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BPP12

Buying a Property in 2012

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Leigh Judd Donna Powle
Leigh Judd
Leigh Judd Law
Auckland
Donna Powle
Palmer & Associates Limited
Auckland

Published: 14 February, 2012
Pages: 84

Introduction

This booklet is designed to assist practitioners when acting for purchasers of real estate in 2012.

The first section deals with those occasions when practitioners are able to have input into an agreement for sale and purchase before it is signed by the purchaser. To prepare or review the agreement before it is signed by the purchaser is considered best practice.

The format of the first section follows that of the standard agreement for sale and purchase paper and has been prepared to be used as a checklist as you work through the most common contract used in New Zealand for the sale and purchase of property, the Agreement approved by the Real Estate Institute of New Zealand Incorporated and the Auckland District Law Society Incorporated (“REI-ADLS Agreement”). All references in this paper refer to the standard agreement unless otherwise stated. Recently these two bodies have worked together to prepare and release two new forms of agreement to be used for sale by tender and by auction.

Due to the ever changing world of technology, the conveyancing world is moving faster than ever before. As a result, purchasers have increased demands and expectancies. Helpful hints are provided to assist you to be prompt in your advice and ensuring your purchasing client’s position is protected. By adopting best practise as your practice you will in turn avoid office errors and reduce risk within your practice.

Practitioners should encourage their purchasers to discuss their purchase before they enter into an agreement. Purchasers will be quick to see the benefits of doing so when your advice proves to be the difference in a transaction and directly adds value.

The second section of this booklet deals with a purchasing transaction following an agreement being signed. The role of the practitioner is identified and suggested best practices are recommended. Advice is provided for those times when the special clauses have been poorly drafted or are not favourable to the purchaser as a result of advice not being obtained prior to the agreement being signed.

Unfortunately there are significant numbers of purchasers who do not obtain legal advice prior to entering into an agreement. Contracts that are signed without legal involvement require the practitioner to deal with the consequences of the terms and within the boundaries of the agreement.

Too often practitioners are only used to complete the transaction and are not involved at the start of the contract. Unless the purchaser expressly seeks out legal advice prior to signing the agreement, the only input in the writing of the contract and drafting of the purchaser’s special conditions is via a real estate agent who has been contracted to act for the vendor.

At the time of entering into an agreement, pressure can be brought on purchasers to sign before it is reviewed by their solicitor, especially if offers are presented during the weekend or after hours (as is usually the case).

Agents have a vested financial interest in keeping contracts alive. Remember they are acting for the vendor. As a result many agents’ standard clauses are drafted in such a way that prevents a purchaser from walking away from a deal easily. We will deal with examples of these clauses.

Content outline

  • Pre-signing of agreement
    • Information gathering
    • Timing
    • Adding value to the agreement
    • Special clauses
  • Signed agreement
    • Responsibilities of practitioner 
    • Inherited clauses
    • Review of agreement
    • Satisfaction of conditions
    • E-dealing
    • Preparing for settlement
    • When things do not go according to plan
  • Post settlement
  • Buying and selling in Canterbury

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