The NSW Construction sector will be locked down until 31st July 2021 by the NSW Government to curtail community transmission of COVID 19.
The decision will slow the sector and affect buying and selling activities for new Buildings and renovations to existing Buildings in Sydney.
Our contributor Garth Brown covers off some key actions worth considering for your practice.
What can Practitioners do? Always keep the Client in mind and try to understand what pain points they are dealing with and how to facilitate the Conveyance to close or exchange Contracts in a timely manner, with adequate risk management procedures in place.
Five suggested initiatives to assist your current Property files:
- Review the Sunset clauses for off the Plan Conveyancing Files, are they affected by the Construction lockdown? What are the sunset date triggers and extensions from Contract Special Conditions? Mark clearly on the file in red.
- Will the timing for the registration for the Strata or DP Plan and Sale closure be significantly affected? Investigate and advise the Client.
- Finance Approvals last for 3 months. Will the Construction lockdown affect the loan offer expiry date, or will Clients need to reapply for finance asap? Check with the Client.
- Occupation and Building Certificates inspections delays and document issuance will this affect your firms’ current files and settlement dates? Go through files and identify asap.
- Do Practitioners need to reorder Statutory searches later or delay Statutory Inquiries? to ensure no significant affectation non-disclosure is attached to the Title in question.
Property Vendors and Purchasers are living and breathing their Conveyance and great communication will be key.
By Garth Brown
Brown and Brown Conveyancers
Garth has Published two 2nd Editions Publications on Legal Practice Management & Conveyancing Risk Management.
To find out more: https://www.conveyancers.net.au/industryproducts/