New Florida COVID-19 Real Estate Addendum - Destin FL

By
Real Estate Broker/Owner with Rulnick Realty, Inc.

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:

 Florida Coronavirus Real Es... by Wendy Rulnick on Scribd

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.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

Posted by

"It's Wendy... It's Sold!"

Wendy Rulnick, Broker/Owner Rulnick Realty, Inc.

Call Wendy Rulnick 1-850-259-0422

email itswendy@rulnickrealty.com

www.rulnickrealty.com property searches and community info

Wendy Rulnick helps real estate buyers and sellers on the Emerald Coast of Florida.

Rulnick Realty

 

Comments (1)

Catherine Ulrey
Keller Williams Capital City - Salem, OR
Equestrian and Acreage Property Specialist

Looks like we have a similar addendum here in Oregon.  Basically, everyone needs to play nice and have patience during this pandemic.

Mar 31, 2020 01:49 PM
Wendy Rulnick

Catherine - I am sure there are things no one has thought of before - that will happen! Patience - definitely needed. The Florida addendum was intended for contracts that are in effect, not new contracts, but the attorney explained that a portion of it could apply to a new contract, too. We have a great Legal Hotline that they want us to call when we have questions on how/when to use the addendum, etc.

Mar 31, 2020 01:52 PM