Agreement for Sale & Purchase - vendor warranties - Online CPD

Package includes:

Online CPD Module  l  Electronic book  l  PowerPoint Presentation

Package Fee (incl GST)

• $149 - NZLS members and Associate members
• $179 - Non-members

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Online CPD Module

Practitioners and legal executives can add real value for their clients by providing proactive and practical advice to both vendors and purchasers regarding the scope and application of the vendor warranties in the Agreement for Sale and Purchase – prior to the signing of the agreement and when potential breaches arise, before or on settlement.

This module will cover the scope of the following vendor warranties:

• The vendor’s warranties in cl 7 of the ADLS Agreement for Sale and Purchase of Real Estate (Tenth Edition 2019) including warranties relating to:
  – Disclosure of notices, demands, outstanding requisitions, consents and waivers at the date of the agreement
  – Knowledge of proceedings at the date of the agreement
  – The working order of non-operational and operational items at settlement
  – Consents having been obtained for work done on the property and compliance with those consents
  – Building Act compliance.
• The warranties in:
  – Clause 14.0 – relating to zero rating
  – Clause 15.0 – relating to the supply of a going concern.
• Circumstances under cl 10.2(1) where the purchaser may make a claim for compensation.

Learning objectives

After completing this module you will:

• Gain an understanding of the scope of the Vendor warranties in the ADLS Agreement for Sale and Purchase of Real Estate, Tenth Edition.
• Improve your knowledge so you can provide advice to clients to anticipate issues before they arise and gain practical skills to deal with them as they arise.

Electronic book

Authors: Barbara McDermott, Gill Whinray
Published: 11 March 2020
Pages: 82

Introduction

The purpose of this paper is to provide conveyancing practitioners with an understanding
of the scope of the vendor warranties and undertakings in cl 7, cl 14 (zero rating) and cl 15
(sale of a going concern) and the circumstances where a claim for compensation may be
made under subcls 10.1 and 10.2(1) of the ADLS/REINZ Agreement for Sale and Purchase
of Real Estate (Tenth edition 2019), referred to as the Tenth Edition. A sample copy of the
Tenth Edition is set out in Appendix 1.

The paper will also provide practical advice on how to identify, prevent and handle issues
and disputes before or after they arise. This paper has focused mainly on the warranties that
cause the majority of issues in practice.

It is beyond the scope of this paper to cover any vendor warranties regarding unit titles.

PowerPoint Presentation

These are the slides included in the presentation.