“Outside the Reasonable Control of the Delayed Party”
[Note to Readers: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.]
At least one Twin Cities broker — Edina Realty — is now including boilerplate language in its purchase agreement addressing what happens if there is a coronavirus-related hiccup prior to closing.
Called a “delay provision,” it automatically provides for an extension if one of the parties to the contract — or a professional integral to the deal (e.g., a lender, attorney, or vendor) — is unable to timely perform their role.
Real Estate Contracts in Coronavirus Age
So, what is the test for defining a legitimate delay?
Whether the delay is “outside the reasonable control of the delayed party.”
Sounds fair to me . . .
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