Delaware REALTORS
®
:
In light of the COVID-19 health emergency, two new forms have been developed by the DAR Forms Committee and legal counsel Andy Taylor. The group looked at forms from several states and companies as examples.
The forms are approved by the Executive Committee, and we think they will work in Delaware.
The forms have been uploaded to dotloop and can be accessed there now. ZipForms is currently processing the forms, and they will available there shortly. We have also uploaded them to our website media library, and they can be accessed by clicking the titles in the paragraphs below.
1.
COVID-19 Addendum to Listing.
This form can be used for sellers to choose to continue showings and access to the property for potential buyers, agents, inspectors, appraisers etc. OR to have the status changed to Temporarily Off the Market for a certain number of days, at which time the listing will then become Active. If you have already had this discussion with sellers, and they are comfortable with your discussion, then you do not need to present them with this form. If you need to have this discussion with your sellers, then this form may help. This is for properties not yet under contract. For properties already under contract you will have individual discussions about continuing with the process towards settlement. For those properties you may want to consider the next form.
2.
COVID-19 Addendum to Agreement of Sale.
This can be used for existing Agreements or those just being negotiated. This addendum provides if there is a COVID-19 Related Delay, then the party experiencing the delay can notify the other party with a brief explanation of the delay. This will then activate a delay in all time deadlines that have not yet passed for up to 30 days. The parties will continue to work in good faith toward settlement. If the mortgage doesn’t fund due to COVID-19 reasons, then the buyer may cancel and receive a refund of deposit money. If the delay extends beyond the 30 days, then either party may terminate with deposit money refunded to the buyer. If the parties are willing to consider a longer extension than 30 days, you can hand-write a different time period and have the parties initial.
On Monday, March 23, at 1 p.m., DAR is hosting a LIVE FACEBOOK event to discuss these and other COVID-19 concerns of our members. We encourage all members to tune in for a live question and answer session.
Please stay well!
We’ll make it through this together!
Sincerely,
Beau Zebley
2020 DAR President
