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We know many of you are in the middle of, or about to enter into transactions that may be affected by the coronavirus situation. In response to this unprecedented crisis, we are pleased to inform you that C.A.R. has just released a new form called the Coronavirus Addendum/Amendment (Form CVA). It will be in zipForm®, but in the meantime you can download it here and use it in your transactions.
The form provides that when circumstances related to the coronavirus are affecting the closing date, the Buyer and Seller agree to extend escrow for a default of 30 days. There is also an optional clause where the buyer and seller can mutually agree to cancel the Agreement and an additional optional clause where the buyer or seller can cancel even after removing the loan contingency if inability to fund is caused by Covid-19 related loss of income.
This form can be used either as an amendment to a contract that is already in place or as an addendum to a contract that has not yet been formed.