COMMERCIAL property investors in the UK are writing clauses into contracts, giving buyers the right to walk away from real estate deals if Britain votes to leave the EU on June 23, as a way to unfreeze a sector stalled by uncertainty over a potential Brexit.Transactions in commercial property fell 40% in the first quarter, according to the Bank of England, with many buyers and sellers waiting to see the outcome of the referendum in case an exit vote hurts property prices.In one example from a commercial transaction seen by Reuters, a clause sets a deadline after the vote when the buyer would be permitted to terminate the contract if the referendum results in a decision to leave. Sellers too are taking legal precautions, seeking language in contracts to ensure that Brexit will not be considered a "material adverse change" that would in effect annul a deal.Paul Firth, head of real estate at law firm Irwin Mitchell, says a significant percentage of the firm’s "bigger investment deals",...
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