There was a time when the sale and purchase of residential property was done on a simple unilateral document. The document was concise, easy to understand and, most importantly, it was a legal and binding document. Those in the real estate industry who remember this form of documentation claim that the unilateral agreement met the requirements of that time and that there was less litigation and less legal intervention then than there is today. However, change is inevitable and we are now working with a document of 16 developers have already made a number of changes to the standard form of the agreement when they sell the plan. I guess a little more change is needed right now. We will discuss this on a case-by-case basis with our developer customers. As with sellers, we want buyers to ensure that they enter their own email addresses for service purposes. Otherwise, the management of this change will be based with the buyer`s lawyers. The parties to a sales contract (seller, buyer and agent) all strive to complete a smooth transaction, and to achieve this goal, we encourage both buyers and sellers to familiarize themselves with the standard form of the agreement before negotiations. Above all, we ask you to get legal advice on an important and reasonably complex document.

Although there are a number of changes, the basic agreement does not deviate from its underlying purpose. It remains an agreement that suits the vast majority of sellers and buyers who plan to sell and buy real estate in New Zealand. The revised warranties mean that buyers must consider which items are for sale “how” and which items are in “reasonable working order.” Specificity should help buyers to be clear about the quality of the items supplied under the agreement. We may see a default position where everything is indicated as “as seen”. A buyer may be required to specifically request items that should be “in good condition.” Financing condition It is now a requirement in clause 9.0 of the agreement that, if the contract is subject to financing and the buyer avoids the contract because it does not receive financing, the buyer must immediately provide, at the request of the seller, a satisfactory explanation of the reasons invoked, with supporting evidence. Signed agreements are not affected by this amendment. Only the new agreements introduced in the new 10th edition of the form of the agreement. Both of these expenses will be on the market for some time.

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