Thought Process – Legal Considerations Going Forward After COVID / Disclosures on COVID Impacted Properties?

Last Updated on Thursday, 9 July 2020 12:03 Written by Chris Griswold Thursday, 9 July 2020 12:03

Message From Chris….

What about after we return to normal life/work after this pandemic, what happens when you go to buy, sell, rent or lease real property that may have been impacted by COVID-19?  Will some of the fears we have stick, or will we be a forgetful society?  Hard to tell….  While it’s not my intent (nor possible) to get into the weeds on everything, I do want to help shed some practical light on some things for folks, some things that might possibly develop….  Who knows?  But this is good stuff for everybody to know… (don’t forget to click on my links below to also see my short video on this material).

Thought Process – Legal Considerations Going Forward After COVID / Disclosures on COVID Impacted Properties?

            Question #1 What if I contracted COVID and I later want to sell my home?

Answer:  On the disclosures for the residential sale of property, there is an obligation to disclose certain events, under certain circumstances, that “psychologically impact” a property, if the possibility of the occurrence of such events is important to the prospective buyer/tenant of such property and such buyer/tenant delivers written notice to the licensee/broker assisting the owner in such transaction.  So what?  It may later be decided that COVID warrants becoming an event that causes a property to be psychologically impacted – as things possibly play out in our legal system.

Question #2Same question as above, but it now involves the sale of a commercial property that housed either a seller or a tenant who contracted COVID, what then?

Answer:  Although commercial property differs from residential property, such framework could later be extended to commercial situations by the Courts.  Accordingly, if the buyer or prospective tenant provides written notice to the licensee/broker involved in assisting the owner in such transaction, such issue should be handled the same way as any psychologically impacted property analysis.

Question #3What is the psychologically impacted property analysis?

            AnswerThe licensee/broker involved in assisting the owner in such transaction must receive a written notice from the buyer or prospective tenant, then the licensee/broker assisting the owner will approach the owner to inquire and obtain information about the issue.  With the consent of such owner, the licensee/broker will report back to such buyer or prospective tenant about such findings.  If the owner doesn’t consent or agree to provide such information to such buyer or prospective tenant, then the licensee/broker involved in assisting the owner shall inform such buyer or prospective tenant of the owner’s refusal to provide information on the issue.

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