28 May 2020

Parties to house sales affected by Covid-19 - explore options

From First Up, 5:24 am on 28 May 2020

Parties to a house sale are being urged to explore all alternative options if the buyer cannot complete a settlement due to Covid-19 financial hardship. Legally, the developer or vendor can keep the buyers deposit on a property if they can't complete a purchase agreement, but those working in the industry are urging developers, vendors and buyers to work together. The chair of the Law Society's property section Duncan Terris told our housing reporter Eva Corlett that he has a lot of sympathy for buyers who are in this position through no fault of their own.