Even in this environment, Boston real estate transactions are moving froward. So the question is this; with the coronavirus pandemic has an unprecedented impacts on Boston real estate transactions, including, but not limited to, travel restrictions, self-imposed and government stay-in-place requirement, and closures of both government and private offices required to fund, close and record real estate transactions. What should you do t protect yourself?
In other words, if someone needs to fly a long distance to close on a downtown Boston condo, they may not be able to do so. If someone is required to shelter in place, as Boston residents are right now, they could miss contractual deadlines through no fault of their own. And even if they could get to a closing on time, the closing attorney’s office is likely to be closed. In a nutshell, completing a Boston real estate transaction as scheduled is a major hurdle in both buyers and sellers for those involved in a Boston real estate transaction while the coronavirus outbreak is ongoing.
In these uncertain times, a coronavirus addendum can give you important financial and legal protection for buyers and sellers. Going forward, I would consult with your attorney should you be in the process of a Purchase & Sales Agreement (P&S) on any Boston real estate sales transaction. A coronavirus addendum may protect your real estate contracts that are in danger of not being able to close on time.