Summary of Changes to Regional Contract As of September, 2006

Form #1301 — Regional Sales Contract
Summary of Changes
as of September 2006

Reordered many paragraphs; Increased font size and margins

Header - added "who, among other things" moved to after "hereby"

Paragraph #1 - Real Property 

  • Deleted word "Property" at end of paragraph and moved it up in the paragraph
  • Added municipality

New Paragraph #2 - Price and Financing (Formerly Paragraph # 4) 

  • Added check boxes for identifying type of financing and loan type
  • Added "if applicable" after types of trusts

New Paragraph #3 - Deed(s) of Trust (Formerly Paragraph #7) 

New Paragraph #4 - Deposit (Formerly Paragraph # 5) 

  • Deleted "receipt of which is hereby acknowledged"

New Paragraph #5 - Down Payment (Formerly Paragraph #6) 

New Paragraph #6 - Settlement (Formerly Paragraph #18) 

New Paragraph #7 - Equipment, Maintenance and Condition (Formerly Paragraph #3) 

  • Added "The Seller will have all utilities in service through Settlement or as otherwise agreed."

New Paragraph #8 - Utilities 

  • Separated Utilities paragraph
  • Under Water, Sewage, Heating and Central Air Conditioning,
  • Under Water Supply: added space for Private Well, Community Well
  • Under Sewage Disposal, added "perked for" after septic and space for alternative septic
  • Added "zones" for Heating and AC

New Paragraph #9 (Formerly Paragraph #2) - Personal Property, Fixtures and Utilities 

  • Reordered list in alphabetical order
  • Added "and exhaust fans" to line 3 (and deleted exhaust fans from checklist)
  • Added "window treatment hardware" to line 4
  • Added last sentence "Any leased items, systems or service contract…do not convey."
  • Deleted "and equipment" after Satellite Dish
  • Added "as is" section for specific items
  • Added "leased items" section for specific items

New Paragraph # 10 - OLD "Additional Financing Terms (Formerly Paragraph #8)" Renamed "Conventional Financing Terms" 

  • Changed paragraph "A" to "Seller Subsidy"; added language regarding use of Seller credit
  • Changed paragraph "B" to "Appraisal" - reworded language to make offer contingent or not contingent upon an appraisal; If contingent on an appraisal, contract requires separate addendum
  • Added paragraph "C" "Financing" reworded language to make offer contingent or not contingent upon the purchaser being approved for the financing
  • Created a Regional form for removal of a financing contingency

New Paragraph #11 - VA or FHA Financing (Formerly Paragraph #8B) 

  • Becomes a separate VA/FHA Financing Paragraph

New Paragraph #12 (formerly paragraph 9A) - Financing Application 

  • Added introductory language that reads "If this Contract is contingent on financing…"
  • Added language regarding applying for property insurance if required by lender
  • Added the sentence "If Settlement does not occur due to Purchaser's failure to comply with the terms of this paragraph, and not due to any default by Seller, then the provisions of Paragraph 26 ("Default") shall apply."

Old Paragraph #12 - Well & Septic - DELETED 

  • To be covered in jurisdictional addenda

New Paragraph #13 - "Alternative Financing" 

  • Moved language from old Paragraph 9 (ii)

New Paragraph #14 (Formerly #10) - Purchaser's Representations 

New Paragraph #15 (formerly Paragraph #11) - Access to Property 

  • Second sentence now reads: "In addition, the Purchaser and/or Purchaser's representative will have the right to make a final inspection within 5 days of settlement and/or occupancy."
  • Deleted language "at which time the Seller shall have utilities in service." (changes to Paragraph 7 state that utilities will stay in service through Settlement)

New Paragraph #16 (formerly Paragraph #13) - Termite Inspection 

  • Deleted option of 60 day timeframe

New Paragraph #17 - Repairs (Formerly Paragraph #14) 

New Paragraph #18 - Damage or Loss (Formerly Paragraph #15) 

New Paragraph #19 (formerly Paragraph #16) - Title 

  • Added "The manner of taking title may have significant legal and tax consequences. The Purchaser is advised to seek the appropriate professional advice concerning the manner of taking title. The Seller will pay any special assessments and will comply with all orders, requirements, or notices of violations of any county or local authority, condominium unit owners' association, homeowners' or property owners' association or actions in any court on account thereof, against or affecting the Property on the Settlement Date."

New Paragraph #20 (formerly Paragraph #17) - Possession Date 

  • Added "including delivery of keys, if any" to the first sentence

Paragraph #23 - Adjustments 

  • Added "unless leased" referring to the fuel remaining in leased fuel tanks

Paragraph # 26 - Default 

  • Combined old paragraphs #9C and #25 to create one Default paragraph
  • Slight rewording of the lettered items
  • Added language regarding applying for property insurance

Paragraph #27 - Other Disclosures 

  • A. Added "water quality and quantity (including, but not limited to, lead and other contaminants)" and "mold"
  • Added (E) Property Taxes and (F) Property Insurance

Paragraph #29 - Definitions 

  • Added definition of "Appraisal"
  • Moved "Delivery" and "Notices" definitions to jurisdictional addenda
  • Added "Specified Financing"

New Paragraph #30 - Miscellaneous (Formerly Paragraph #30) 

New Paragraph #31 - Void Contract (Formerly Paragraph #31) 

Paragraph #32 (formerly Paragraph #32)- Additions 

  • Removed the word "State" from in front of the Jurisdictional addendums
  • Reordered list
  • Added Well & Septic Addendum

Paragraph #33 - Home Warranty 

  • Made Home Warranty a separate paragraph

For Information Purposes Only Paragraph - Added a section for Team Leader/Agent