Managing Partner Robert M. Steeg is the author of an “Attorney Analysis” real estate column for Reuters Legal News. His article, “Modernizing real estate purchase agreements for 2023 and beyond,” was published on February 8, 2022. Following is an excerpt from the article, which you can continue reading on Reuters Legal News and Westlaw. You can also download a PDF of the article below.
Modernizing real estate purchase agreements for 2023 and beyond
The evolving economy, climate change and health concerns are forcing real estate buyers and sellers to adapt their standard purchase agreements for a changing world. Agreements may now need: specific provisions to address more intense weather events; general force majeure provisions for entirely unanticipated events; and tweaks to standard provisions to better address the impacts of rising interest rates.
Following are a few strategic updates that buyers and sellers can make to both commercial and residential purchase agreements to help them set expectations and respond quickly to novel situations.
Casualty Provisions
Cities across the globe are experiencing more intense and less predictable weather events due to climate change. As a result, casualty provisions, which were often an afterthought in most purchase agreements, are far more likely to be used in the coming years.
Buyers should consider adding a detailed casualty provision that specifies the following:
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