December 1, 2019 Standard Forms Changes

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December 1, 2019 Standard Forms Changes

The NVAR Standard Forms Library was updated effective December 1, 2019 in order to comply with recent changes in MLS Rules. In order to avoid any confusion, the Forms Library will not be updated on January 1, 2020.

1. K1321 Residential Sales Contract – This form has been modified consistent with revisions to the Virginia Code in the Property Owners Association and Condominium Acts. The Contract specifically allows for buyer delivery of the earnest money deposit by wire transfer. The form has also been modified to remove redundant definitions of Deliver and Possession Date in paragraph 41. The FIRPTA provisions have been substantially modified to more accurately define who is subject to FIRPTA and incorporate the parties’ responsibilities under the statute if FIRPTA does apply. These revisions remove the need for a separate FIRPTA Addendum.

2. K1209 Sales Contract for Unimproved Land – This form has been substantially modified consistent with recent revisions to the Residential Sales Contract and to update Virginia Code references.

3. K1336 Exclusive Right to Sell Listing Agreement, K1337 Exclusive Agency Listing Agreement, K1355 Exclusive Right to Sell Unimproved Land, K1281 Exclusive Right to Lease Listing Agreement – These brokerage agreements have been substantially modified to ensure compliance with the new MLS Policies. The “Coming Soon” policy has been incorporated into the brokerage agreement because the only relevant restriction on marketing is the limitations on showings. Leasing and land sales have been excluded from the new policy, but these forms have also been updated to ensure there is no longer any need for a separate Pre-Marketing Addendum. The FIRPTA provisions in these forms have also been updated consistent with the changes to the Residential Sales Contract. The Exclusive Right to Lease Listing Agreement has been updated to remove reference to “opting out” of the VRLTA, since there is no longer any “opt-out” possibility for residential leases.

4. K1354 VRLTA Lease – This form has been modified to update Virginia Code references and remove any language regarding “opting out” of the VRLTA.

The followings forms have been removed from the Forms Library:

5. K1369 Pre-Marketing (“Coming Soon”) Addendum to Listing Agreement – This form is no longer necessary due to recent changes in MLS Rules and the relevant provisions have been incorporated into the Listing Agreements.

6. FIRPTA Addendum – This form is no longer relevant as all relevant provisions have been incorporated into the Residential Sales Contract.

By | 2019-11-20T09:57:34-05:00 November 20th, 2019|Recent News, Standard Forms|0 Comments

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