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2011.forms.changes

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2011.forms.changes

  1. 1. 2011
IAR
Forms
Changes
 1

  2. 2. 2011
IAR
Forms
Changes
Changes
to
the
2011
forms
are
indicated
by
red
type
or
 a
red
box.
 2

  3. 3. Purchase
Agreement
 (Improved
Property)
Ra@onale:
Avoid
problems
with
misinterpre@ng
the
numeric
amount
by
having
both
numeric
and
wriDen
amounts
on
price
line.
 3

  4. 4. Purchase
Agreement
 (Improved
Property) 
This
same
change
will
also
occur
on
lines
108,
216
and
218
of
the
Purchase
Agreement
where
similar
language
is
used.
Ra@onale:
To
make
it
clear
who
pays
once
the
allowance,
if
any,
is
used
up.
 4

  5. 5. Purchase
Agreement
 (Improved
Property) 
 Line
79
Ra@onale:
To
clarify
for
seller
if
there
is
a
pending
sale
con@ngency
(not
a
first
right
con@ngency). 5

  6. 6. Purchase
Agreement
 (Improved
Property) 
 Line
87:

Change
to
:
“within
____days
 beginning
the
day
aQer
closing
 by___a.m.___p.m.___noon” 
Ra@onale:
To
avoid
any
confusion
over
when
to
start
coun@ng
days
for
possession
and
to
specify
exact
@me
possession
must
be
given.
 6

  7. 7. Purchase
Agreement
 (Improved
Property) 
Ra@onale:
To
make
consistent
the
defini@on
of
DEFECT
as
defined
by
law.
 7

  8. 8. Purchase
Agreement
 (Improved
Property) 
Ra@onale:
To
clarify
the
associa@on
being
referred
to
in
the
body
of
the
paragraph
and
because
new
fees
being
charged
by
these
associa@ons
need
to
be
addressed
as
they
have
become
substan@al
costs.
 8

  9. 9. Lis@ng
Contract 
 (Exclusive
Right
To
Sell) 
Ra@onale:
To
acknowledge
the
NAR
change
in
the
Code
of
Ethics
which
prohibits
members
from
par@cipa@ng
in
discrimina@on
based
on
sexual
orienta@on.
 9

  10. 10. Amendment
To
Lis@ng
Contract 
 (Exclusive
Right
to
Sell) 
Ra@onale:
To
be
consistent
with
the
language
in
the
lis@ng
agreement.
 10

  11. 11. FSBO/Builder
Compensa@on
Agreement 
Ra@onale:
To
provide
the
addi@onal
remedy
of
aDorney’s
fees
for
either
party.
 11

  12. 12. New
Forms
for
2011*
 {*These
new
forms
are
op@onal,
not
mandatory.} 
 • Licensee’s
Disclosure
of
Interest
 
(to
help
in
disclosing
familial
rela@onship
with
buyer
or
financial
 interest
in
property
pursuant
to
Ar@cle
4
of
the
Code
of
Ethics
 and
876
IAC
1‐1‐37).
 • 
Broker
Compensa@on
Agreement
 
 (to
establish
or
alter
co‐op
commission,
i.e.,
when
brokers
are
 not
members
of
the
same
MLS/BLC
). 
 •  M 
 ul@ple
Offer
No@fica@on
 
 (to
disclose
the
existence
of
mul@ple
offers
to
buyers). 
 • Shared
Lis@ng
Agreement 
 







(Addendum
to
Lis@ng
Contract)
 
 
 
(when
2
brokerages
agree
to
co‐list
the
same
property).
 12

  13. 13. 13

  14. 14. 14


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