Review of Changes to the Standard PAR Forms

YOUR WORLD. UNDER ONE ROOF.
Review of the
Changes to the
Standard PAR
Forms
North Pointe Sales Meeting
July 5, 2022
1

2
OUR HOMESALE COMPLETE SERVICES
Dan Ranck
(717) 271-2400
NMLS # 140989
James Ream
(717) 286-9703
NMLS # 1598468

3
Sarah Tompos
(717) 587-7666
stompos@homesale.com
Sheri Kelly
(717) 669-2065
skelly@homesale.com

4
James White
(717) 575-4014
JamesWhite@homesale.com

5
5

6
6
• Marketing, IT, Accounting,
Relocation, Training
• Contact us with any problem,
question, or issue, and we’ll
connect you with the right
resource
HELP@Homesale.com
• REMINDER: Save this address in
your contacts
NEED HELP?

7
7
CLOZE CRM SOFTWARE
Shane Kuhns
Centerville Road
Office
Testimonials:
• “This is the future – it’s delivered
more than expected!”
• “UGH! A lifesaver!”
• “Simplified CRM.”

8
CLOZE CRM TRAINING
Group C Group D
Training #1 – Overview & Set-up
Expectations
July 12, 2022
10:00-11:00 AM
Virtual Training
October 11, 2022
1:00-2:00 PM
Virtual Training
Training #2 – Basic Functionality
July 19, 2022
1:00-2:00 PM
Virtual Training
October 17, 2022
1:30-2:30 PM
Virtual Training
Training #3 – Advanced
Functionality & Additional Details
August 2, 2022
1:00-2:00 PM
Virtual Training
October 25, 2022
1:00-2:00 PM
Virtual Training

9
BRIGHT UPDATES (EFFECTIVE JULY 1, 2022)
1. All timeframes will now be ‘calendar’
days instead of ‘business’ days

10
BRIGHT UPDATES (EFFECTIVE JULY 1, 2022)
2. Deadline to submit listings or
changes to listings is being reduced
to two calendar days

11
LISTING MARKETING PACKAGES (AUGUST 1, 2022)
3. Showings need to start the day the
listing goes into the MLS – no more
holding off for a couple of days

12
Premier Gold
Silver

13
Homesale Premier Package
● Two-day Open House targeted
Facebook/Instagram ad via AdWizard
● Online property listing page
● Syndicated to over 32,000 websites
● YouTube video created and posted to
Homesale VTours channel

14
● 7-day Chalk Digital New Listing Targeted
Ads on Facebook and popular mobile apps
(CNN, The Weather Channel, ESPN and
more) with your seller set up (on your
behalf) to receive a copy of the ad for their
listing

15
● Seller set up (on your behalf) to receive our
Weekly Seller Report each Monday
● Digital Single Page Property Flyer

16
• Info comes from the Listing
Contract unless noted
otherwise
• Use form in Dotloop to
make adjustments in
package

17
• To opt out completely,
see your office admin by
August 1st

18
ALL ITEMS IN THE PREMIERE PACKAGE PLUS:
• 25 Just Listed Postcards to surrounding homes
• 25 Just Sold Postcards to surrounding homes
• 25 1-Page Property Flyers (printed in your office)
• Social Media Graphic Series (Just Listed, Under
Contract, Just Sold)
• Thank You Letter sent to Seller
Homesale Silver Package - $75

19
ALL ITEMS IN THE PREMIERE PACKAGE PLUS:
• 50 Just Listed Postcards to surrounding homes
• 50 Just Sold Postcards to surrounding homes
• 25 Wallet Size Brochure Cards -OR- 25, 4-Page
Brochures
• 1-week extension for Chalk Digital Ad
• Just Listed Social Media Reel
• Social Media Graphic Series (Just Listed, Under
Contract, Just Sold)
• Email Blast to Agents SOI (agent to provide database)
• Thank You Letter sent to Seller
Homesale Gold Package - $275

20
**NEW** MARKET CHARTS
“I need localized data to share with my
seller and/or buyer.”

