Q. I’M CONSIDERING SELLING MY PROPERTY. IS THIS POSSIBLE DURING ALERT LEVEL FOUR?
A. Yes, you can still put your property up for sale.
In the event that you decide to list your property, we will not have the option to actually assess the property to evaluate it and afterward unveil any issues to expected purchasers.
Likewise, changes may be made to the appraisal or disclosure statements when the alert level changes and we are able to physically review the property.
Furthermore you may need professionals to visit your property such as photographers, property inspectors and valuers when it is safe to do so.
Q. MY PROPERTY IS PRESENTLY UP FOR SALE ON THE MARKET. WHAT ADVICE WOULD YOU HAVE?
A. During alert Level Four, you won’t have the option to hold open homes or have potential purchasers visit your property. You could investigate alternative options such as a virtual open home.
If however you would prefer not to showcase your property during alert Level Four, let your agent know. You may want to postpone the marketing. Generally, sellers pay the marketing costs in advance, and it could be that the vast majority of the budget has already been spent, for instance, Trade Me advertising might have been placed and paid for. Speak to us regarding what will befall any unspent costs in the event that you put your campaign on pause.
Q. THERE’S A CONDITIONAL OFFER ON MY HOME. HOW DOES THAT IMPACT THE SALE?
A. Your agreement will likely include a COVID clause stating what will happen in this scenario. Best to speak to your agent regarding your specific situation.
During alert Level Four, buyers may not have access to the services required to meet the conditions. For example, the council may not be able to provide the LIM and the real estate inspector may not be able to inspect the property. In addition, it may not meet the requested conditions of the buyer.
Q. WHAT IF THERE IS AN UNCONDITIONAL OFFER ON MY HOME?
A. Where attainable, the Land Authority (REA) prescribes that the two parties should agree to postpone the settlement until alert level three.
There is quite likely a clause in your purchase and sale agreement that states how a settlement should be reached if the alert level changes. If you are unsure about this, speak to your agent.
During alert Level Four, buyers wont be able to move into a property. The only permitted movement is to access essential services. The settlement may continue in the event that it doesn’t involve anyone moving.
The following cases would allow settlement to take place during alert Level Four:
– The vendor stays at the property on a rental premise.
– Mutual consent between the two parties to share late settlement interest fees.
– The vendor leaves money in the sale for later payment.
Be prepared to experience some delays during this time as most banks, legal representatives and LINZ are working remotely during alert Level Four.
Pre-settlement inspections cannot be performed at alert Level Four. REA recommends delaying pre-payment inspection to alert level three. Pre-settlement inspections might be possible through video footage. However there are risks involved and it’s advisable both parties seek legal advice regarding this. This type of inspection may not detect the problems you see when you physically inspect the house.
Please note that the purchaser’s circumstance might change. If the buyer’s purchase is conditional on the sale of their home, they cannot resolve it in their transaction if they cannot physically move out of their home. Please consider the buyer’s situation and needs.
Q. I HAVE A FEW OTHER INQUIRIES, WHO CAN I ASK?
A. Please feel free to contact your agent directly. We all work remotely and are able to assist around-the-clock.