Fillable Form COVID19-3-20: Colorado Realtors COVID-19 Addendum

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Form COVID19-3-20: Colorado Realtors COVID-19 Addendum

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COVID-19 ADDENDUM (COVID19-3-20) Page 1 of 2
ThisformhasbeenapprovedbytheColoradoBarAssociationforusebyRealEstateBrokersinColoradoinaccordancewithany1
guidelinesprovidedwiththisform.ThisformhasNOTbeenapprovedbytheColoradoRealEstateCommission.(COVID19‐3‐20)2
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THISFORMHASIMPORTANTLEGALCONSEQUENCESANDTHEPARTIESSHOULDCONSULTLEGALAND4
TAXOROTHERCOUNSELBEFORESIGNING.5
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COVID‐19ADDENDUM7
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9
Date:10
Seller:11
Buyer:12
PropertyAddress: 13
ContractDate: 14
DelayPeriod: days15
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ThisCOVID‐19AddendumamendsthetermsoftheContracttoBuyandSellRealEstatedatedasof18
the Contract Date andentered between the Buyer and the Seller (“Contract”). All terms of the19
Contractareincorporatedhereinbyreference.Iftheboxnexttoaprovisionischecked,theprovision20
becomespartoftheContract.21
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1. COVID‐19ShutdownExtension.Intheevent,duetoCOVID‐19,agovernmententity(e.g.:23
Clerk and Recorder, etc.) or any third‐party providing services or required information in24
connectionwiththeContract(e.g.:lender,appraiser,titlecompany,surveyor,Owner’s25
Association, etc.) (“Settlement Service Provider”) closes its offices, suspends operations or26
otherwisepreventstheBuyerand/ortheSellerfromtimelyperformingundertheContractas27
originallycontemplated,theoutstandingDatesandDeadlinesinSection3.1.oftheContract,will28
eachbeextendedbytheDelayPeriodstartingonthedatetheBuyerand/orSellerareonceagain29
abletoperform.Forexample:IftheDelayPeriodwasfourteen (14) days and the Appraisal30
DeadlinewasscheduledforMarch30,2020,buttheappraiserisunabletoappraisetheproperty31
duetoaCOVID‐19shutdown,theAppraisalDeadline,AppraisalObjectionDeadline,Appraisal32
ResolutionDeadline,ClosingDateandany otherdeadlinethathasnotpassedinSection#3.133
wouldallbeextended14days.ThenewAppraisalDeadlinewouldbeApril14,2020.Theparties34
understandthat,forunforeseenreasons,therecouldbemorethanoneDelayPeriodandthat35
twoormoreDelayPeriodsmightoverlap.However,ifBuyerand/orSellerispreventedfrom36
closingwithindaysfromtheoriginalClosingDateduetogovernmentalentities’and/or37
Settlement Service Providers’ delays, this Contract terminates and,perSection25.2ofthe38
Contract,allEarnestMoneywillbereturnedtotheBuyer.NothinginthissectionpreventsBuyer39
andSellerfrommutuallyagreeingtoamendorextend,inwriting,anydeadlineorotherprovision40
intheContract.41
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COVID-19 ADDENDUM (COVID19-3-20) Page 2 of 2
2. COVID‐19QuarantineExtension.IntheeventeitherBuyerorSellerissubjecttoavoluntary43
quarantine, mandatory quarantine or shelter in place or equivalent order (“Quarantine” or44
“Quarantined”)inaccordancewithColoradoorfederalrecommendationsconcerningCOVID‐19,45
thethenoutstandingDatesandDeadlinesinSection3.1.oftheContractwillbeextendedforthe46
DelayPeriodfromthedatethenon‐Quarantinedpartyreceiveswritten notice from the47
Quarantinedparty.Forexample:IftheDelayPeriodwasfourteendays(14)andtheClosingDate48
wasscheduledforMarch30,2020,buttheBuyersendswrittennotice that Buyer is in49
Quarantine,thentheClosingDatewouldbeextendedtoApril13,2020.Nothinginthisprovision50
terminatesorotherwiseexcusesaparty'sperformanceundertheContractasamended.Ifthe51
QuarantinedpartywillnotbeabletoperformthetermsoftheContractinperson(e.g.:attend52
closing,etc.),theQuarantinedpartymustmakeotheraccommodations(e.g.:powerofattorney,53
non‐contact closing, etc.). Nothing in this section prevents Buyer and Seller from mutually54
agreeingtoamend orextend, in writing, any deadline or other provisionintheContract.By55
signingbelow,bothBuyerandSellerwaiveallconfidentialityBuyerandSellermayhaveregarding56
COVID‐19.57
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AllothertermsandconditionsoftheContractremainthesame.59
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Seller:Buyer:63
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66
SignatureDateSignatureDate67
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71
SignatureDateSignatureDate72
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Form COVID19-3-20: Colorado Realtors COVID-19 Addendum

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Completed 6 May 2020

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