No matter who we are, we have all heard of the COVID19 pandemic that has swept the world. As things begin to open back up slowly, we reflect on continuous precautions we can take and ways this can affect the real estate industry. No one can say for certain that the virus will continue to decline and establishments can continue to operate – although we all hope this is the case. Due to the uncertainty and to assist with potential continuous delays or issues caused by COVID-19, the Florida Realtors/Florida BAR has created 2 documents for agents to use when they assist you with home showings or transactions – the COVID19 Contract Extension Addendum and the COVID19 In-Person Access Acknowledgement Disclosure. Here we will dive into them a little deeper to talk about what they mean for you as a buyer or seller!
Coronavirus (COVID-19) Extension Addendum to Contract (COVID-1)
This addendum was created to be used in conjunction with existing contracts to assist with any delays in contractual deadlines that would be as a direct result of COVID-19. This pandemic may impact transactions due to reasons such as travel restrictions, isolations (government regulated or self imposed), business closures of offices, funding institutions, appraisers, inspectors, county document recorders, and even could be due to homeowner association inactions, etc. To deal with this, this addendum includes extension options should the need arise due to COVID-19 for the following deadlines: closing date, financing period, inspection period, title cure period, feasibility study period, due diligence period, homeowner/condo association approval periods. 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, like the lender refusing to fund due to COVID restrictions for example.
This addendum is multi-functional, it can be used with a multitude of residential, commercial or vacant land Florida contracts. Both buyer and seller must sign and agree to extend for the addendum to be in effect. Read here for further helpful details and information supplied by Florida Realtors.
COVID-19/Coronavirus In-Person Access Acknowledgement (FR IPA-1)
This disclosure was created to protect agents, buyers and sellers from liability and to disclose information properly to all parties. It is to be signed by listing brokerage or cooperating brokerage and the corresponding seller/landlord or potential buyer/tenant. It asks that the prospect acknowledge their awareness of the national pandemic COVID-19 and the danger of the health crisis. It asks that in pursuit of selling, leasing or buying a property that the prospect confirm that they desire the agent to bring prospective buyers/tenants to the property, confirm that they acknowledge when properties are accessed in person it creates an unavoidable health risk, and it asks that the prospect do their best to minimize risk to themselves and others. It also asks that they notify the agent if they become aware of a health danger previously unknown, and it asks that the prospect comply with the most current version of CDC (Center for Disease Control) Guidelines. In short it is asking that they assume the risk, acknowledge the risks at hand and will do their best to minimize the risk.
Either of these documents can be found by licensed Florida REALTORS® in whatever Florida contract forms paperwork system they may use – just ask your trusted Dalton Wade REALTOR® for them!
If you have further questions and want to talk to us about the addendums, the pandemic as it relates to the industry or real estate purchases or sales, feel free to give us a call today or visit our main page for more information on us, our agents and to search properties!