The Real Estate Institute of New Zealand (REINZ)'s chief executive Christine LeCren said agents and their clients didn't understand the old form and a plain English version was needed. But it appears there was a breakdown in the relationship between the Auckland District Law Society (ADLS) and REINZ that led the real estate agents to go it alone.
While a plain English contract is welcome, consumers may face increased costs and some legal uncertainty in the next few years if there’s a dispute over the terms of the new contract. It’s for these reasons some lawyers prefer the old joint contract – because they, and buyers and sellers, are familiar with it.
Chris Moore, chairman of the NZ Law Society's property law section, says you should always consult a lawyer before signing any sale and purchase contract or you could be playing Russian roulette. That’s particularly the case now with two contracts likely to be in use – and one of them new.
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