COVID-19 and buying and selling Property

Published On: 27 February 2020
Yes, you can still buy and sell property during the Covid-19 crisis.

Real Estate agents are adapting to the changes announced by the Prime Minister in relation to bans on open inspections and auctions as a measure to stop the spread of Covid-19.

Many agents are offering private and/or virtual inspections together with online auctions. There is strong buyer interest possibly due to the low interest rates and drop in the share market.

Contact your agent

We suggest contacting your local agents to obtain their opinion on the market and your Loan Broker or Banker to obtain advice on whether this could be an opportunity, to either get in the market or potentially trade up to a better house or location.

Special Condition

One tip we can offer, is to have a special condition placed in the contract to protect you from potential penalties arising out of a delay in settlement due to a Covid-19 event.

If you need help with this requirement, please contact our office for more advice. We also suggest having the contract perused by a Registered Conveyancer prior to signing, in order to make sure all your requirements are met for your rights to be protected.

Paper Settlements on Hold

Paper settlements were put on hold recently when the closure of the settlements room at Land Titles Office was announced with short notice a couple of weeks ago.

Online Settlements Still Taking Place

Settlements are still able to occur via the online platform, PEXA. Our office has been completing settlements on this platform for several years and have reached over 300 completed transactions to date.

Embracing change

Many changes have been made in the last few weeks for everyone and the need for extra patience, kindness and help to get everyone through is paramount. Our office is embracing the change and have now closed for face-to-face interviews and have taken our interviews online. We are also transitioning to work from home practices, should the need arise.

We are contactable by phone and email, with all correspondence now sent via email or post.

Verification of Identity

Australia Post are still accepting people for Verification of Identity, whereby the client takes their form sent by the Conveyancer, to the Post Office with their required ID. The Post Office then completes the ID Checklist, takes your photo and sends a secure report back to the Conveyancer which satisfies the Verification of ID requirements necessary to certify documents for settlement. Australia Post do charge a fee for this service.

Fortunately, our industry allows for electronic communication at this present time and this means that we can continue to provide you with the best service possible to get your transaction through on time and with a minimum of fuss.

Please contact the friendly team at Strathalbyn Conveyancing if there is anything we can do to assist you in this time.