Staff were given until the end of the year to sign the new contracts. The union is asking for the withdrawal of contracts and asking for legal advice. “Even according to a conservative estimate, the 900 Whitcoulls employees in the sale process could receive payments and redundancy fees of $5,000 each. The purchase and sale contract is usually drawn up by the person selling the section or by the real estate agent. These other terms of sale can be simple, but important. A common example in the current hot real estate market is the reduction of construction and construction conditions to five and ten working days. Steindle has seen atypical agreements that have no safeguards against the Council`s communications. For example, if the buyer discovered, after signing the form, that there was a demolition order on the land, it would be too late to retract without this clause. After you signed, you signed. Cold feet are not a reason to get out of the deal.
All purchase and sale contracts are equal, right? It`s not true. Lawyers shake their heads in horror when buyers sign a sales contract without legal advice beforehand. In most years you get an Auckland District Law Society (ADLS)/Real Estate Institute of New Zealand (REINZ) standard agreement for sale and purchase. Reid said that under the agreement, new owner James Pascoe Group could hire a worker for a week and lay off the following week without severance pay. The court agreed that Easy Park had acquired the condominiums from the Whitcoulls building as part of its sale and sale agreement and that it was clearly a shareholder. Reid said the farmers` workers, who are members of the NDU, had a redundancy clause in their collective agreement with the department store chain. The court did not accept that the lease to the Whitcoulls building could be “attached” to the asset at the time of the purchase of the land. In the second example, according to Steindle, the seller and buyer may have entered into a private agreement and are not aware of the importance of a standard agreement.