03/18/2020
**New** C.A.R. Coronavirus Addendum/Amendment Form.
As we make our way through this uncharted territory that is Covid-19 (the Coronavirus), we need to be mindful of how it can affect our Real Estate clients and our transactions. With people being laid off or losing work due to Social Distancing or Mandated "Shelter in Place" orders, they MAY have challenges with funding their loans on time, because of loss of income. With Title/Escrow companies closing their doors, Escrows may not close on the contracted date. The Californian Association of Realtors is addressing this with the Coronavirus Addendum/Amendment (C.A.R. form CVA). It allows the Seller/Buyer to postpone the close of escrow for 30 days (default time) or longer. It also states that even though the Buyer may have released their Loan Contingency, if they are unable to fund the loan due to loss of income resulting from Covid-19 related issues, that EITHER party may cancel the agreement, and the Buyer's deposit be refunded. I encourage you to check out this new form, so that you can help your clients make educated decisions in the face of uncertainty. This form is now available in Zipforms or check out this link
https://pcaor.com/wp-content/uploads/2020/03/cva_3-2020-corona-virus.pdf.
Stay Healthy, my friends!