How to use New NWMLS Form 22FM (Force Majeure Clause)

What is a Force Majeure Clause?? -watch the video. Here’s a quick rundown on New NWMLS Form 22 FM (force majeure). The NWMLS released this form to handle closing extensions and unforeseeable events to do with Acts of God like flood, fire, war or the coronavirus.

Here’s an example: The recording office isn’t open, the recorders offices employees can’t get there. Form 22 FM gives you an automatic extension.

Or you can’t get a building inspector out during the contingency period due to social isolation. Form 22 FM would extend the contingency until you can get the issue squared away.

From the NWMLS:
New Form 22FM - Force Majeure and Closing Addendum

Please note: this email was sent to NWMLS Designated/Branch Brokers only, to allow you to read through the bulletin before you receive questions from brokers at your office. This email will be sent to all NWMLS subscribers today at 11:00 a.m.

Legal Bulletin 218 summarizes the new NWMLS form – Form 22FM (Force Majeure and Closing Addendum). New Form 22FM provides for extensions of contingencies/conditions and the closing date in the purchase and sale agreement for a limited amount of time should a force majeure event occur.

A force majeure event is an occurrence that is beyond the control of the parties that makes the performance of the contract impossible or impracticable. Events and occurrences associated with the recent COVID-19 (coronavirus) epidemic may qualify as a force majeure event that may excuse or delay the performance of a contractual obligation.

Parties to an existing purchase and sale agreement should consider amending their agreement to include Form 22FM. Buyers and sellers who are not yet under contract, should consider using Form 22FM with new agreements for the foreseeable future.

Form 22FM (Force Majeure and Closing Addendum) is currently available on Xpress Forms and Transaction Desk.

#SeattleRealEstate #SummitPropertiesNW

🎙 𝑺𝒆𝒂𝒕𝒕𝒍𝒆 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑷𝒐𝒅𝒄𝒂𝒔𝒕
iTunes: https://apple.co/2MkFziJ
Spotify: https://spoti.fi/2Dh8EoL
Stitcher: https://bit.ly/2FDK0QC

👫 Follow Summit's Socials!
Facebook: https://facebook.com/summitpropertiesnw/
Instagram: https://instagram.com/summitpropertiesnw/
LinkedIn: https://linkedin.com/company/summit-properties-nw-llc/

💼 Summit Offers a Simple 80/20 Commission Split With No Other Associated Fees & A Low $10,000 Annual Cap!

👉 Learn More: https://summitpropertiesnw.com/career/

🏡 Summit Properties NW, LLC.
Office: (425) 451-3342
Email: inquiries@summitpropertiesnw.com

👍 Please Like, Share and Subscribe For More News & Real Estate Insights.