We are increasingly familiar with how to safeguard our health. What about our business interests, specifically real estate interests?
Zillow provides interesting lessons. Zillow will seek to cancel iBuyer purchase contracts in a humane way, believing that COVID-19 constitutes a Material Adverse Change. Zillow will evaluate on a case-by-case basis. Zillow anticipates using financial incentives to extricate themselves.
Lesson 1. Zillow is thoroughly familiar with its legal rights and responsibilities.
Lesson 2. Zillow does not rely solely on legal issues, also resorting to other tools including financial incentives, while continuing to build goodwill for its brand – acting in a humane way.
Lesson 3. Transactions are reviewed on a case-by-case basis. Real estate interests/contracts are unique.
These lessons have potentially broad application in the real estate world, ranging from SPG’s acquisition of TC to mortgage and rent obligations.
Best wishes for your health.
Randy Airst, CEO at Exceedant
www.exceedant.com | Ph: (877) 224-3180 ET USA name directory or extension
This post does not constitute legal or financial advice. Any actions you undertake should be based on legal or financial advice you obtain for your particular circumstances.