Buying and Selling Your House in a Covid Environment
From a legal perspective the process will be different, more difficult and full of danger.
Astute people will do the following, once the home is located:
1. They will know the legal process will take longer than expected;
2. They will buy subject to finance;
3. They will allow 4 to 5 weeks to obtain finance approval, not 4 to 5 days;
4. Even if long term finance is not required, they know bridging finance will be difficult to obtain; They will buy subject to the sale and settlement of their current home;
5. They will know the sale and settlement of their current home will take longer than expected as the purchaser will most probably be facing similar issues;
6. They will not allow a selling agent to quickly insert short written conditions but will seek our understanding advice before signing anything.
In many respects this is back to the future as such conditions were commonplace after the last recessions, when Millens advised many who found themselves with very difficult and unexpected legal problems.
Seek our understanding advice before you enter what maybe the largest legal transaction you ever do.