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Hurricane Ian's possible effects on real estate market | Home Front by Peter Crowley

For the sake of simplicity, I will make reference only to the FR/BAR “As-Is” Residential Contract for Sale and Purchase (the “purchase contract”), as it is the predominant contract utilized in our residential real estate market, but by no means the only contract used in our market. The term “force majeure” is a French term that means “greater force.” In a contractual context, it refers to an act of God (e.g. a hurricane) or some other disaster (e.g. a war) that prevents the parties of the contract from either performing the contract at all or at least unable to operate with timeframes originally set in the contract. According to a recent article published by the Florida Realtors, “Veros Real Estate Solutions estimated that property prices topped the national average by 7% in five metropolitan areas over the 12 months following a hit by a major storm.” If we have witnessed anything in the past few weeks, it is that Southwest Floridians are a resilient bunch and I have no doubt that we will rebuild even better than before.

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