COVID-19 raises contract concerns for homebuyers

Homebuyers seek contract addendums

SAN ANTONIO – For most people, their single largest investment is their home. Given that, homebuyers are taking a closer look at their contract as financial concerns arise as the result of the coronavirus pandemic continues to mount.

“The Texas Real Estate Commission has come up with some new contracts and addendums that do apply to COVID(-19),” said Fernando Trevino, a real estate broker with Alamo Remax.

“If the person is voluntarily or involuntarily quarantined or has gone out of business or been laid off, then they can get their money back, and they can get out of a contract or lease,” Trevino said.

As for renters, he suggests they review their lease for an escape clause.

For renters contemplating signing a new lease, Trevino said, “If they don’t have it in there, they should ask for an addendum.”

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