Residential Land Withholding Tax - Auction and Tender Agreements

Residential Land Withholding Tax - Particulars and Conditions of Sale of Real Estate by Auction - Fourth Edition 2012 (5) and Particulars and Conditions of Sale of Real Estate by Tender - Fourth Edition 2012 (5) 

In conjunction with REINZ, the ADLS Documents and Precedents Committee is pleased to announce that updated versions of the Particulars and Conditions of Sale of Real Estate by Auction - Fourth Edition 2012 (5) and Particulars and Conditions of Sale of Real Estate by Tender - Fourth Edition 2012 (5) forms, taking into account the residential land withholding tax regime that came into effect on 1 July 2016, are now available through WebForms and in hard copy format via the ADLS Bookstore.

The new Agreements include a new clause that specifically addresses residential land withholding tax. It sets out the procedure that will be followed when the vendor does not have a conveyancer acting for them or where the vendor and purchaser are 'associated persons'. New definitions have been inserted to correspond to those used in the legislation.

A highlighted copy of the agreement showing the new additions will be uploaded to the ADLS website at the same time.

Please note there will be a small price adjustment to these forms effective from their release date.
 
Any questions should be directed to the Professional Services Manager, Jodi Libbey Jodi.Libbey@adls.org.nz.

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