Law Society Supports the Profession with New Standard Forms

Auckland District Law Society Inc. Supports the Profession with New Standard Forms

Auckland, 04 December 2014 – Auckland District Law Society Inc (ADLSI), the country’s largest voluntary legal membership organisation and provider of standard forms for use by lawyers including the Agreement for Sale and Purchase of Real Estate*, has added three new documents to its suite of more than 230 standard forms and precedents.

Released to the market are:

· Agreement for Sale and Purchase of Shares
· Two standard mortgagee sales forms jointly owned with the Real Estate Institute of New Zealand:
o Particulars and Conditions of Sale by Auction for a Non-Registrar’s Sale
o Particulars and Conditions of Sale by Auction for a Registrar’s Sale

Brian Keene QC, and President of ADLSI says that providing standard forms for common realty, commercial and private transactions is part of the essential tools of the profession servicing its clients.

“We pride ourselves in keeping our portfolio of commonly used forms up to date. We also look for opportunities to provide new forms that assist the profession, reflect modern business practice and keep ahead of legal development to help lawyers to be more efficient.”

Until now, all mortgagee sales have been conducted on non-standard forms. ADLSI consulted with the Registrar of the High Court in settling the form of the newly released Particulars and Conditions of Sale for a Registrar’s Sale**.

“Users of the new mortgagee sales forms can now advise purchasers knowing that the forms are industry standard and have not been amended to include any unusual clauses. Equally, lawyers can be confident the forms contain the key elements required to protect both mortgagees and purchasers.”

The Agreement for Sale and Purchase of Shares standardises the terms and conditions commonly associated with a private or off-market share transaction.

Keene says that the new forms complement ADLSI’s existing commercial documents, and are available in both electronic and hard copy formats.

“ADLSI thanks its Documents and Precedents Committee, whose members volunteer their time to create these new forms. The contribution of this committee over many years has enabled ADLSI to develop and maintain a valuable resource of enormous benefit to our organisation and members and the wider profession.”

ADLSI standard forms include:

· Commercial Deed of Lease and associated forms
· Company Constitution
· Shareholders Agreement
· Term Loan Agreement
· Franchise Agreement
· Model Operational Rules for Bodies Corporate Mortgage Agreement
· Application for Joint Family Home
· Power of Attorney and Deed of Delegation

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