New Edition of Agreement for Sale and Purchase

A new Auckland District Law Society Agreement for Sale and Purchase of Real Estate - Ninth Edition 2012 (4) has just been released. 

The new version contains changes relating to Residential Land Witholding Tax and you should take care when deciding which version to use. 

More details to follow.

In the meantime… we note that there are two numbering errors in clause 11 of the ADLSI Agreement for Sale and Purchase of Real Estate Ninth Edition 2012 (4).

Subclauses 11.2 and 11.4 both refer to subclause 11.1(3) which does not appear in the agreement. The old clause 11.1 (formerly 10.1) should be reinstated which contains the three subclauses.

Until the errors have been corrected in a new version of the agreement the ADLSI advises to delete subclause 11.1 in the Ninth Edition 2012 (4), and add the below subclause 11.1 as a replacement in the Further Terms of Sale:

Replacement clause 11.1 

(1)  If the sale is not settled on the settlement date, either party may at any time thereafter serve on the other party a settlement notice.

(2)  The settlement notice shall be effective only if the party serving it is at the time of service either in all material respects ready, able, and willing to proceed to settle in accordance with this agreement or is not so ready, able, and willing to settle only by reason of the default or omission of the other party.

(3)  If the purchaser is in possession, the vendor's right to cancel this agreement will be subject to sections 28 to 36 of the Property Law Act 2007 and the settlement notice may incorporate or be given with a notice under section 28 of that Act complying with section 29 of that Act.

The ADLSI is working to correct these errors and will provide an updated version of the agreement as soon as possible.More details to follow.