The COVID-19 pandemic is causing unprecedented uncertainty for Texas real estate transactions. Voluntary and mandatory quarantines and the closure of government and private offices may impede the ability of parties to successfully fund and close transactions.
To address these uncertainties, Texas REALTORS®️ has created the COVID-19 Addendum (TXR-2520) (login required). 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 a voluntary or mandatory COVID19 quarantine or closure.
Download the FormTexas REALTORS® has also created and continues to update legal FAQs specific to the current COVID-19 outbreak and how it affects Texas real estate.
It appears you have created a document that gives the earnest back to buyer under any circumstance. Why would a seller be willing to execute this? I am not an attorney. Am I missing something? Is it enforceable? Would title companies release earnest money without approval from both sides even with this agreement? It should be fair enough for the parties to agree to extend on a case by case basis.
Seems redundant to me. Title won’t release earnest money unless both parties agree and if buyer loses their job before closing the deal is dead anyway.
Rodney i had this signed for my buyer and seller agreed. Worked because my buyer lost his job had 21 days left until closing .. got a new job and started within the week. Lender has to have 30 days of pay stubs for the new job and this worked to extend.
My claim for unemployment was considered “not valid as you did not give correct name and address of the person/organization for which you last worked”. I am self-employed, so I put my own name and my address. What are they looking for if you are self employed as a Realtor? Do I go back 15 years ago and use my previous employer when I had a W-2 job? Confused and wonder what other realtors are putting down as last worked employer and address.
I had used my Real Estate Company name before the notice to use “Self” came out. In the explanation section,I put that I was a Realtor and unable to show properties and meet with clients due to social distancing. Other areas marked unable due to Disaster. I hope this helps.
I a realtor broker one person office, I tried to file for unemployment benefits, the form was very lengthy, I was asked to fill in information that doesn’t make sense, so I gave up, what am I doing wrong,
Como colectar dinero del gobierno durante la pandemia. No he podido meterme a ninguna forma para llenar. Gracias
Doris
If this form was not signed when an amendment to do an extension was done does it protect the buyers earnest money. The only amendment signed by the seller was the regular amendment to extend closing for 2 weeks because he thought he would be hired back.
I signed in contract on December for new construction. Construction is not yet started. we lost a job due to Covid- 19 and we are visa people and no stability to stay in this country. Our builder is not returning our earnest money. we are unable to get the pre approval from any lender. can any one please suggest how to get the earnest money from them.
I just signed giving the buyer money on the table for closing next week and I had to price match due to lower appraisal, it was executed today and just now I was told about this form. What are my rights? I wouldn’t have settled for less money if I knew this. Why can’t electronic signatures and separate times and the other mes