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    September 23, 2021
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Advertsement Despite the global pandemic, New Zealand's property market has been buoyant with house prices continuing to rise. With relatively low interest rates, many New Zealanders are taking the opportunity to cash in or upgrade It is important to note that if all settlements are deferred for the Buying and selling houses during the Covid-19 the property. Most purchasers choosing to delay their pre- purchase inspection until alert level 3. This is an important step in the process of buying as it allows a purchaser to review the property and ensure it is in the same state as it was when first viewed. default 10 days, it may be difficult to find a moving company and some people are starting to extend the settlement date to 10 working days. to a bigger or newer property. To prevent setbacks, most Agreements for Sale and Purchase contain covid-19 clauses that addresses how conditions Alert Level 4 Restrictions Vendors who have received a 'conditional' offer pandemic and settlement should occur if the alert level changes. But what happens if an Agreement does not include such a clause? During alert level 4, a purchaser cannot move into a property as it is not permitted and only All conditional periods should be extended until 10 working days, or another agreed time, after alert movement in order to access essential services is allowed. The answer is that most parties are using their best endeavours to mutually agree to push conditions and settlement out until such Settlement can still go ahead as planned so long as it doesn't involve people moving, your bubble being broken or if you are purchasing bare land. level 3 is reached. The reason for this is because a purchaser may not be able to access the services required to fulfil their conditions eg. the local authority may not be able to process a LIM report within the specified time and a builder may not be able to access the property to complete their report. time as the country, or region, move to a lower alert level that allows travel. Where possible, the Real Estate Authority ('REA) recommends that both parties A pre-purchase property inspection cannot take place unless it is by video or similar, but such method of inspection has a higher level of risk i.e. it may not pick up issues you would see if you were physically inspecting agree to delay settlement until alert level 3 i.e. settlement is D. deferred for at least 10 days after alert level 3 begins. PR If you want to discuss your situation, give us a call on: 03 211 0080 PRLAW PR PRLaw.co.nz Ph: 03 211 0080 Advertsement Despite the global pandemic, New Zealand's property market has been buoyant with house prices continuing to rise. With relatively low interest rates, many New Zealanders are taking the opportunity to cash in or upgrade It is important to note that if all settlements are deferred for the Buying and selling houses during the Covid-19 the property. Most purchasers choosing to delay their pre- purchase inspection until alert level 3. This is an important step in the process of buying as it allows a purchaser to review the property and ensure it is in the same state as it was when first viewed. default 10 days, it may be difficult to find a moving company and some people are starting to extend the settlement date to 10 working days. to a bigger or newer property. To prevent setbacks, most Agreements for Sale and Purchase contain covid-19 clauses that addresses how conditions Alert Level 4 Restrictions Vendors who have received a 'conditional' offer pandemic and settlement should occur if the alert level changes. But what happens if an Agreement does not include such a clause? During alert level 4, a purchaser cannot move into a property as it is not permitted and only All conditional periods should be extended until 10 working days, or another agreed time, after alert movement in order to access essential services is allowed. The answer is that most parties are using their best endeavours to mutually agree to push conditions and settlement out until such Settlement can still go ahead as planned so long as it doesn't involve people moving, your bubble being broken or if you are purchasing bare land. level 3 is reached. The reason for this is because a purchaser may not be able to access the services required to fulfil their conditions eg. the local authority may not be able to process a LIM report within the specified time and a builder may not be able to access the property to complete their report. time as the country, or region, move to a lower alert level that allows travel. Where possible, the Real Estate Authority ('REA) recommends that both parties A pre-purchase property inspection cannot take place unless it is by video or similar, but such method of inspection has a higher level of risk i.e. it may not pick up issues you would see if you were physically inspecting agree to delay settlement until alert level 3 i.e. settlement is D. deferred for at least 10 days after alert level 3 begins. PR If you want to discuss your situation, give us a call on: 03 211 0080 PRLAW PR PRLaw.co.nz Ph: 03 211 0080