How strong will Idalia be? Where will it come ashore? What happens to ongoing transactions? Individuals, businesses and associations need to prepare now.
ORLANDO, Fla. – On Monday, the National Hurricane Center issued a hurricane warning for a huge section of Florida’s Gulf Coast. As Tropical Storm Idalia turns into Hurricane Idalia – predicted to be a Category 3 hurricane before the eye crosses land – residents across the state begin their home-hardening routines.
If the eye of the storm makes landfall where predicted on Monday afternoon, it will cross the state close to Tampa and exit somewhere above Jacksonville – but a prediction that far out is subject to a lot of change.
“Hurricane conditions are expected within portions of the hurricane warning area along the Florida Gulf Coast, with the potential for destructive winds where the core of Idalia moves onshore,” according to the hurricane center. “Strong winds will also spread inland across portions of northern Florida near the track of the center of Idalia.”
On Monday, President Joe Biden approved an emergency declaration, which authorizes federal assistance after the storm, after Gov. Ron DeSantis requested it on Sunday.
The governor says Hurricane Idalia is expected to make landfall as a Category 3 hurricane, and most experts predict continued strengthening as it crosses the Gulf.
Preparing for the storm
- Florida Realtors® Hurricane Center: This main page provides links to articles – how to protect your tech and more.
- What Boards & Brokerages Need to Do Before a Hurricane: How will a real estate team stay in touch if the power goes out? Who calls who? Are client records safe?
- Florida Realtors Disaster Relief Fund: For Realtors, the Disaster Relief Fund – or DRF – offers a way to help victims of disasters, and it gives non-victims a way to donate money. The Disaster Relief Fund accepts aid applications from members of the Realtor family, including real estate employees, Realtor board/associations and their staff.
- The Essential Guide to Hurricane Preparedness: What’s the difference between a watch and a warning? It can be found on this webpage, along with other need-to-know information.
Transactions
“Force Majeure” is an automatic extension that comes into play when a dramatic event prevents a party’s performance or closing from happening.
“It takes an unusual and unplanned event to trigger this ‘Force Majeure’ clause … such as, hurricanes, acts of God and acts of terrorism,” says Joel Maxson, associate general counsel for Florida Realtors.
In reference to the Florida Realtors/Florida Bar “AS IS” Residential Contract for Sale and Purchase, “Once the clause is triggered, though, certain time periods (including the closing date, if applicable) will be extended for a reasonable time up to 7 days after the force majeure no longer prevents performance,” says Maxson.
“Parties should pay attention to the time in relation to the closing date, though, since either party may terminate the contract by delivering a written notice if force majeure continues to prevent performance more than 30 days beyond the closing date.”
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