Got Updated CREC Forms?
What's better than running around to make sure that you have renewed your E&O insurance and done your Ethics Update? Why, keeping up to speed on new CREC contracts, of course! Wait, did you know that we had new forms for 2017? We do! While there is a three-year moratorium on forms that were updated last year, that moratorium doesn't apply to all forms. So here you go. We encourage you to share this information with colleagues as well.
Don't worry, we will save you the hassle of scrolling. Section 20 has been updated to reflect how the Earnest Money will be divided should the Buyer default. Now you really will have to explain this to the seller.
Basically makes this form a little cleaner and removes paragraph references that no one looks up to verify.
Broker Disclosure to Buyer, Broker Disclosure to Seller, Broker Disclosure to Landlord
Turns out that Leasing and Residential Real Estate are different animals. We have three separated forms now for Disclosure to Buyer, Seller and Landlord.
Post Closing Occupancy Agreement
This form is the most changed and should be reviewed carefully. First off, the CREC has approved lengthening the occupancy period to 60 days to be in line with many lender guidelines (hooray!). There are also better specifics around the occupancy, buyer right to enter, HOA abidance and insurance obligations for both parties.
Title Related Objection Notice
This new document allows the buyer to formally object to Record Title, Off-Record Title, New ILC or Survey and Due Diligence Documents. You will use an Amend/Extend for final resolution.
Appraisal Value Objection Notice
This new document allows the buyer to formally object to valuation or lender verification. You will use an Amend/Extend for final resolution.
There is a new Section 3, which allows the parties to mutually release one another from any claims, demands, obligations, damages and causes of action pertaining to the Contract or the Property outside of the contract provisions.
Nope, it's a not the Closing Instructions. Most of you will never use this form if you are utilizing a title company service. But, this is now available if you want to create a cheat sheet.
Want More?
Visit DORAs webpage for more information.
