News & Media

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.

To view the form, log into Form Simplicity. Realtors who have questions are encouraged to call Florida Realtors Legal Hotline.

© 2020 Florida Realtors®

Topics: legal/contracts

————————

Website includes list of frequently asked questions: https://www.floridarealtors.org/news-media/news-articles/2020/03/frequently-asked-questions-about-covid-19-addendum