NEW LAND LAWS

Rotorua Morning Post, Volume 2, Issue 278, 19 July 1932, Page 4

NEW LAND LAWS

PURCHA3E OF FARMS government regulations for advances on purchases. • r GENEROUS ASSISTANCE. Arrangements have been completed by the Lands Department for the administration of the Land Laws Amendment Act, which was passed by Parliament last session, and which has as its principal objective the encouragement of settlement by means of granting facilities for the purchase by intending settlers of parts of freehold properties. Regulations under the Act were published in the Gazette a few days ago. Applicants are warned by the Government that the part of a property selected for purchase rpust be of a nature to provide a living, and the residue remaining to the vendor must be sufficient to provide him with a living. Must Have Roads. The portion of a property to be purchased must be on a formed access road, and if it is not the vendor and the applicant must ttiake arrangements between th'emselves for the provision of a road before the completion of the purchase. A vendor must be prepared to give a land transfer titla for the portion to

be sold. Upon receiving the application from the prosp'ective purchaser, the Land Purchase Board will decide whether to arrange for inspection and valuation of the property, and it may require the applicant to attend for examination as to his experience and finance. The applicant may be required to produce documentary evidence as to his means in relation to the purchase of the property, its general improvement and stocking. Help in Purchase. An applicant must be landless as defined by the Land Act, that is, he naust not hold land which in the opinion of the Land Board is sufficient for the maintenance of himself and his family. The Land Purchase Board is authorised to advance not more than 90 per esnt. of the purchase money. It is stated that this is not an indication that the board will advance the full 90 per cent. in any instance. Applicants must be prepared to pay in cash to the Commissioner of Crown Lands the balance of the purchase money upon completion of arrangements for purchase, or when called upon to do so by the board. The applicant must not agree with the vendor to pay any amount in excess of the purchase money as ratified by the board, or to secure by promissory notes or other means the payment of any excess amount. Should this be done, the board will reject tha application, and if an advance has been made the board may call it up, together with interest. All advances of purchase money will be secured by first mortgage, and the mortgagors must reside continuously on the land. Th'ey must not transfer without the consent of the Minister of Lands. No Fancy Values. In a significant statement the department says that it would save the time of both parties and of 'the board if vendors would fix- their purchase prices at bedrock at the outset. Applications may be made to the Land Development Board for loans for the erection of buildings, clearing, draining, fencing, cultivation, grassing or cgeneral improvements. Each application must include a definite pfogramme of work, and this must be closely adhered to, No advance will be made for more than 80 per cent. of the estimated value of the completed improvements for which the loan is required. Advances will also be made for the purchase of stock and chattels, and in 'this instance no advance will be more than 60 per cefit. of the estimated value of the stock offered as secu- ? rity for the advance.