Signing on the dotted line
One of the biggest legal documents many people ever get to sign is the sales and purchase agreement for their home.
Monday, August 25th 2003, 7:06AM
by The Landlord
A lengthy standard form prepared by the Real Institute of New Zealand (REINZ) and the District Law Society, this contract must be filled out by purchasers with their agent before it is submitted with an offer for vendors to sign.It’s designed to protect purchasers and vendors, ensuring both are fully prepared for the obligations to which the sale and purchase of the property commits them by law.
By making amendments, adding and subtracting conditions, the agent tailors the sale to suit individual properties and circumstances. In this heated market where there are more buyers than listings, the fewer extra conditions the agreement contains, the stronger the offer. But the drafting of the detail of this form is crucial to a successful sale where both parties are satisfied with the result.
According to Simon Damerell, of Ray White Damerell Earwaker Realty in Ponsonby, the way agreements are prepared varies in standard, style and thoroughness. Anybody can complete their real estate training, but drafting good contract documents is a matter of experience, he says.
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