New real estate form
REINZ has now completed its own standard form agreement for the sale and purchase of real estate, which it plans to release to real estate agents on 1 July.
Although REINZ’s drafting was already well under way, the NZLS Property Law Section (PLS), at its own request, was given an opportunity to review and comment on the form (as reported in LawTalk 728, 20; 4 May 2009), though not all its suggestions were taken on board.
The PLS is developing a paper setting out matters that lawyers will need to consider in relation to the new form. It is also preparing some appropriate amending provisions where these are considered desirable.
The new form differs considerably from the former ADLS-REINZ form and there are significant issues property lawyers need to be aware of when advising clients.
NZLS CLE Ltd has organised a series of seminars to go over the form in detail and to address those issues.
It is being run in 12 centres around the country between 13 and 23 July. A video-conference will also be available on 22 July with links in nine other centres. See www.lawyerseducation.co.nz or call 0800 333 111 for further information about the seminars and to register.
Hard copies of the form are expected to be available to lawyers at those seminars. Some may have to consider the form before that, because real estate agents will potentially start using it from the beginning of July.
The distribution channel for making the form generally available to lawyers had not been confirmed when this issue of LawTalk went to print on 18 June.
The PLS understands that the existing ADLS-REINZ Agreement for Sale and Purchase (8th edition) is being updated and will continue to be available to both lawyers and real estate agents through the usual channels.
Kim Oelofse
Property Law Section Manager
LawTalk 732, 29 June 2009