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Should COVID-19 be a reason for a real estate deal to fall through? A Palm Beach Post article tells the story of a buyer who allegedly reneged on a $3 million property in Boca Raton after the outbreak. Instead of letting the buyer bow out of the deal, the seller sought legal assistance, informing the buyer that legal action would be pursued if the deal did not proceed.

Buyers attempting to back out of their purchase contracts have seemingly become a significant problem since COVID-19. Should it be considered a valid reason to cancel a contract? According to the article, there is no definitive answer. Though the contract commonly used by the Florida Association includes language stating that things such as an act of God may prevent someone from fulfilling their contractual obligation, there is nothing in the contract addressing COVID-19.

Other issues that the virus has caused include condominiums implementing restrictions such as only allowing a single person at a time or preventing anyone except the owner from entering.

To read more, visit https://www.palmbeachpost.com/news/20200408/coronavirus-florida-real-estate-deals-in-peril-amid-buyer-fears.

This update is by hard money loans Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on investor resources Miami or Tampa hard money lending, please call 954-816-0388 or fill out our application.

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