If you purchased or sold a property, it is likely that you participated in an agreement to sell and purchase real estate in the Auckland District (ADLS)/REINZ. This is the most common form of the agreement used for real estate transactions in New Zealand. In November 2019, the agreement outlined a number of important changes that sellers and buyers need to know about. Abstract While some of these changes are relatively significant, it is important to remember that the agreement is a model that should be designed to meet the needs of each party and reflect the details of each transaction. After the conclusion of the sales contract, the sales contract remains an important reference document, as it covers the operation of a possible contract and contains restrictive agreements, confidential commitments, guarantees and compensation, all of which can remain very relevant. Most of the concerns we hear can be avoided if the parties seek legal assistance before the agreement is signed. Clear communication from you can help avoid problems. The Goods and Services Tax (GST) is a standard 15% tax on most goods, services and other goods sold or consumed. These include the sale of shops and, in some cases, residential land.

This refers to the fact that you are able to arrange the payment, for example. B a mortgage or a loan. Some agreements may provide (for the benefit of the seller) that if you are unable to provide financing and cannot meet this requirement, you must provide proof from your bank confirming that your financing has been refused. If you are unable to provide supporting documentation, you may need to continue selling. It is important for suppliers to understand what a payment clause means. It does not give them the option to immediately cancel the first sales contract if they receive a better offer or if the backup offer is unconditional. You should ensure that the new buyer and seller understand that the original buyer still has the option to declare their consent unconditionally. In this case, the first (existing) agreement is moved into the tally and the second buyer is missed. Before signing a purchase and sale agreement, the agent must provide you with a copy of the REA New Zealand Residential Property Sale and Purchase Agreement. You should also ask yourself to confirm in writing that you have received it. Fixtures and Chattels The original release of the 10th edition divided Chattels into two separate calendars. The latest version is now reset to a single list of Chattels.

The seller guarantees that all the contained in the sale must be delivered in appropriate work instructions, but in all other points, in their state of repair at the time of agreement, with the exception of fair wear. However, if not, there is only one right to compensation. The condition of admission of a lawyer gives both parties very limited opportunities to withdraw from the sales contract.