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ARTICLE · 28 MAY 2020

Secure now, pay later: buying rural land during COVID-19

Holding Redlich
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Where does COVID-19 leave buyers of rural land?

AustraliaReal Estate and Construction
Kylie Wilson
Kylie Wilson
Nicole Withers
Nicole Withers
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With drought breaking in some areas of the country, more and more rural properties are being placed on the market following improving conditions and sale prices. Unfortunately with the current restrictions being imposed by COVID-19, it is not an easy time for buyers looking to purchase property.

With in-person auctions currently banned, restrictions on the number of people in work places and banks receiving an all-time high number of enquiries from every sector of financial services depleting their availability, service providers are looking for alternative ways to provide traditional services.

So where does this leave buyers?

Rural contracts are rarely settled in a short period of time, with consents, land searches and due diligence ordinarily requiring a contract for a minimum of 60 to 90 days from signing until settlement. The current restrictions may potentially hinder the process even longer as relevant agencies move to different levels of restrictions and

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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