If you bought a house before coronavirus hit…
If you bought a house before the coronavirus crisis hit, don’t expect force majeure to save you
FINANCIAL POST MARCH 28, 2020
Real estate transactions, even at the best of times, are complicated and stressful for buyers and sellers.
For the thousands of people who made or received firm offers before the coronavirus outbreak changed everything — and who are now left wondering whether their deals will close in the weeks or months to follow — the anxiety level is even greater.
Some have wondered whether a pandemic is considered force majeure (unforeseeable circumstances or “acts of God”), which could free them of their obligations in case housing prices were to plummet in the next few weeks. Others may be facing other liquidity issues.