In the wake of the COVID-19 pandemic, real estate brokers have
prepared suggested clauses for inclusion in real estate agreements
of purchase and sale to address certain closing concerns that may
be relevant during the course of the pandemic. Lawyers and their
clients should be well aware that these suggested clauses may lack
precision and may not in fact be what the parties to the agreements
of purchase and sale actually want or what may be in the best
interests of one or more of the parties. Any such clauses should be
carefully reviewed and assessed before an agreement of purchase and
sale is signed.
Set out below are some examples of these clauses, together with
commentary:
- The parties agree that if the buyer's bank or lender or the
applicable land registry office "temporarily ceases
operations, such that either party is frustrated from completing
this transaction for reasons wholly outside the control of that
party," then closing is extended to the date that
