Estate agents boycott new sales form

Estate agents and lawyers have revolted en masse against a new plain English agreement for buying and selling property.

Harcourts, Barfoot & Thompson, Bayleys and PGG Wrightson say they will not use the agreement for now.

Law firms are warning clients not to use the new form, at least until legal holes in it are plugged.

The form, published last month by the Real Estate Institute of New Zealand, is now competing head to head with the standard "8th Edition" sale-and-purchase agreement written by Auckland District Law Society lawyers, which has been the de facto standard for more than 20 years.

Many of the institute's own members are refusing to use the new form.

"We are waiting to make sure the contract is acceptable to the legal profession," Harcourts managing director Bryan Thomson said.

To read the full NZ Herald article click here

Posted: 12 Sep 2009

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