New: Coronavirus (COVID-19) Extension Addendum to Contract
Florida Realtors released a contract extension addendum that allows for extended time periods and dates resulting from the COVID-19 pandemic. The addendum is also the focus a frequently asked questions follow-up, and a video from Florida Realtors General Counsel Juana Watkins.
ORLANDO, Fla. – A new form from Florida Realtors – the Coronavirus (COVID-19) Extension Addendum to Contract – is now live in Forms Simplicity.
This form is available for use in the event the parties would like to extend certain dates or time periods as a result of COVID-19. As stated in the addendum:
“The Coronavirus (COVID-19) pandemic may cause unprecedented impacts to real estate transactions, including but not limited to travel restrictions, self-imposed and/or governmental required isolations, potential closures of offices and institutions required to fund, close and record real estate transactions, and action or inactions of a homeowners’ or condominium association.”
The form includes checkboxes with extension options for:
- Closing date
- Financing period
- Inspection period
- Title cure period
- Feasibility study period
- Due diligence period
- Homeowners’/condominium association approval
The form also includes a provision for a loan-approved buyer should things change on the lenders’ side as a result of the COVID-19 pandemic.
A separate article focuses on frequently asked questions (FAQs) about the contract, as does a video featuring Florida Realtors CEO Margy Grant and General Counsel Juana Watkins.
© 2020 Florida Realtors®
Website includes list of frequently asked questions: https://www.floridarealtors.org/news-media/news-articles/2020/03/frequently-asked-questions-about-covid-19-addendum