Texas Closings During COVID-19

Closing during COVID

Well, just about everything has changed, including the way we handle Texas closings during COVID-19.

Editors Note: The following is not legal advice. It is intended only to make you aware that this promulgated form is available. In the event that it 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 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 cause problems with the ability of parties to successfully fund and close transactions.

The use of the COVID-19 Addendum with the standard Texas real estate contracts is not mandatory. In fact, it may not be appropriate in all circumstances. Depending on the goals and needs of the parties, and the use of an existing form may be more appropriate.

Addressing Uncertainties

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 voluntary or mandatory COVID- 19 quarantine or closure.

The following video is presented for your consideration.

The subject of the Texas Addendum COVID-19 starts 3 minutes into the video. 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.

COVID-19 Addendum

Conclusion

Texas real estate practitioners are using mobile notaries for many of our closings and reducing the interface that our clients have with other people. The way we list, tour, negotiate – it’s all changed. We take extra care to avoid exposure. We take all the precautions possible and follow best business practices for safety in this unprecedented time.

 

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