COVID-19 and Real Estate Transactions

Update posted 3/15/2020, 9:15 pm EDT

Georgia REALTORS® (“GAR”) is aware that Georgia real estate licensees have growing concerns about how to protect their clients’ best interests as COVID-19 becomes more rampant. GAR wants you to know that we are already taking proactive steps to address concerns related to real estate transactions that may be affected by COVID-19.
   First, members of our leadership team and our GAR Forms Committee Chair and Vice-Chair had a conference call on Sunday, March 15, to discuss several COVID-19 concerns that have been brought to our attention. One of the primary concerns discussed is how to address what happens if closings cannot take place when scheduled due to COVID-19.
   GAR’s next step was to have Seth Weissman, GAR General Counsel, draft a proposed special stipulation addressing the inability of parties to close due to COVID-19. This special stipulation was met with approval from members of our GAR leadership team and as well as our Forms Committee Chair and Vice-Chair.
   The Forms Committee will be meeting via Zoom in the next 36 hours to discuss this special stipulation and make whatever modifications, if any, are needed. A final version of the stipulation will hopefully be approved by the Forms Committee and then distributed to our members and those who have purchased our 2020 GAR Forms Package by close of business on Tuesday.
  GAR will continue to take proactive steps to monitor the issues licensees are facing in their real estate transactions. We appreciate your patience during this unprecedented time as we are working to provide you the resources you may need so that your contracts address the unique issues that may arise as a result of COVID-19. Please be on the lookout for future communications from GAR regarding the latest COVID-19 resources as it relates to your real estate transactions.
Faron W. King, 2020 President, Georgia REALTORS®
Deb Junkin, Chief Executive Officer, Georgia REALTORS®