January 1, 2021 New Forms Changes

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January 1, 2021 New Forms Changes

January 1, 2021 Standard Forms Changes

The NVAR Board of Directors has approved the following new forms and forms changes, as proposed by the NVAR Standard Forms Committee, effective January 1, 2021:

K1391 – New Home Sales Addendum. This new form is designed to provide members greater flexibility when representing buyers and builders of new residential property. This form may be used in conjunction with the Residential Sales Contract and related addenda and may be used at any stage of construction. This form will replace K1208 – New Home Construction Contract.

K1373 – Options Addendum. This form has been modified for usage in conjunction with the New Home Sales Addendum.

K1281 – Exclusive Right to Lease. This form has been modified to reflect recent updates to the MLS Rules and Regulations with respect to “Coming Soon” listings involving new construction/condo conversions/major renovations for which there is no occupancy and to ensure consistent terminology with other forms.

K1336 – Exclusive Right to Sell Listing Agreement/ K1337 – Exclusive Agency Listing Agreement. These forms have been modified to provide greater clarity for sellers and protections for brokers with respect to seller-provided reports and information regarding the condition of the property. The forms have also been updated to reflect recent updates to the MLS Rules and Regulations with respect to “Coming Soon” listings involving new construction/condo conversions/major renovations for which there is no occupancy, and to ensure consistent terminology throughout the forms library.

K1355 – Exclusive Right to Sell Unimproved Land. This form has been modified to reflect recent updates to the MLS Rules and Regulations with respect to “Coming Soon” listings involving new construction/condo conversions/major renovations for which there is no occupancy, and to ensure consistent terminology throughout the forms library.

VA/FHA/USDA Appraisal Contingency Addenda. These forms have been updated consistent with feedback from members since the July 1, 2020 updates to the Appraisal Contingencies. These changes more closely align the forms to the federal guidelines while ensuring buyers using federally supported mortgage loan programs can submit offers that are received as favorably as offers including conventional financing and appraisal contingencies.

K1349 – Appraisal Contingency Notice. This form has been updated consistent with the changes to the FHA/VA/USDA Appraisal Contingency Addenda.

The followings forms have been removed from the Forms Library:

K1208 – New Home Construction Contract. This form has been replaced with new for K1391 – New Home Sales Addendum, which covers more types of transactions and should be more effective than the narrow scope of the New Home Construction Contract.

K1382 – Construction Financing Contingency. This form is no longer necessary because the New Home Sales Addendum is an addendum to the Residential Sales Contract. Addenda which are typically used in conjunction with the Residential Sales Contract may likewise be used
with the New Home Sales Addendum.

The following forms have been temporarily removed from the Forms Library pending review to ensure compliance with recent changes to Virginia law and federal regulations relating to evictions and rental assistance:

K1387 – Request Due to Economic Hardship – Lease

K1388 – Notice Regarding Request Due to Economic Hardship

If you have any questions about these changes, please contact the Legal Hotline

Download all forms and summary
By | 2020-12-07T09:51:26-05:00 December 7th, 2020|Recent News, Standard Forms|0 Comments

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