The ValleyMLS.com Board of Directors has voted to make a new optional form available to agents regarding the enforceability of real estate contracts during the spread of Covid-19. This form allows parties to agree on a way forward for existing contracts and address potential issues in future contracts. This form was approved in a virtual board meeting based on a motion from the Forms Committee.
The recent events surrounding the spread of Covid-19 has led to many questions about the continued enforceability of real estate contracts under current circumstances. Rather than risk an uncertain outcome in court or arbitration over such disputes, Purchasers and Sellers may elect to address the unanswered issues contractually.