Form Revisions - Fair Appraisal Act
With the passing of the new law Fair Appraisal Act comes new and revised forms set to release this month.
Yet again, due to a few bad apples that were caught using discriminatory practices when handling appraisals for blacks versus whites, another law had to be passed, which in turn creates another form (FAAA) that also requires revision too many of the current forms.
New language will be added to all Listing & Purchase Agreements and the new form will automatically be included in your Listing Agreements and Purchase Agreement packages within Zipforms.
A few other disclosures used on a daily basis will be changed and revised as well for various other reasons, and those explanations can be found on the quick summary here ,the redlined forms here for viewing, and a few quick notes on many of them below.
* [CC] Cancellation of Contract - verbiage added to address situation where no deposit has been made
* [COP] A note was added that COP form can be used as a notice to perform to remove the COP Contingency.
* [RR] Request for Repairs - Added verbiage to allow a seller to require contingency removal as a condition of the agreement.
* [SBSA] Statewide Buyer & Seller Advisory - Paragraph was modified to advise on the need to read documents in their entirety even if signed electronically, rather than just skipping from one signature to the next.
* [SIP] Seller License to remain in Possession - Language added to warn buyer that should the possession exceed 29 days an attorney should be consulted, as well as a paragraph modified to warn buyer that no personal possession to be moved onto property while seller is still in possession.
* [ SMCO] Seller Multiple Counter Offer - Language added to address seller wanting to place a buyer's offer into a back up position.
* [SPQ] Seller Questionnaire - added more explictley that a yes answer should be provided regardless how long ago an event occurred. Also addressed, the allowance to add the manner of death of a person on the property. And lastly and question added for changes made to the property due to cannabis cultivation.