New and Updated Forms - June, 2008

Form #910 - Listing Agreement 

  • Paragraph 6B: Language changed to clarify that payment is to Subagent or Buyer Agent's Broker, not to Agent.
  • Paragraph 14B: Additional questions were added to provide more information from Seller regarding the status of liens and /or ownership of the property.
  • Paragraph 14C: Last line was changed to "written notification to Broker" instead of "prior written approval of Broker".
  • Paragraph 17: Last sentence was changed to note that there are additional protected classes for different jurisdictions and localities. Previously, language stated that additional protected classes were identified in the Jurisdictional Addendum, which was true of DC but not true of Montgomery County.
  • Paragraph 20D: Delivery paragraph was added verbatim from the Jurisdictional Addendum as the term "Delivery" or "Delivered" is used and never defined in this document.
  • Paragraph 20E and the signature area: Changed to clarify that the listing agreement is between the Seller and the Broker, and the Broker (or Supervising Manager) is the authorized party to enter into a Listing Agreement; also clarified that fully signed copies of the Agreement need to be Delivered to all parties to be enforceable.

Form #920 - Listing Agreement for Unimproved Real Property

Changed to be consistent with changes in the Listing Agreement for Real Property as noted above.

Form #930 - Short Sale Listing Addendum

New form to be used with newly modified Listing Agreement. Highlights include:
  • Definition of Short Sale
  • Disclosure of credit, tax info and other important considerations for Seller
  • Specific Seller acknowledgment and authorization for Broker to disclose that Property will be offered/disclosed as a Short Sale

Form #931 - Creditor Authorization

New form that authorizes Agent and Broker to make inquiries of Seller's Creditor(s).

Form #1330 - FHA Addendum to the Contract

Replaces our current FHA Addendum with a revised version that has been approved by FHA. Highlights include:
  • Paragraph 2, has been made compatible with Form 100, Financing Notices. It ensures that the Buyer will not be forced to go forward in the face of a low appraisal, nor, under any circumstance could a Buyer's deposit be at risk if the Buyer did not complete settlement due to a low appraisal.
  • Further, unless the Buyer is going "all cash", the Financing Contingency cannot be removed, if the lender is not in possession of a satisfactory appraisal(s).
  • A framework for establishing a timeframe for financing approval has been created.
  • Mechanics for addressing a low appraisal have also been created.
  • Incorporated the proper current language for the "Amendatory Clause"

Form #1331 - Financing Addendum

This is a combination of old forms 1331 and 1347 and has been brought up to date for today's market. It is to be used with seller financing on the Regional or MAR or a second trust when using the MAR. Form 1347 was deleted from the library.

Form #1338 - VA Addendum to the Contract

Replaces our current VA Addendum with a revised version that has been approved by VA. Highlights include:
  • Same revisions as the FHA addendum
  • Incorporated the proper current language for the "Notice of Value Clause"

Form #1362 - Short Sale Addendum to Sales Contract

New form to be used with offer of sale for Short Sale. Highlights:
  • Definition of Short Sale
  • "Acknowledgments" section listing important considerations/realities for both parties
  • Short Sale Contingency-replaces generic "Third Party Approval" contingency in Addendum of Clauses as it relates to Short Sales; provides a contingency period for the Seller to obtain "Written Approvals" from Creditors and an "out" clause for either Buyer or Seller in the event Creditor approval is not forthcoming.