Buyers can’t get out of home purchase contracts because of COVID-19

By Joannah Connolly / Glacier Media Real Estate
‘Force majeure’ get-out clause doesn’t automatically apply to real estate contracts during pandemic, even if you lose income and no longer want to buy

If you’re in the process of buying a home but have lost income due to COVID-19, don’t assume that you’ll be able to get out of your signed purchase contract, a leading real estate lawyer has warned. Home buyers who have paid their deposit and signed a purchase contract, who may now want to get out of the purchase since the pandemic hit, do not have a standard “Force majeure” or “Act of God” clause that will let them walk away, said Richard Bell of Bell Alliance in Vancouver.…

Source:: Buyers can’t get out of home purchase contracts because of COVID-19

• Whistler News

March 31, 2020

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