Sample COVID-19 Contract Addendum Updated
By Peg Ritenour, Ohio REALTORS Vice President of Legal Services
Last March Ohio REALTORS provided its members with a sample purchase contract addendum that could be used to extend the closing date for COVID-19 related reasons. That form was drafted to be used for contracts that were already in place, but could not close by the date provided for in the purchase agreement due to a corona virus related issue.
In some instances, however, the parties may prefer to address the potential need to extend the contract dates upfront, when they are entering into the contract to purchase. Unfortunately the Ohio REALTORS addendum contained certain language that didn’t really lend itself to use at this time.
To accommodate use of this sample addendum at the point of contract execution, the addendum language has been revised. The definition of a COVID event as used in the addendum has also been modified slightly, as well as the title of the addendum. This new version can now be used either at the time the parties enter into a purchase agreement or it can be executed by the parties later in the transaction process if a COVID situation arises. REALTORS or local Boards/Associations are free to continue to use the original version of this addendum for the latter situation if they prefer.
CLICK HERE to access the REVISED COVID-19 Purchase Contract Extension Addendum.
Please note that this form is NOT REQUIRED to be used by Ohio REALTOR members or local Boards. Further, to avoid the unauthorized practice of law by REALTORS or others, any revisions to this form should only be made by an attorney. If the form is altered in any way, the Ohio REALTORS logo and name must be removed.
Legal articles provided in the Ohio REALTORS Buzz are intended to provide broad, general information about the law and is not intended to be legal advice. Before applying this information to a specific legal problem, readers are urged to seek advice from an attorney.
This content is copyright 2020 Ohio REALTORS. Read more at: https://www.ohiorealtors.org/blog/1311/sample-covid-19-contract-addendum-updated/