How could the COVID-19 coronavirus pandemic affect real estate transactions in Florida? Could there be delays in closing and inspections? Possibly. Therefore, Florida Realtors created a new contract addendum which can extend specific deadlines of the transaction. The COVID-19 addendum says: “The Coronavirus (COVID-19) pandemic may cause unprecedented impacts to real estate transactions, including but not limited to travel restrictions, self-imposed and/or governmental required isolations, potential closures of offices and institutions required to fund, close and record real estate transactions, and action or inactions of a homeowners’ or condominium association.”
For example, if a buyer were flying to VPS airport to close on their new home, but at the last minute, air travel from their state or into Florida were blocked, that could delay a closing. If the buyer’s home was to close first, but his state shuts down the title companies, that would affect closing. Or if his buyer on his home could not close due to being ill with the virus. If a seller of a Destin property had Coronavirus and was self-isolating in the property, it could disrupt both inspections and the closing. Businesses and entities that are necessary to close include lenders, title companies, attorneys, insurance companies, inspectors, county departments, like the Clerk of Court, and on and on. We don’t yet know to what extent real estate will be affected.
The Florida COVID-19 real estate contract addendum is here:
If you are considering selling your Emerald Coast real estate and are concerned about how the COVID-19 coronavirus may affect your sale, please contact me. We will walk through scenarios and precautions to help you decide “if, when, and how” you can accomplish your sale.
It’s Wendy… It’s Sold!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Email Wendy: email@example.com