Were you aware that the Florida Realtors organization has published an addendum for COVID-19 to handle dates in a deal that changed because of the virus? The addendum addresses the closing date, financing period, title cure period, feasibility study period, due diligence period, and times for approval for homeowners and condo associations. Additionally, the addendum form has a provision for a loan-approved buyer in the event that things change for the lender due to the COVID-19 pandemic.
Florida Realtors released a new form known as “The Coronavirus Extension Addendum Contract.” The form may be used by parties looking to extend deadlines in light of COVID-19 related delays. The addendum itself recognizes that the pandemic may have caused unforeseen delays due to travel restrictions, social isolation restrictions, and closures of offices and institutions required to process key real estate transactions. These unprecedented times require new solutions and the form addendum looks to provide a solution to timing issues caused by COVID-19.
This form is intended to be used for existing contracts, including:
- Contracts for Residential Sale and Purchase
- Vacant Land Contracts
- Commercial Contracts
Should parties be in the midst of developing a new contract, they should take steps to allow for additional time that may be needed and consider establishing longer than usual deadlines as opposed to utilizing the form addendum.
Should you have questions as to how to calculate deadlines, the specific language of the contract should control how to calculate the times referenced in the contract itself. Should the parties utilize the addendum to an existing contract, the language of the existing contract dictates how time should be calculated.
If you are in the midst of a real estate transaction, see the addendum and discuss with your realtor, but be sure to confer with your own real estate attorney. Should you need further legal assistance with your real estate transaction or associated issues, please get in touch with our office to schedule an appointment.