Shareholder Quino Martinez was quoted in an article in Orlando Business Journal discussing the use of force majeure clauses to try to delay or terminate closings during the pandemic. He explained that buyers may argue that the pandemic makes a deal impossible to perform, but the facts are not in their favor.
Still, the legal dispute should not tie up the property from being sold to another buyer. "The fact that the buyer and seller are in litigation should not prevent the seller from pursuing other offers for this property," Martinez said.
Read the article: I-Drive Grand Resort & Suites Sues New York Firm After Purchase Falls through During Pandemic (Subscription required)