Coronavirus Addendum/Amendment

C.A.R. has released a new form called the Coronavirus Addendum/Amendment (Form CVA), which has been uploaded to zipForm® or you can download it here. 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 an optional clause where the buyer and seller can mutually agree to cancel the Agreement. An additional clause provides the option 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 as an amendment to a contract already in place or as an addendum to a contract that has not yet been formed.

To help you understand this new form, C.A.R. Legal has a webinar recording here.