IMPORTANT! Do not insert COVID-19 clauses into agreements without legal review
| March 20, 2020
RECA has become aware of COVID-19 clauses in service agreements and offers to purchase circulating among residential real estate professionals. These particular clauses may be problematic.
Prior to inserting any clause(s) into written service agreements or purchase contracts, industry professionals should advise their clients to seek independent legal advice to ensure the clause(s) serve the client’s best interests.
Any clause included in a contract to address circumstances surrounding COVID-19 should be drafted and reviewed by legal counsel to ensure enforceability and to ensure the clause addresses the specific scenarios adequately.
Protect your client, yourself, and your brokerage from possible legal ramifications.
The COVID-19 situation evolves daily. Go to RECA’s COVID-19 and Real Estate website for the latest information concerning trading in real estate at this time. RECA updates the site regularly.