NVAR COVID-19 Addendum FAQ

 
During the March 19, 2020 Board of Directors meeting, the Board approved the new COVID-19 Addendum (the “Addendum”). Review FAQ below, and read the full blog post here.

FAQ

  • How can I get the form?

  • Under what circumstances can I use the form?

  • How does the addendum protect the parties?

  • What protection to the parties does the COVID-19 Addendum provide above legal principles like force majeure or impossibility of performance?

  • Does the COVID-19 Addendum just give the buyers an excuse to get out of the contract for any reason?

  • What constitutes an “Unforeseeable Event” in the Addendum?

  • What happens if an Unforeseeable Event occurs? Does the Contract become void?

  • What if we only want to extend certain deadlines?

  • What happens if the parties cannot agree on an extension of the Settlement Date

  • What if the parties initially agree to extend the Settlement Date by five days, but later, agree to extend the Settlement Date by seven days – How many days is Settlement Date postponed?

  • Does the Addendum change any other provisions in the Contract?

  • What happens if a contingency has been removed or satisfied – does the Addendum extend those contingencies?

  • May the parties use the Addendum to extend the Buyer’s right of rescission under the Virginia Property Owners' Association Act or Condominium Act

  • What if the parties can’t agree because Buyer’s rate lock is expiring?

  • Can I just use the VAR COVID-19 Addendum?

  • What if I already have a ratified a contract?