On April 7, 2020, the Rhode Island Association of REALTORS® Executive Committee approved a revised COVID-19 Amendment. At the time that the original Amendment was written, town and city halls were closing, it was not clear whether critical government and business functions, such as smoke/CO inspections, title searches, closing, and inspections could take place or even whether real estate would be allowed to continue. Since so much has changed in several short weeks, the Forms Committee updated and streamlined the Amendment. The Committee also attempted to make the form more balanced based on feedback from the membership.
Here are the main changes:
- Addresses the possibility that either a seller or buyer may be subject to a mandatory quarantine.
- Automatically extends the closing date by a period of ten days for delays arising from the COVID-19 pandemic.
- Removes references to the Mortgages Contingency and Inspections Contingency Deadlines.
- Encourages the parties to check Governor Raimondo’s website for updates on Executive Orders.
- Allows the buyer to have his/her deposits refunded if the buyer’s financing is withdrawn after the buyer loses his/her job or income.
This voluntary form can be used with existing or new Purchase and Sales Agreements. This Amendment has been sent to Instanet, dotloop, and zipLogix. In the meantime, you can access it on this website.
If your clients and customers have specific concerns, please encourage them to consult their own attorney.
Questions? Please contact the RIAR Legal Department at 401-432-6945 or email firstname.lastname@example.org.