CORONA VIRUS & CONTRACTS

By 27 March, 2020Conveyancing

We understand that the situation with this pandemic is significantly impacting on all of our everyday lives and causing great angst, however we can reassure you that we will continue to advance our practices to comply with the ever changing Government requirements.

At present, our industry is not affected to a great degree, with regards to “self-isolation”. Banks are still trading on normal terms, which is enabling settlements to still go forth. It is our understanding that along with our firm, all other local firms remain open and fully operational (with the exception of limiting face to face/physical contact).

If things change for the worse i.e. we are all forced into self-isolation, then it is our understanding that it will not necessarily mean a contract simply crashes. The Law Society, our industry Insurers and the Government are already working together to ensure that, along with daily living, property transactions can still proceed.

Of course it may mean settlement delays, however contracts will evolve to counteract the Government measures.

One change might be with an amendment to the suspension of time clause potentially being varied to include the current virus situation.

For now, your only real hurdle will be taking more time to baby your contracts through the unconditional stages by keeping positive and reaffirming your clients of the factual information and avoid predicting what might happen and/or playing out unforeseeable scenarios. No-one can envisage what might play out with this virus and at the moment we can only take it day by day.

We will keep you informed of any genuine impacts to the industry.

If you have any queries or concerns you can contact our office here.

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