“Things change. The only thing constant is change. It’s up to you to be adaptable”
by Frank Coffey
In my personal and professional life, and as the father of a beautiful, medically fragile daughter, adaptability is a quality I strive for and something I try to impress upon those who are close to me and when needed, upon my clients. Just before this pandemic hit, someone reminded me that life is inherently unfair. I think I knew that already but hearing this from someone I trust and respect put everything into razor sharp focus for me and perhaps prepared me for the challenges of this extraordinary time we live in.
As a transactional real estate practitioner with over 24 years of experience I continuously try to improve my advocacy skills for the benefit of my clients. On a daily basis I find myself dealing with new challenges and tapping into the old skills I acquired as a real estate litigator in the wake of the 2008 financial crisis. Real estate transactions, for the most part, are built around risk mitigation and trust with a view to a seamless closing for all but during these difficult times we are in the midst of closing deals that were signed pre-COVID-19. Most, if not all these deals, do not contain any force majeure provisions which results in buyers not having any leverage to get out of deals or negotiate terms to soften the blow of unexpected income changes. However, notwithstanding the absence of a force majeure provision, savvy sellers are being adaptive in offering buyers incentives to close quickly whether that be a purchase price reduction or a credit for carrying costs. I am counselling clients to be adaptive and to work towards resolving issues amicably. Not every deal is the same but the same theme holds through for all of them – be flexible and put things in perspective. If litigation does ensue, nobody knows how courts will deal with disputes in light of COVID-19 but we do know that these disputes can be protracted and costly with no certainties.
You have to adjust. You have to survive. Nobody wanted COVID-19 but the simple fact of the matter is that we have it and we are adapting. Our office teamwork has risen to higher levels of performance and cooperation. I am more grateful than ever for my family, friends, colleagues and clients. I also can’t wait to get back to the simple things in life – my Wednesday night and Sunday morning soccer games and watching my 14-year-old son play with his team.
