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.
Buying an apartment off-the-plan has some inherent risks involved. Photo: Shutterstock (Image source: Shutterstock.com)
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 …
