Contract words for Non-real estate people

By
Real Estate Agent with Century 21 Weinert Realty

Force Majeure...it's in our Florida contracts. Do you know what it means? Do you know how it applies to your contract? It's a french term literaly translated as "A Greater Force". We typically say an "Act of GOD". Force majeure would come into play, for example, when a buyer or sller sells a house. If prior to the closing, the house is destroyed in a fire caused by a lightning strike, neither party remains obligated to the contract. You might think that makes perfect sense for the buyer, but what about the seller? Force Majeure would prevent the buyer from sueing the seller for non delivery of the property. Only the seller and/or the lender would be entitiled to any insurance claim.

Comments (0)