Agreement for Sale and Purchase of Real Estate Ninth Edition 2012 (3)
The ADLS Documents and Precedents Committee is pleased to announce that, in conjunction with REINZ, there have been a number of significant changes made to the Agreement for Sale and Purchase of Real Estate and the Particulars and Conditions of Sale of Real Estate by Auction.
The changes have been made following an extensive review undertaken over the past few months. Feedback provided by lawyers, real estate agents and academics has been considered by the Committee and is reflected in the new edition. The agreement aims to cater to the most common type of real estate transaction. There will be situations where it will require adaptation to meet the requirements of a particular sale (and in those situations the Committee’s Optional Clauses document is recommended).
For the first time page numbers have been added to the agreement in an attempt to make life easier for users of the form. The order of signing on the attestation has been reversed so that the purchaser now signs on the left as it is more common for them to sign the agreement before the vendor. The definition of a working day has been amended to take into account recent legislative changes and new clauses have been inserted in light of the Land Transfer Amendment Act 2015 and the Tax Administration Amendment Act 2015. Improvements have been made to the GST schedule and its associated clauses to better allow for the agreement to cater to a sale where part of the property comprises a principal place of residence, such as a farmhouse or an apartment above a shop.
To assist practitioners navigate the changes, sample copies showing the highlighted changes will be available through the ADLS website on the release date. Also, a webinar focusing on the key changes and the underlying rationale for them will be held on Wednesday, 3 February 2016. This will provide an excellent opportunity to receive insights from the principal drafter of the Agreement, Peter Nolan, barrister, and from the convenor of the Documents and Precedents Committee, Tim Jones, partner, Glaister Ennor.
The new forms will be available via WebForms and in hard copy from Tuesday, 15 December 2015.
Highlighted sample copies will be available here
, from Tuesday, 15 December 2015.
Updated versions of the Particulars and Conditions of Sale of Real Estate by Tender and the Mortgagee Sales Forms reflecting the changes made to the standard agreement will be released early in 2016.