APARTMENT LIVING AT ITS BEST! LIVE THE LIFE OF LUXURY ... ; &
Under Contract On A Home And A Hurricane Is Approaching
There are 2 sections of the contract that refer to “Force Majeure” or unforeseeable circumstances that prevent someone from fulfilling a contract.
In an event constituting “Force Majeure” causes services essential for Closing to be unavailable, including the unavailability of utilities or issuance of hazard, wind, flood or homeowners’ insurance, Closing Date shall be extended as provided in Standard G.
Standard G under Paragraph 18 of the Contract is the Force Majeure provision. It states:
Buyer or Seller shall not be required to perform any obligation under this Contract or be liable to each other for damages so long as performance or non-performance of the obligation, or the availability of services, insurance or required approvals essential to Closing, is disrupted, delayed, caused or prevented by Force Majeure. “Force Majeure” means: hurricanes, floods, extreme weather, earthquakes, fire, or other acts of God….which, by exercise of reasonable diligent effort, the non-performing party is unable in whole or in part to prevent or overcome.
According to Paragraph 18 G, all time periods, including the Closing Date, will be extended a reasonable time up to 7 days after the Force Majeure no longer prevents performance under the Contract, provided, however, if such Force Majeure continues to prevent performance under the Contract more than 30 days beyond the Closing Date, then either party may terminate the Contract by delivering written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all further obligations under the Contract.
Additionally, keep in mind the Seller must still comply with the Maintenance Requirement under the terms of the Contract (See Paragraph 11 of both the FarBar As-Is and Repair Contracts). Further, the Risk of Loss provision (See Paragraph 18 M) is still in play.
Carlleen Wilson | Realtor® | eXp Realty LLC
Luxury Home Marketing Specialist, CLHMS Member
Multi-Million Dollar Producer | The Coastal Club Real Estate Group
MRP | Military Relocation Professional
VAREP | Veterans Association of Real Estate Professionals | Board Member
Office: 772-475-3416 | Cell: 561-891-6443
Email: [email protected]
“Making the American dream a reality for those who have served us.”
Carlleen offers the ultimate in enthusiastic, personalized, professional service. Born in the Mid-West and raised in Palm Beach County Florida with 20 years’ experience in South Florida & Treasure C....
Latest Blog Posts
You've scoured the new home listings, been to all the open houses and have finally found the home of your dreams. It is now time to draft an offer and begin the negotiation process. Below we'll
You've toured through a number of listings, attended all the open houses and have found your potential new dream home. Now the hard part begins, especially if you're working against other buyers who
Last week's economic reports included Case-Shiller's Home Price Indices, readings on new and pending home sales and Freddie Mac 's weekly mortgage rates report. Weekly jobless claims and reports on