ADLS/REINZ Agreement for Sale & Purchase of Real Estate
Release of 10th edition
ADLS is pleased to announce that the 10th edition of the ADLS/REINZ Agreement for Sale and Purchase of Real Estate will be released on 27 November 2019.
This new edition follows almost 18 months of extensive review of the agreement by leading lawyers and experts in the field.
All feedback and comments from the legal profession have been considered and every aspect of the document has been scrutinised.
REINZ, a joint copyright holder, has also contributed its perspective and was involved in the revision process.
The last full review of this agreement was in 2012. Because of developments since then, and the extensive nature of this review, many changes have been made, some of them significant.
Experts involved in the review will explain key changes and underlying drivers for them at a seminar on 26 November 2019 which will be live streamed. Details can be found at adls.org.nz/cpd. All legal practitioners working in this area are encouraged to attend.
From a practical perspective, WebForms users should note that:
- WebForms users have until midnight on 26 November to complete all current draft versions of the Sale & Purchase of Real Estate - Ninth Edition 2012 (8). WebForms is not able to convert information stored in Ninth Edition 2012 (8) drafts to the Tenth Edition after the Tenth Edition is released;
- When the Tenth Edition form is released in WebForms, users’ current stock quantity of the Ninth Edition 2012 (8) will automatically set against the new form. Therefore, none of your current stock will be lost;
- Users may finalise a Ninth Edition 2012 (8) draft after the 27 November 2019 release date (stock will be taken from the current Tenth Edition), however, for best practice ADLS advises that users should always use the most up-to-date version of the form; and
- After the release of the Tenth edition, the Ninth edition 2012(8) will automatically be archived as an “obsolete” form and will be available in only limited circumstances.
ADLS wishes to extend its gratitude and appreciation to the legal and tax experts and those from the real estate industry who have so generously provided their input into this review.