26/03/2020
Day 1 dusted and done!! I hope everyone is doing ok I know it is early days.. keep strong every one we will get through this!
Anyhow.. let's see what else real estate industry has to say the due course of Covid-19 Lockdown Alert 4.
The Prime Minister delivered a very compelling straight forward message about the importance of staying home over the next four weeks and how doing so could not only break the chain but that this ‘simple act’ can save lives
Please note: this is not legal advice, but provides a recommended approach in certain situations. Additionally, this information may change in light of further Government updates over the coming hours/days.
Settlements
Our understanding is that whilst in lockdown, vendors and purchasers will not be able to move in and out of their houses. The Auckland District Law Society and the New Zealand Law Society is recommending that the vast majority of settlements may need to be deferred until after the Alert Level 4 restriction is lifted. The party's lawyers will make appropriate amendments to the contract to facilitate this in existing agreements.
NZLS Property Law Section has suggested the following clause could be inserted into new agreements that are drafted over the lockdown period (please note, this clause may change and we will keep members updated as we receive information): “The parties agree that settlement is hereby deferred to the 10th working day after the Government reduces the COVID-19 Level to Level 2 or below, or to such other date as may be mutually agreed. For the sake of clarity, neither party shall have any claim against the other in relation to this deferral.”
Quote of the day!
“Keep calm and carry on.” — Winston Churchill
Kia Kaha
Until tomorrow 😍
Lyndie
