If you are in the middle of buying or selling property during the COVID-19 lockdown, it is likely that this transaction will be affected.  

The team at Pier Law are working remotely from home and it is business as usual, this article will give you a brief idea as to what you can expect for conveyancing transactions during the lockdown period. 

If you have any questions or concerns about anything in this article, please contact us so that we can advise you as to your particular circumstances. 

Sellers who have their property on the market

If you have your property on the market but have not yet had any offers from someone to buy your property, we suggest that you talk to your agent about different options for marketing your property during the COVID-19 lockdown. 

Whilst New Zealand is at Alert Level 4, open homes or having potential purchasers visit your property will not be able to occur in the normal way.  However, you may be able to continue marketing your property using technology – for example, virtual tours.  

If you wish to withdraw your property from the market or put your marketing campaign on hold, this is something you will need to discuss with your agent.  You may still incur marketing fees depending on the arrangements entered into when you signed up with your agent. 

Sellers who have a conditional contract 

If you have a conditional contract to sell your property, one of our team members will be in contact with you as to how this will progress during the lockdown period.  

We may be able to progress some matters for you whilst we remain in lockdown, however there are services that the purchaser’s solicitor will not be able to access until the Alert Level changes.  This means they may not be able to fulfil some conditions in the contract by the date they are due. 

An option might be to grant extensions of time to the purchaser to allow them extra time to fulfil the conditions in their contract.  

Please contact us so that we can discuss your situation and come up with the best option for your circumstances. 

Sellers who have an unconditional contract 

If you have an unconditional contract to sell your property, one of our team members will be in contact with you as to how this will progress during the lockdown period.  

It has been recommended by the New Zealand Law Society’s Property Law Section that where possible, both parties agree to delay settlement until 10 working days after the Alert Level is lowered to level 2 or below.

This approach has been taken as the only movement allowed during the lockdown period is to access essential services.  This means that the purchaser will not be able to conduct a pre-settlement inspection of the property and also that you will not be able to move out.  

It may be that your settlement can proceed if you are selling a property to a purchaser who is already living in the property, selling a tenanted property and the tenants are remaining or if you are selling a bare piece of land.  

Please contact us so that we can discuss your situation and come up with the best option for your circumstances.

Purchasers who have a conditional contract

If you have a conditional contract to purchase a property, one of our team members will be in contact with you as to how this will progress during the lockdown period. 

We may be able to progress some matters for you whilst we remain in lockdown, however there are services that we will not be able to access until the Alert Level changes.  This means we may not be able to fulfil some conditions in your contract by the date they are due. 

An option may be to request an extension of time from the seller to allow yourself more time to fulfil the conditions in your contract. 

Please contact us so that we can discuss your situation and come up with the best option for your circumstances. 

Purchasers who have an unconditional contract

If you have an unconditional contract to purchase a property, one of our team members will be in contact with you as to how this will progress during the lockdown period. 

It has been recommended by the New Zealand Law Society’s Property Law Section that where possible, both parties agree to delay settlement until 10 working days after the Alert Level is lowered to level 2 or below.

This approach has been taken as the only movement allowed during the lockdown period is to access essential services.  This means that you will not be able to conduct a pre-settlement inspection of the property and also that you will not be able to move in. 

It may be that your settlement can proceed if you are purchasing a house you already live in, purchasing a tenanted property and the tenants are remaining or if you are purchasing a bare piece of land.  

Please contact us so that we can discuss your situation and come up with the best option for your circumstances.