Before you Sign.
It is common practice for the seller’s real estate agent to prepare the Agreement. However, having a lawyer review it before signing can help avoid issues later.
By involving a lawyer early and seeking specialist advice on matters like GST, finance, and insurance, you can avoid costly mistakes and ensure your investment is sound.
Key Considerations.
-
Form of the Agreement
Most sales use standard ADLS and REINZ forms, though bespoke agreements may sometimes be used.
-
Who is the Buyer?
Choosing the right ownership structure—individual, company, or trust—has legal and tax implications.
-
GST Considerations
Most sales are zero-rated for GST, but mixed-use properties may have different implications. We will advise if specialist tax advice is required.
-
Deposit Requirements
Clarifying when the deposit is payable, and any conditions attached to it.
-
Lease
If the property has an existing lease, ensuring the terms align with what’s in the agreement.
-
Chattels and Fixtures
Confirming what items are included in the sale and document them to avoid disputes.
-
Warranties
Sellers must provide key assurances, such as building compliance. If inaccurate, buyers may have legal recourse.
-
Conditions of the Agreement
Buyers often require conditions like due diligence, finance, insurance, and professional reports before finalising the purchase.
By addressing these factors early, you can ensure a smoother transaction and avoid potential risks. You can learn more about the key considerations here or get in touch with our property team about your situation.
By involving a lawyer early and seeking specialist advice on matters like GST, finance, and insurance, you can avoid costly mistakes and ensure your investment is sound.