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  1. #21
    Join Date
    May 2006
    Location
    Mordor
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    1,048

    Default

    Quote Originally Posted by Davo36 View Post
    I'm sure they're fine, the lawyers just want everything to go through them. That's why they have the notices on the back of the agreement saying "Check with a lawyer first...". It's all about them creating fear in their clients so they can get work.
    Not really. The buyer is going to need a lawyer anyway so there is no new work. However agents do not explain agreements, often because they don't understand them either. And buyers do not know what they are signing.

    In fact its not uncommon for a new house buyer to refer to the agreement as an "option" not understanding that it is a binding contract.

    If an agreement was plain english enough to be easily understood by laymen then that's got to be a good thing doesn't it?

    David
    Agreed. However there is nothing magic about "plain english". It's just words......and words mean different things to different people.

    The benefit to everyone of the standard AS&P is that it represents 25 years of development. There are a ton of legal cases deciding what the terms mean. A new form means starting over again.

    Having said that, I think the standard agreement could do with revision to make it easier to read.

  2. #22
    Join Date
    Mar 2008
    Location
    Auckland Wide
    Posts
    1,244

    Default

    I have heard that Barfoots are holding off on using these new ruthless sale and purchase agreements.
    Hamish Patel | ph: 09 625 4693 | mob: 021 625 693
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  3. #23
    Join Date
    Jun 2004
    Posts
    10,364

    Default

    Quote Originally Posted by Winston001 View Post
    Not really. The buyer is going to need a lawyer anyway so there is no new work. However agents do not explain agreements, often because they don't understand them either. And buyers do not know what they are signing.
    I thought agents had training in this sort of thing - I thought it would be really important for them to understand them?

  4. #24
    Join Date
    May 2006
    Location
    Mordor
    Posts
    1,048

    Default

    Quote Originally Posted by Wayne View Post
    I thought agents had training in this sort of thing - I thought it would be really important for them to understand them?
    Yes they do and career agents understand the agreements. However many agents rush into the industry thinking its a gold mine and don't put the work in to really know what they are asking people to sign.

    Plus....how do I put this.....it requires a bit of intellectual horsepower to understand a legal contract. Some agents simply don't have it.

  5. #25
    Join Date
    May 2006
    Location
    Mordor
    Posts
    1,048

    Default

    In time the new Agreement will settle down and work. It just seems such a waste of time and energy to abandon the AS&P which has had 25 years of development. Everyone in the property industry has to start again. Agents, lawyers, bankers, valuers, property investors, the staff of all these people etc etc.

    It would have been much more simple to change the existing agreement.

  6. #26
    Join Date
    May 2004
    Location
    Bay Of Plenty, NZ
    Posts
    3,604

    Default Barrister slams new form

    Sunday Aug 30, 2009

    A new Real Estate Institute agreement for buying and selling property is being slammed by lawyers as unsound and unsafe to use.

    The agreement will cause more litigation and much higher conveyancing costs, according to a legal opinion by barrister Rod Thomas to the Auckland District Law Society.

    "It's like a car that needs a product recall because it's unsafe for the road," Thomas said.
    http://www.nzherald.co.nz/nz/news/ar...ectid=10594051
    Patience is a virtue.


 

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