Editors Note: This is not legal advice and is intended only to make you aware that this promulgated form is available. In the event that this form is presented for your consideration on an existing or new contract, you may want to consult an attorney. The following is taken directly from the Informational page about the COVID-19 Addendum.
The use of the COVID-19 Addendum to Texas real estate contracts is not mandatory and may not be appropriate in all circumstances. Depending on the goals and needs of the parties, the use of an existing form may be more appropriate.
The COVID-19 pandemic is causing unprecedented impact and uncertainty for Texas real estate transactions. Voluntary and mandatory quarantines and the closure of government and private offices may impede the ability of parties to successfully fund and close transactions.
To address these uncertainties, Texas REALTORS® has created the COVID-19 Addendum (TXR-2520). The COVID-19 Addendum provides for a 30-day extension of the closing date in a residential sales contract if the closing cannot occur due to a voluntary or mandatory COVID- 19 quarantine or closure.
The following video is presented for your consideration. Dawn Moore is CEO & Founder of Allegiance Title Company with multiple locations in the DFW Metroplex and Houston area. She has been a leader in Texas’ legal and business community for over 37 years.
The subject of the Texas Addendum COVID-19 starts 3 minutes into the video.