21

22

23

24

25

26
PAR STANDARD FORMS UPDATE (JULY 1, 2022)

27
PAR STANDARD FORMS UPDATE (JULY 1, 2022)
PAR Code
ACA
ASC
ASMH
ASC
ASR
ASVL
BRFA
CLTC
MOS
PEA
XLR
XLS
XLSC
Form Name
Appraisal Contingency Addendum to Agreement of Sale *
Agreement for the Sale of Commercial Real Estate
Standard Agreement for the Sale of a Manufactured Home on Leased Land
Standard Agreement of Sale for New Construction
Standard Agreement of Sale of Real Estate *
Standard Agreement of Sale of Vacant Land
Broker’s Request for Affirmation *
Change in Lease Terms Addendum to Commercial Lease
Multiple Offer Summary Worksheet
Price Escalation Addendum to Agreement of Sale *
Listing for Rent Contract – Exclusive Right to Rent Real Property
Listing Contract – Exclusive Right to Sell Real Property *
Listing Contract – Exclusive Right to Sell and/or Lease Commercial Property

28
LISTING CONTRACT
• Language has been added to explain to sellers what an
MLS is and how the rules and regulations of the MLS
may affect agent’s ability to market the property
• The revised language better explains to sellers that
completely opting out of MLS marketing may mean a
restriction of other marketing methods, as well
 No sign
 No social media promotion
 No syndication to major
portals

29
LISTING CONTRACT
25. MARKETING OF PROPERTY
(A) Multiple Listing Services (MLS)
1. An MLS is a subscription service used by real estate licensees to market properties to other
subscribers. If marketed in an MLS, Broker will make an offer of cooperation compensation to
another participant who procures a buyer for the Property (See Paragraph 7). MLS marketing
is governed by specific rules and policies, which may differ depending on the MLS used.
2. Sellers have the right to decide whether their Property will be marketed in an MLS, but should
understand that opting out of MLS marketing may restrict Broker’s ability to market the
Property in other ways.
 Broker will not use an MLS to advertise the Property. Seller understands and agrees that
the listing may be reported to an MLS, but will not be marketed for sale via an MLS.
Further, Seller understands and agrees that any and all public marketing of the Property
through the use of other means such as yard signs, social media, and public-facing websites
may be prohibited. Seller may be required to sign an additional waiver or release to
comply with MLS rules and policies.
 Broker will use an MLS to advertise the Property to other real estate brokers and
salespersons. Listing broker shall communicate to the MLS all of Seller’s elections made
below. Seller agrees that Broker and Licensee, and the MLS are not responsible for
mistakes in an MLS or advertising of the Property.

30
LISTING CONTRACT
• Persons purchasing U.S. real
property interests from foreign
persons and settlement officers
are required to withhold a
percentage of the amount
realized on the sale of real
property
• Buyer’s obligation to find out if the transferor is a foreign
person
• If the transferor is a foreign person and buyer fails to
withhold, they may be held liable for the tax

31
LISTING CONTRACT
30. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT OF 1980 (FIRPTA)
The disposition of a U.S. real property interest by a foreign person (the transferor) is subject to the
Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA
authorized the United States to tax foreign persons on dispositions of U.S. real property interests. This
includes but is not limited to a sale or exchange, liquidation, redemption, gift, transfers, etc. Persons
purchasing U.S. real property interest (transferee) from foreighn persons, certain purchasers’ agents,
and settlement officers are required wo withhold up to 15 percent of the amount realized (special rules
for foreign corporations). Withholding is intended to ensure U.S. taxation of gains realized on
disposition of such interests. The transferee/buyer, as the withholding agent, may request that you
complete a FIRPTA Affidavit regarding your status as a foreign person as defined by the Act. Seller
agrees to comply, if applicable.

32
LISTING CONTRACT
Buyer may ask seller to fill out a
FIRPTA Affidavit (PAR Form
FIRPTA)

33
AGREEMENT OF SALE
• New form rearranges the paragraphs first that are
applicable to the transaction regardless of whether the
buyer is electing or waiving the mortgage contingency
• The election or waiver of the contingency and the
subsections that follow are applicable only if the
contingency has been elected

34
AGREEMENT OF SALE
(F) Mortgage Contingency
 WAIVED. This sale is NOT contingent on mortgage financing, although Buyer may obtain
mortgage financing and/or the parties may include an appraisal contingency. Buyer and Seller
understand that the waiver of this contingency does not restrict Buyer’s right to obtain
mortgage financing for the Property.
 ELECTED. This sale is contingent upon Buyer obtaining mortgage financing according to the
terms outlined below. Upon receiving documentation demonstrating the mortgage lender’s
approval, whether conditional or outright, of Buyer’s mortgage application(s) according to the
following terms, Buyer will promptly deliver a copy of the documentation to Seller, but in any
case not later than __________________________(Commitment Date).
8. BUYER FINANCING (7-22)
(A) Buyer may elect to make this Agreement contingent upon obtaining mortgage financing.
Regardless of any contingency in this Agreement, if Buyer chooses to obtain mortgage financing,
the following terms apply:

