RealtorBUZZ – What is Force Majeure
What is Force Majeure? Force Majeure means floods, hurricanes, any acts of God, even terrorism.
What this means basically is that during these acts, like we experienced during hurricane Irma, the buyer or the seller were not able to perform, and they are not liable as per the contract either during Force Majeure.
Force Majeure automatically extends all the time periods, including the closing date, 7 days.
If you still cannot perform due to Force Majeure, time periods automatically extend up to 30 days.
If after 30 days you still cannot perform due to Force Majeure, then it allows the buyer or the seller to go ahead and cancel the contract.