NVAR Forms Update April 1, 2020 Release

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NVAR Forms Update April 1, 2020 Release

April 1, 2020 Standard Forms Changes
By: Daniel B. Harris, Esq., Staff Attorney

The NVAR Standard Forms Library has been updated to provide Realtors® with new tools and to correct certain outdated forms. The following changes were approved by the Board of Directors effective April 1, 2020:

Optional Listing Information Form – K1385ED – This new form is designed to assist buyer’s agents when submitting offers. It is prepared by the listing agent and contains a comprehensive collection of the information necessary to submit a clean offer. Listing agents can upload the form directly into MLS for easy access. This form eliminates the need for the buyer’s agent to contact the listing agent for basic information concerning the property, such as party names, conveyances, fixtures and utilities. For simplicity, its sections mirror those in the Residential Sales Contract. This is an optional form which may not be incorporated into any agreement. It also contains language notifying buyers that it is not a disclosure or representation by the seller.

Buyer’s Acknowledgement of Potential Adverse Consequences – K1308ED – This form was last updated in 2005. It provides brokers with written confirmation that their agents discussed the potentially adverse consequences associated with waiving certain contractual protections (home inspection, financing, etc.) with their buyer clients prior to submitting the offer. It has been modified to remove ambiguous provisions and to update formatting and terminology consistent with modern NVAR forms.

Listing Agreement Amendment – K0004ED – This form has been substantially modified to comply with the current MLS statuses and the MLS Off-MLS & Office Exclusive Policies. There were concerns that the K0005 Listing Withdrawal form was being misused because of the change to the MLS definition of Withdrawn status. To address these concerns, relevant provisions of K0005 Listing Withdrawal have been incorporated into this form. By consolidating these two forms, brokers can now amend the listing agreement and/or update the MLS status with single document.

The followings form has been removed from the Forms Library:
K0005 Listing Withdrawal – This form is no longer necessary due to recent changes in MLS Rules and the relevant provisions having been incorporated into K0004 Listing Agreement Amendment.

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

By | 2020-03-30T11:55:51-04:00 March 24th, 2020|Recent News, Standard Forms|0 Comments

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