As a result of COVID-19, many issues have been arising with real estate due diligence and closings:
- Inspectors, appraisers, etc. may not be available;
- Until a remote online notary bill is adopted at the federal or state level, it may not be possible to get closing documents notarized.
- Some title insurance underwriters, based on their analysis of the underwriting risk, are declining to insure some closings where the subject property is located in a county where the clerk and recorder’s offices are closed or operating with a skeleton crew.
In response to a request from the Colorado Association of Realtors, the Colorado Bar Association (CBA) has adopted the COVID-19 Addendum (COVID19‐3‐20) which is approved for use by real estate brokers, attorneys, and parties to pending real estate transactions.
Read our full advisory regarding the adoption of the new addendum here.