What happens if I lose my employment or become ill due to COVID-19 and I cannot obtain financing or I am unable to close on the purchase of my house?

It is understandable to be nervous about obtaining financing or closing on your purchase of a home during the COVID-19 crisis – especially when someone loses his or her employment status. However, our firm can help protect you by adding COVID-19 focused contingencies in a contract of sale to target such situations. Additionally, our properly drafted mortgage contingency language in a contract of sale will also protect a purchaser if they cannot obtain financing even after the contract is signed. These contingencies would allow for the purchaser to cancel the contract of sale and receive a return of their contract down payment even after contract signing.