28 May 2020

Coronavirus: House sale parties facing deposit issues

From Morning Report, 6:12 am on 28 May 2020

House sellers and buyers are being encouraged to work together to find a solution, if a buyer is suddenly unable to settle an agreement due to Covid-19 hardship.

Legally, the developer or vendor can keep the buyers deposit on a property if they can't complete a purchase agreement.

The Real Estate Agents Authority's acting chief executive Phirak Appleton told housing reporter Eva Corlett that it could be tough time for buyers who have suddenly found themselves out of pocket.