyancer who will lodge, or direct the lodgement of, the instrument.

              2. A statement may be made and provided on A’s behalf by another person (C) in either of the following ways (in which case the statement must be made to the best of C’s knowledge and belief):

              3. by C acting under an enduring power of attorney granted by A under the Protection of Personal and Property Rights Act 1988; or
                1. by C acting in a manner authorised by the regulator in a notice under section 51B.

                  1. In this section and sections 51B and 51C,—

                    conveyancer means a lawyer or conveyancer (where lawyer and conveyancer have the same meanings as in the Lawyers and Conveyancers Act 2006)

                      lodged means lodged for registration or notation under the Land Transfer Act 2017.

                      Notes
                      • Section 51A: inserted, on , by section 43 of the Overseas Investment Amendment Act 2018 (2018 No 25).
                      • Section 51A heading: amended, on , by section 43(1) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).
                      • Section 51A(1): replaced, on , by section 43(2) of the Overseas Investment (Urgent Measures) Amendment Act 2020 (2020 No 21).