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 released a new form called the Coronavirus Addendum/Amendment (Form CVA), which will be in zipForm® tomorrow. In the meantime, 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 also 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 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.
To help you understand this new form, C.A.R. Legal is offering a free webinar today, March 18, at 3:00 p.m.