The Arizona REALTORS® understands that the COVID-19 virus is impacting real estate transactions in unprecedented ways, including, but not limited to, travel restrictions, quarantines, and the cessation or limitation of business and governmental operations.
As a result, it may prove impossible or impractical for a party to timely complete their contractual obligations.
To assist buyers and sellers experiencing such events, the Arizona REALTORS® has released a Coronavirus/COVID-19 Addendum.
The parties can use this form to amend the Purchase Contract to account for these unanticipated occurrences and may be executed by either party.
- The parties can agree to use the Coronavirus/COVID-19 Addendum at the time of contract formation.
- Addendum can also be used at any point in the transaction prior to Close of Escrow.
- The parties can use this Addendum to postpone Close of Escrow to a date certain.
- The parties can use this Addendum to mutually cancel the Purchase Contract.