The Tenth Edition of the Auckland District Law Society / REINZ Agreement for Sale and Purchase has recently been released and is the form now being used by the majority of Real Estate Agents.
Be aware however, that the Ninth Edition is still in circulation, and some agents and purchasers/vendors involved in private sales may still be using this edition, which remains valid.
There are a number of important changes in the latest edition which include changes/additional requirements in terms of:
- The finance condition
- New toxicology report condition
- Extension of building condition to 15 working days (and the report must now be in writing)
- Chattels – new schedule with separation of chattels with and without operational function
- A new schedule for tenancy details
- Vendor warranties
- Claims for compensation
- GST implications [in particular in relation to the protection of the vendor on purchaser’s change of GST status between signing Agreement and settlement]
Finance Condition
It is now a requirement under clause 9.0 of the Agreement that if the Agreement is subject to finance, and the purchaser avoids the Agreement as a result of failing to obtain finance, the purchaser must provide a satisfactory explanation of the reasons relied upon, with supporting evidence, immediately on the request of the vendor.
If you require any advice or further information on the matters dealt with in this publication please contact the lawyer at Farry and Co. who normally advises you, or alternatively contact:
Carol Allen
callen@farry.co.nz
09 353 6675
Toxicology Report Condition publication to follow.
The information contained in this publication is intended as a guide only. It does not constitute legal advice and should not be relied upon as such. Professional advice should be sought before applying any of the information to particular circumstances. While every reasonable care has been taken in the preparation of this publication, Farry and Co. does not accept liability for any errors it may contain.