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Buying or selling land?

There’s a completely new GST regime coming into force on 1 April for transactions involving any land between GST registered businesses.

The new rules mean some parts of the current Real Estate Institute and Law Society Standard Sale and Purchase of Land agreements need to be changed.

Any business entering into a land transaction which settles after 1 April has to be thinking about this before they sign the agreement.

I haven’t seen any amendments to the standard forms published by the Law Society or REINZ and would be delighted to hear from anyone who knows whether any are planned.

cheers,

Iain

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