New COVID-19 Real Estate Addendum

COVID-19 has been severely impacting the way people conduct what would otherwise be routine business. Real estate transactions are no different. Last week the Colorado Bar Association provided a new COVID-19 Addendum for inclusion with the Colorado Real Estate Commission’s standard Contract to Buy and Sell Real Estate in order to tackle developments arising from the COVID pandemic.

The addendum is intended to address pauses in real estate transactions that may result from delays in obtaining services from third parties (such as from appraisers, lenders, and surveyors), as well as delays caused by quarantines or shelter-in-place orders.

The form has been approved by the Colorado Bar Association for use by Real Estate Brokers in Colorado, but has yet to be approved by the Colorado Real Estate Commission.