35
AGREEMENT OF SALE
8. BUYER FINANCING (7-22)
(F) Mortgage Contingency
3. Seller’s right to terminate continues until Buyer delivers documentation demonstrating the
mortgage lender’s conditional or outright approval of Buyer’s mortgage application(s) to
Seller. Until Seller terminates this Agreement pursuant to this Paragraph, Buyer must continue
to make a good faith effort to obtain mortgage financing. Termination of this Agreement by
Buyer doe to the mortgage lender’s denial of Buyer’s mortgage application(s) may
demonstrate bad faith by Buyer and result in the forfeiture of deposit monies to Seller.
• When Buyer gets a loan denial, forward the document to
the Listing Agent but DO NOT TERMINATE the agreement
• The Listing Agent should have their Seller sign a
termination notice if they want to move on

36
APPRAISAL CONTINGENCY
• Changed the conditions in option 1 and 2 to focus on the
minimum appraisal value
• This is the lowest number that the appraiser can come
back with that would require the buyer to continue with
the transaction.
 So, if you are the buyer
and you want the property
to appraise at the purchase
price you can leave the
space in Paragraph 1 blank

37
• If there is a limit or a gap that the buyer is willing to pay
then make sure that the minimum appraisal value in
Paragraph 1 reflects that
• Example:
Purchase Price = $350,000
- Buyer can cover a $20,000 appraisal gap
- Minimum Appraisal Value = $330,000
NOTE: Buyer should know prior to execution of
Agreement of Sale where they are getting the $20,000
from

38
Main difference between option 1 and option 2:
• Option 1 – If the minimum appraisal value is not met the
buyer has the right to terminate
• Option 2 – If the minimum appraisal value is not met, this
addendum goes away, and the buyer relies upon the
mortgage contingency, if elected

39
APPRAISAL CONTINGENCY ADDENDUM
2. By initialing below, Buyer elects ONE of the following options:
(A) Option 1:
1. If the minimum appraisal value is met, or if the appraisal is not completed within the
Contingency Period, Buyer accepts the Property and agrees to the terms of the RELEASE
paragraph of the Agreement of Sale
2. If the minimum appraisal value is not met, Buyer will deliver a copy of the appraisal report to
Seller, and Buyer will with the Contingency Period:
(B) Option 2:
1. If the minimum appraisal value is met, or if the appraisal is not completed within the
Contingency Period, Buyer accepts the Property and agrees to the terms of the RELEASE
paragraph of the Agreement of Sale. Buyer further agrees to complete settlement AT THE
PURCHASE PRICE by any of the following or a combination thereof, at Buyer’s sole
discretion:
3. If the minimum appraisal value is not met, this Addendum is null and void. All terms of the
mortgage or financing contingency paragraph of the Agreement of Sale remain unchanged and
in full force and effect.

40
Communicate with the co-op
agent regarding what the intent
is of the appraisal contingency

41
PRICE ESCALATION ADDENDUM
2. If, prior to Seller’s acceptance of Buyer’s offer to purchase, Seller receives from another prospective
purchaser a bona fide offer to purchase the Property (“Competing Offer”), with terms acceptable to
Seller and a Net Purchase Price (the Purchase Price less any identified Seller assist and Seller Financial
concessions) equal to or higher than the Net Purchase Price offered by the Buyer . . . . . . .
This change is really intended to address what happens if two
or more offers are equal

42
• Forms in Dotloop are
still being revised
• It’s OK to use an
older form in the
interim
• Redlined versions will
be forwarded with
recording of meeting

43
“You are the artist of
your life. Don't give
the paintbrush to
anyone else.”
- Iva Ursano
43

44
Tom Blefko
Associate Broker
REALTOR®
Director of Operations
North Pointe Office
Berkshire Hathaway HomeServices
Homesale Realty
Office: (717) 560-9100
Cell: (717) 587-6600
Email: tblefko@homesale.com
PRESENTER CONTACT INFO

Review of Changes to the Standard PAR Forms

Recommended

Recommended

More Related Content

Similar to Review of Changes to the Standard PAR Forms

Similar to Review of Changes to the Standard PAR Forms (20)

Recently uploaded

Recently uploaded (20)

Review of Changes to the Standard PAR Forms