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Auction Conditions and Particulars – Law Society Releases Updated Standard Form Version

The Society has issued an updated version of the auction particulars and conditions of sale. The changes made in the updated version are intended to:

  • increase consistency with the standard form contract for sale of real estate;
  • remove the overly broad indemnity formerly contained in clause 24; and
  • facilitate compliance with the foreign residents capital gains tax withholding and the GST withholding measures. Practitioners should insert an appropriate GST clause (if required) and adapt the simple form of GST withholding clause, or include a withholding clause appropriate to the circumstances.

Copyright notice: Permission to use all previous Society approved versions of the auction particulars and conditions of sale is withdrawn as at 1 January 2019.
Transitional provisions: This does not apply to transactions in which contractual negotiations have already commenced.

The Auction Conditions and Particulars can be found in the Resources section of the Law Society website here.

 

Acknowledgements:
The Society acknowledges with gratitude the work of the Review Sub-Committee:  Alex Bobbi, Will Justo, Robert Manning and Silas Hoon.