Like so many business sectors and industries, the real estate sector is experiencing a revenue decrease. COVID-19-related shelter-in-place orders are impacting families and family businesses drastically. Privately-held trusts and family-owned companies, lenders, borrowers, landlords, and tenants face unprecedented issues in the collection of revenue and payment of debt. This article examines some of the legal and business considerations in navigating these challenges.
The effects of the COVID-19 pandemic are rapidly becoming ubiquitous; reaching nearly all corners of the globe and impacting all facets of daily life. With commerce grinding to a near halt—particularly in those regions subject to mounting government restrictions on business operations, public gatherings, and travel—contracting parties are facing uncertainty about the feasibility of satisfying their contractual obligations. From a legal perspective, the upshot is likely to be a significant increase in litigation stemming from parties’ attempts to obtain relief from their performance obligations.
Amidst the COVID-19 pandemic, the federal and state court systems have adjusted their policies and procedures to allow them to continue to handle ongoing cases and accept new matters. Here is a summary of the current status of the Massachusetts courts: