ADLS is pleased to announce the release of the Tenth Edition of the ADLS/REINZ Agreement for Sale and Purchase of Real Estate on 27 November 2019.
The new edition follows an extensive review of the agreement with considerable feedback and comments received from both the legal profession and real estate agents thoughtfully considered by a subcommittee convened for the purpose. REINZ, as a joint copyright holder, has contributed its perspective and was represented on the subcommittee.
The last full review of this agreement took place in 2012. Given the developments since then and the comprehensive nature of this review, a considerable number of changes have been made.
Key changes to the agreement include:
- Changes to the notice provisions;
- Changes to how tenancies are addressed including the introduction of a new tenancies schedule;
- Changes to vendor’s warranties and the associated revised schedules;
- A revised clause providing a more expansive and comprehensive mechanism for claims for compensation; and
- Changes to the GST provisions, including significant amendments to better protect vendors.
Leading experts who have been instrumental in the review will explain key changes and underlying drivers for them at a seminar at 4.00 pm on 26 November 2019 which will be live-streamed. All legal practitioners working in this area are encouraged to attend.
From a practical perspective, WebForms users should note that:
- WebForms users have until midnight on 26 November 2019 to complete all current draft versions of the Sale & Purchase of Real Estate - Ninth Edition 2012 (8). WebForms is not able to convert information stored in Ninth Edition 2012 (8) drafts to the Tenth Edition after the Tenth Edition is released;
- When the Tenth Edition form is released in WebForms, users’ current stock quantity of the Ninth Edition 2012 (8) will automatically set against the new form. Therefore, none of your current stock will be lost;
- Users may finalise a Ninth Edition 2012 (8) draft after the 27 November 2019 release date (stock will be taken from the current Tenth Edition), however, for best practice ADLS advises that users should always use the most up-to-date version of the form; and
- After the release of the Tenth edition, the Ninth edition 2012 (8) will automatically be archived as an “obsolete” form and will be available in only limited circumstances.
A review of this nature inevitably incurs significant costs. Effective 27 November 2019, WebForms user pricing for this Tenth Edition form will be:
Non-Member/Real Estate: $26.67
General Public: $33.33
Prices Exclude GST
A highlighted sample version of the ADLS/REINZ Agreement for Sale & Purchase of Real Estate, showing the amendments, will be made available on the release date, being 27 November 2019.
ADLS wishes to extend its gratitude and appreciation to the legal and tax experts and those from the real estate industry who have provided their highly valuable input into this review.