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Varying Contracts during COVID-19

Varying Contracts during COVID-19

COVID-19 is a difficult time for all and McDonald Legal is here to help you.

During COVID-19 many purchasers will be placed under financial stress due the following reasons:

  1. Becoming stood down or being forced into unemployment.
  2. Reduced income due to reduced hours.
  3. One person in the household having a reduced income either voluntarily or through employment which causes financial pressures on the household.

For purchasers who find themselves under financial stress, McDonald Legal can assist by negotiating with the Vendor for the best possible outcome for all parties in this economic climate.  This may be negotiating a reduction in the purchase price, negotiating with the Vendor to release you from the Contract of Sale or delaying settlement until a suitable time.

Once the parties agree on the final outcome we then draft a Deed of Variation varying the terms of your contractual obligations.  We take the stress out of negotiating with the selling agent and speak direct to the vendor’s representative to find the best possible outcome for you.

It is our main aim to enter into negotiations with the vendor to vary any contract on foot so as to minimise any loss to you.

The Deed of Variation varies the essential terms of the contact from the date of settlement, purchase price and or nominating other parties on the contract to ensure your obligations are met.

Once a Deed of Variation is completed this can be provided to your bank with a positive result for you.

If you have signed a Contract of Sale and are suffering financial hardship and may not be able to meet your obligations under the terms of the contract please contact our office to discuss the options available to you.

It is important that you consider every option to reduce any financial stress on you as result of COVID-19.

We also provide advise to vendors who currently have contracts on foot whom may have received requests from purchasers to vary a Contract of Sale, McDonald Legal can assist by negotiating the terms on your behalf with a result satisfactory to you and provide you with advice on how to minimise any loss.

Our team of lawyers and licensed conveyancer are here to help you 7 days a week.

Amanda Lew-Sang (Licensed Conveyancer – Licence Number 000951L, Certified Practising Conveyancer (CPC), Fellow Institute of Legal Executives, Legal Executive)

Telephone:             (03) 8398 0820
Email:                     amanda.lew-sang@mcdonaldlegal.com.au