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Pandemic drives shift in off-the-plan contracts

Developers have become more willing to incorporate valuation or force majeure clauses in off-the-plan contracts following the coronavirus pandemic, as buyers seek to mitigate risks in the wake of the crisis.

Pandemic drives shift in off-the-plan contracts
Buying an apartment off-the-plan has some inherent risks involved. Photo: Shutterstock

Developers have become more willing to incorporate valuation or force majeure clauses in off-the-plan contracts following the coronavirus pandemic, as buyers seek to mitigate risks in the wake of the crisis.

Empire Legal senior lawyer Jake Morrison said his firm had experienced a significant lift in enquiry from off-the-plan apartments buyers whose circumstances had changed due to the pandemic, leading to them not being able to settle contracts …