“It is also important that anyone who wants to buy a property seek legal advice and talk to their financial services provider so that they understand exactly what they are signing, or that the implications are significant enough.” Although a number of changes have been made, the core agreement does not deviate from its underlying objective. There remains an agreement that is suitable for the vast majority of sellers and buyers considering the sale and purchase of real estate in New Zealand. There are a number of important changes in the latest edition that contain additional changes/requirements regarding: obligation to comply with the conditions: problems may arise while the buyer tries to meet the terms and conditions and the buyer may revoke the contract. If there is a condition, the party that benefits from that condition is required to take all reasonable steps to accomplish it. You cannot terminate the z.B agreement if you have not received a report from a manufacturer. Even if a bank will not lend you the full amount to complete the purchase, you may be required, under the condition of standard financing, to exhaust all reasonable opportunities to obtain financing, including asking the seller for “lender financing.” Toxicology report: It is now possible for a buyer to obtain a toxicology report as a standard condition in the agreement. If this option is selected, the buyer must hire a professional to test the drug`s contamination, primarily methamphetamine. The buyer has 15 working days to organize the test to be performed and to approve the written toxicology report. “This is a significant change in the purchase and sale contract and it is imperative that consumers understand the effects as if they could not provide evidence that they could not find the financing, that they might be forced to make the purchase or other legal actions on the part of the seller,” said Bindi Norwell, MANAGING director of REINZ. The revised warranties mean that buyers must take into account “how seen” items are intended for sale and are in an “appropriate work order.” Specificity should help buyers to better understand the quality of the items provided under the agreement. We may see a default position in which everything is marked as “as expected.” A buyer may be required to expressly request items that should be “in an appropriate work order.” If necessary, in the event of uncertainty, the revised GST clauses may require a review by buyers with their accountants. The risk of a change in a buyer`s GST position is, quite rightly, a buyer`s responsibility. For the vast majority of home buyers, this will not be a problem.
A new requirement means that the 10-day requirement under the Realtors Act (during which the broker deposit must be held) begins as soon as the partner`s commitment is completed.