Property Matters during Alert Level 2

The Property Law Section of the New Zealand Law Society has recommended to the Real Estate Authority that its updated guidance to the industry at Alert Level 2 recommends that lawyers be given the opportunity to review contracts before they are signed. This is because there are still uncertainties in the current COVID-19 environment, for example, how and whether settlement will occur if the Alert Levels increase before the settlement date. Some believe that a solicitors’ approval clause will allow them to address any problems down the track but, as we know, this involves negotiation and a willingness on the part of both the vendor and the purchaser to alter the terms of the contract.
As always, we would recommend that you consult with us before you enter into any legally binding obligations.