Coronavirus and Real Estate Transactions
The coronavirus is causing all sorts of issues with in process real estate transactions. Everything from physical & engineering inspections, title review and transaction financing is running into delays, if not outright being cancelled.
The term “force majeure” is now becoming more apparent in real estate contracts, allowing for extensions and / or terminations of agreements for unforeseeable circumstances or “acts of God”.
The Coronavirus (COVID-19) Addendum to Contract
FloridaRealtors® has just published a “Coronavirus Addendum” to provide to the parties of a traditional residential transaction. This addendum allows for extensions of time periods across a variety of different transaction contingencies including:
- Closing Date
- Financing Period
- Inspection Period
- Title Cure Period
- Feasibility Study Period
- Due Diligence
Contracts for commercial transactions should also contain similar language to avoid any pitfalls that occur due to this pandemic.
Contact us to learn more about how we assist our clients with all their real estate needs.
Chris and Amy Losquadro of Quantum Realty Advisors, Inc. are aware of the severe implication that this virus will most likely have on the real estate market and will continue to provide the most up to date real estate market information so you can properly position your real estate assets for as minimal of an impact as possible.
To discuss your individual situation in greater detail, please contact us at 561.624.2680 or click the button below.