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Now is the time for people involved in real estate to ensure their documents are up-to-date with measures that anticipate the effect of a hurricane. Following are two important provisions in a longer checklist for purchase and sales agreements and leases.
For buyers and sellers, decide whether to include provisions that allow for an automatic extension of the closing date and due diligence deadline if there’s a storm. For leases, make sure your lease specifies who must procure and maintain the property/casualty insurance; the required limits (full replacement value or some lesser amount?); and the specific coverages to be provided.
Robert Steeg
Managing Partner
Steeg Law Firm