After the initial primarily medical issues, the SARS-CoV-2 virus (hereinafter referred to as “coronavirus”) is increasingly affecting all other areas of life. For the real estate industry, the main question is what effects does the coronavirus have on contracts which have already been concluded, in particular whether the coronavirus (1.) can be regarded as an event of force majeure, (2.) can justify impossibility of performance or (3.) can represent a loss of the basis of the transaction. It is also questionable who is to blame for what during these times (4.). In addition, some special features of individual types of contracts must be considered, in particular (5.) leases and (6.) contracts for work and services as well as (7.) possibilities of compensation for all such contracts generally.
Further information can be found in the document: Implications of the Coronavirus on Real Estate
We have compiled on our website comprehensive information and recommendations for action in response to the legal implications arising from the coronavirus pandemic: Coronavirus - legal issues
