Can Property Transactions proceed during lockdown?
The presence of various sites offering virtual tours of properties make it seamless for potential purchasers to view and decide that they want to purchase a particular property. Agents can still provide valuations and we have seen several agents advertising this. Banks can also still attend to valuations for the purposes of bond approvals.
The preliminary stages of the transfer process can easily be handled while parties cannot physically meet. Meetings can be held online should not this be necessary and if course documents can be easily signed and scanned and signature in counterparts are already common.
There has been application made for the Deeds Office to be opened as an essential service in order to facilitate the final stages of transfers.
The provision of credit through the registration of bonds is crucial in terms of stimulating the economy and of course property transactions proceeding is vital in easing the effects of a recession.
*Disclaimer: This advisory should not be interpreted as legal advice.
Author: Brenda Munro
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