PatrickMacQueen, co-founder of Macqueen & Gottlieb, a leading Arizona Real Estate Law Firm, offers some helpful legal tips on a recent AZ Big Media article (https://azbigmedia.com/real-estate/survey-renters-optimistic-about-moving-plans-despite-pandemic/):
- A Landlord or property manager has 14 days to provide a disposition of a Tenant’s security deposit. Landlords may attempt to skirt this obligations if they are suffering financial difficulty.
- There is currently no force majeure/”Act of God” clause in the standard form residential real estate contract. It is conceivable that a seller may refuse to sell their home to a buyer if the seller is spooked about leaving their home.
- Be certain to review your lease prior to breaking it. You may be obligated to pay your Landlord until such time as your Landlord is able to re-rent the Property.
- If you are looking to purchase a home, be sure to include a force majeure clause that allows you to get “out” of your purchase if things get worse.
- Consider reducing the amount of your earnest money deposit, just in case you need to get out of your real estate purchase and are unable to obtain a return of the earnest money deposit.