Covid19 Addendum to Listing agreement and Contract (agents, foreclosures, terminate)

[Rakin]

Our Company (originated by attorney) is about to offer a Contract Addendum: COVID-19 Addendum to Contract Concerning the Property at:

It talks about if Parties are in Quarantine / Ill and the contract must be extended. It has a (Blank) time period to terminate the contract if it cannot close.

Or if the Title or other Services are shut down that are required for closing.

And also a Listing Addendum to temporarily withdraw the listing due to the virus.

Once it is issued and approved by the Company I may be able to attach as a Document for you to read.

[Diana Holbrook]

Our MLS just today created a statewide form to add an automatic ____ day extension if a "Force Majeure" occurs that makes any of the contract deadlines impossible to complete on time. So intended for this issue, but more general in that it would also cover other natural disasters.

Examples in the release about it were issues like forced lockdowns or quarantines or the county recording office being closed that would prevent inspection, or prevent recording of the deed. Less clear so far are issues like illness or fear that cause a delay. Curious to see how this pans out.

We're not planning on doing much business in the short term. Waiting to see how this goes and waiting for it to blow over.

[kww]

yeah we have a form now, similar language it appears. Will include it with any offers written or accepted on my listings, just to play it safe

[bbronston]

We have a Florida form now that gives the option to extend several possible deadlines. Our new normal.

[Rakin]

Originally Posted by bbronston

We have a Florida form now that gives the option to extend several possible deadlines. Our new normal.

After 2008, short sales, foreclosures, mineral right selling, etc.... Just when you think you've seen it all.

Redfin and Realogy have both stopped their I-Buyer programs. This may dry up a lot of funding for companies like Compass and Zillow.

Zillow is offering agents a 50% discount but if you have no leads to offer no one buys your product.

Interesting times.

[Diana Holbrook]

Originally Posted by bbronston

We have a Florida form now that gives the option to extend several possible deadlines. Our new normal.

I wondered if Florida might have used addenda like this all along for hurricane season. No?

[2bindenver]

I think we will see e closings soon. Virtual notaries.

[bbronston]

Originally Posted by 2bindenver

I think we will see e closings soon. Virtual notaries.

We just started it here.

[Diana Holbrook]

Originally Posted by 2bindenver

I think we will see e closings soon. Virtual notaries.

We can do e-signatures for cash transactions, but at the moment, banks still want ink signatures for financing.

If they can be flexible, I think everyone else can.