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ASP01

Agreement for Sale and Purchase

NZ $37.50
Publications
Author(s): Peter Duncan, Don Sweet Date:
Published: 28 May, 2001
Pages: 82

   

Introduction


The Auckland District Law Society and the Real Estate Institute of New Zealand have collaborated in the publication of an Agreement for Sale and Purchase of Real Estate since the 1970s. While initially use of their form was common only in the Auckland area, with other parts of the country using forms familiar to those involved in real estate in their particular districts, over the last 15 years use of the form has become prevalent throughout the country.

It is interesting to see how the agreement has evolved over the years. The earliest versions are relatively brief documents; they did not concern themselves in any detail with the issues of cross leases and unit titles, and warranties were brief. The concept of communication by facsimile or e-mail still awaited us in the future. While stamp duty was certainly an issue, GST, accruals or indeed any other tax considerations did not feature.

The changes to the Agreement for Sale and Purchase over the years have been driven both by legislative changes and case law affecting the sale of land and in later years by the practical problems faced by property lawyers and real estate agents.


 

Content outline

  • Evolution of the agreement
  • Changes in the latest edition
  • Adapting the agreement
  • Warranties
  • Practical issues and pitfalls
  • Settlement
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