New COVID Forms from Missouri Realtors

Dear Members,

 The current world-wide Coronavirus pandemic ("COVID-19") has had unprecedented impacts on real estate transactions.  In order to help you address some of these issues, the Missouri REALTORS® Residential Forms & Risk Management Mission Committees have held emergency meetings this week to develop and approve two new forms for your use:

 COVID-19 RIDER / AMENDMENT

~ This form is designed to work as both an Amendment (for existing Sale Contracts), as well as a Rider (for new offers).

~ Box 1 allows for the parties to elect to extend the Closing Date (only) and will likely be used in existing Contract situations.

~ For situations in which parties to an existing Contract will not agree to an extension of any kind, the parties should just complete a Mutual Release (MSC-4050) per usual. 

~ Box 2 is designed to effectively extend the date of ALL remaining contingencies which have not yet expired under the Contract (as agreed upon b/w the parties) with 30 days as a default.    

 ~ An extension is provided even for a voluntary quarantine (by either Buyer or Seller). If parties are concerned that such an extension could be abused, they may choose to insert additional language requiring the party claiming the need to first provide a note from a health care professional documenting the need to self- quarantine.  We thought this too much to try to include in this form.

~ Section 4 can be used to alter any of the above or to set forth any other terms and conditions agreed to by the parties.

 LISTING CONTRACT COVID-19 RIDER /AMENDMENT

~ This form is designed to document an Owner's decision to allow (or not) continued open houses, "in-person" (live) showings, and continued access to a Property by potential buyers, buyer's agents, inspectors, appraisers, contractors, and others as may be necessary to complete the sale and closing of the Property.

~ It too is designed to work as both an Amendment (for existing Listing Contracts), as well as a Rider (for new listings).

 Our work is not yet done.  We remain committed to providing our members all of the tools and information needed to navigate these trying times.  We will proceed to process these forms and make them available via all of our vendors (per usual), but in order to avoid delay, they are attached to this message and available for your immediate use.

 Thank you for your time & please stay safe & healthy!

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Steven D. Graham
Vice President, Risk Management
Missouri REALTORS®
Steve@morealtor.com