COVID-19 Disposals and Acquisitions: Agreements for Lease and Property Sale and Purchase Agreements
The COVID-19 crisis has raised a number of concerns for parties to commercial property contracts. In relation to contracts that are currently being negotiated, the parties will likely need to have discussions about pushing out completion timelines and/or including conditionality linked to the lifting of the current restrictions.
In relation to contracts that have already been entered into but not yet completed, COVID-19 raises the prospect of delays and the possibility that conditions in conditional contracts cannot be fulfilled within time frames originally agreed between parties. This note looks at some of these issues and the options available to the parties.