Property Transactions During COVID-19
It is hard to believe that in 2020, we would be facing such uncertain times worldwide with the spread of COVID-19. Day by day, more and more restrictions are being placed on us, from no backyard barbecues, to having to stay/work from home, practice social distancing, all of which affect every part of our lives.
One question on many people’s lips is “how will this affect the property market?”. Whilst we must be cautious, there are many ways for us to operate “business as usual”.
From our perspective we are still able to meet our client’s requirements via “face to face” video conferencing to discuss the contract, verify our client’s identity with the IDfy App, attain signed documents using DocuSign and complete settlements through the electronic platform PEXA. All these platforms allow us to continue to work efficiently and effectively to meet our client’s needs as we have in the past.
With the social distancing rules and the announcement from the Prime Minister, Scott Morrison, that auctions and “open for inspections” are now banned, people are feeling unsure as to how they can make informed decisions to buy, sell or lease property. However, the real estate agents are one step ahead anticipating these bans and have launched a new virtual inspection tool which allows buyers to view the property online and take a “virtual tour” of the property. See the following link for more information. https://agent.realestate.com.au/digital-inspections. There is also talk amongst auctioneers about the potential for conducting virtual auctions.
There are many systems in place across the industry that we can and have embraced to ensure that property transactions can successfully continue through these hard times and beyond.
We are in this together. Rest assured, these unprecedented times will pass and we will come out the other side stronger and better equipped to continue into the future.
If you have any questions in relation to the above or would like further information regarding property transactions, please contact our Property Law team via firstname.lastname@example.org or 02 49272900.