Are you Concerned about Buying or Selling Real Estate and COVID-19?

The Coronavirus (COVID-19) pandemic has impacted every industry, including real estate due to travel restrictions, governmental imposed isolation, and potential closures to offices and institutions required to fund, close and record real estate transactions, including lenders, title companies, and homeowners' or condominium associations.

To protect all parties involved, a new COVID-19 addendum was created that extends all important dates in the contract, and protects the Buyer from losing his deposit if the contract cannot fund or close due to COVID-19 related delays, some of these dates include: 

• ·       Closing Date
• ·       Financing Period or Loan approval period
• ·       Inspection Period
• ·       Title Cure Period
• ·       Due Diligence Period
• ·       Homeowners'/Condominium Association Approval

The addendum allows Buyer to cancel the Contract and get his deposit back even if Buyer has obtained approval for the loan and either the terms/conditions of the loan approval expire, or lender refuses to fund the loan due to COVID Restrictions.

Work with an experienced Real Estate Agent and make sure you are protected in the transaction.