Covid-19 Addendum In Purchase Agreements

This content is copyrighted 2020 Ohio REALTORS. Read more under: The text of the addendum is simple and straight. An endorsement of the buyer`s offer or after the signing of the contract by both parties can be used. If the contract is already signed by both parties, the addendum is made available to the seller`s lawyers and the buyer and approved by the buyer. Last March, Ohio REALTORS made available to its members a standard purchase agreement that extended the deadline for COVID 19 reasons. This form was established for contracts that were already in effect but, due to a coronavirus problem, could not conclude on the date in the sales contract. Now, because of COVID-19, many home buyers and sellers offer a new purchase agreement focuses on COVID-19. However, in some cases, the parties may prefer to consider in advance the possible need to extend the terms of the contract when entering into the sales contract. Unfortunately, the Ohio REALTORS addendum contained some languages that were not really suitable at the time. That`s why the Minnesota RealTors Association came up with a new endorsement to the sales contract to help if the parties to the transactions are unable to do so due to COVID-related problems (you can see a video of this addendum here). A good safeguard must be taken into account at this time.

This form is intended for the protection of the buyer and seller. Both parties undertake to work in good faith to fulfill their obligations under the sales contract and are protected if unforeseen events may delay or cancel the out-of-control closure of the parties to the transaction. You may have heard of sales contract attachments that are proof of repair that were added after an offer was accepted and a home inspection was conducted. The repair addendum contains all repairs that need to be completed and completed before closing. Read all about repair addendums here. In order to take into account the use of this example of addition at the time of execution of the contract, the language of addendum has been revised.