Real Estate Contract Termination Rights Due to Pandemic

By
Services for Real Estate Pros with Maximum One Realty - Managing Broker

 

What are real estate contract termination rights due to Pandemic? If a Buyer is outside of all his/her contractual contingencies and gets laid off due to this National Emergency, may he/she terminate a contract and get their Earnest Money back? What is "Force Majeure" & how does it apply to the return of Earnest Money? May an "i-Buyer" suddenly terminate a contract & have no penalty? What is the Georgia Association of REALTORS (GAR) Special Stipulation that was revealed on March 17, 2020? Please watch this video for all of this information & more!

Thank you to Closing Attorneys:

Andy Hartman - Andy@HartmanLawFirm.com - www.HartmanLawFirm.com

Amee Davis - ADavis@DavisLawGA.com - www.DavisLawGA.com

Doug Dean - DDean@Shafritz-Dean.com - www.Shafritz-Dean.com

Shawn Horan - Shawn@DonDeFoorLaw.com - www.DonDeFoorLaw.com

 

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Rainmaker
1,064,932
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

In California there is a new disclouse and reason for cancellation and schedule slippage. We are required to disclose it to our clients.

Mar 25, 2020 09:22 AM #1
Rainmaker
1,876,425
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Mortgage Companies could withdraw their Commitment if they doubt the continuance of the Buyers income 

Mar 25, 2020 11:11 AM #2
Rainer
3,991
Guy Hatch
Park City Vacation Place - Park City, UT
Vacation property specialist

The joys of real estate school.

How I love writing a blog, let me count the ways...

Has anyone out there had recent experience with the variety of damages that can be found in breaching of contracts, such as specific performance, monetary damages or liquidated damages ?

In our litigious society, a noteable percentage of contracts end up in court and finish off with monetary damages levied against the guilty party.

Ocassionally, some of the simple contracts end with the defaulting party losing the earnest money as part of liquidated damages as pre-determined in the original contract.

 

Finally, we have a method of holding the feet of the offending party to the financial fire by requiring specific performance.

 

Please reply if you have time ( and of course, most of us do  have an abundance of  time these days due to the virus...) it will help me continue with my schooling and give others opportunity to show off their blogging skills.

 

Thanks

Mar 25, 2020 02:43 PM #3
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Rainmaker
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Dana (Lerner) Sparks

Satisfying You with Service Innovation & Education
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