By Kay Keam - 1 Jul 2009
Whether you are looking to buy or sell property anywhere in New
Zealand, you need to be aware that there will soon be three
different "standard" agreements for sale and purchase in
circulation.
From 1 July 2009, two new forms of sale and purchase agreement
will come into play. One has been designed by the Real
Estate Institute of New Zealand. The other shortened form
has been designed by the Auckland District Law
Society. These new forms will join the familiar
Auckland District Law Society and Real Estate Institute of
New Zealand form (currently on its eighth edition).
While lawyers and real estate agents are generally
very familiar with the current form and the law that has grown up
around it, the new forms will need to be learned by all of
us.
The Auckland District Law Society's shortened form of the
current agreement will not attach the general terms of sale.
However, those general terms will be implied, so you do need to
know what they say. Not all the general terms of sale are
appropriate in every case and may need amendment. But unless you
know what those terms say, this may be difficult to do.
The Real Estate Institute's new form of sale and purchase
agreement is not based on the current familiar agreement. So
agents, lawyers, buyers and sellers alike will need to learn how
this new form works.
We will keep you updated as we find out more about the new
forms. In the meantime, before signing any "standard" agreement for
sale and purchase of real estate, please check with us first.
If you would like help with real estate purchase
agreements or have any questions regarding these changes, please
contact Elise
Markwick.